INTRODUCTION Ratan Tata is the chairman of the Tata Group, India's largest corporation. He is the latest in a long line of Tatas to head the family-owned company.Born into an old Parsi family of Bombay, in December 28th 1937. He received a Bachelor‟s degree in architecture from America‟s Cornell University in 1962.He returned to India and joined the Tata Group.Tata is single and leads a modest lifestyle in his bachelor apartment. The US-educated bachelor lives alone with his two German Shepherds in an apartment in Mumbai. He is known to be a supporter of the traditional Parsi way of life. He has a passion for home cooked food and is known to indulge deeply in art collection. A trained pilot who still takes to the skies on his own aircraft has picked up a number of awards. He is known to slip into the front seat alongside his driver to and from work. The Tata Group consists of nearly 100 companies. Tata group is a multinational conglomerate and one of the largest private companies in India. Today, it has strength of 350,000 employees all over the world andan estimated annual turnover of $62 billion USD. Tata‟s contribution to India‟s GDP is nearly 5.5% and 60% of its revenue comes from foreign countries. Tata group was always known for its business ethics and corporate governance. The Tata Group has spread its operations across six continents andmore than 80 countries.
PERSONALITY Ratan Tata is Very dignified Ethical Dependable Believes in keeping promises Loyal and believes in relations
Ratan Tata - “Nothing worthwhile is ever achieved without deep thought and hard work”
Questioning the unquestionable Risk taker not a speculator Exemplary leadership qualities and a tremendous motivator
TATA’S ENTREPRENEURIAL INNOVATIONS
Streamlining the Strategy and Mission Statement Ratan Tata initiated the restructuring of TATA shortly after he took over because he felt the vast diversity of TATA Group was diluting the market responses. He elucidated the needs of remaining focused rather than diffused, and he insisted on more aggressive attitude towards the growth and market share .The aspiration which triggered off restructuring has been described as (a) Returns must be greater than cost of capital; (b) Each company must be the industry leader occupying one of the top three positions; and (c) The business identified must have potential for high growth and should be globally competitive (From the Internal Company Journal). Once the goal has been set, strategies were put together for exits and entries. A new scientific and rational approach has been introduced in the company. This perfectly describes how an able entrepreneurs exercise their vision to motivate employees, inspire them to meet the challenges and to “facilitate their Attempts to achieve more than they thought possible as they strive to help the firm reach its vision” (Kuratko et al., 2001, p. 62). Ratan Tata chosen to shake off the businesses of soaps and toiletries, cosmetics, consumer electronics, pharmaceuticals, computer and telecom hardware, branded white goods, paints, oil exploration services, cement, textiles, likewise enthusiastic on his spreading out into lucrative businesses like passenger cars, auto components, retailing, telecom, power and insurance(Lala,2004).
Umbrella Branding When Ratan Tata took over the chairmanship of Tata Steel he realized that the group needs a stronger brand identity and he decided to endorse Tata Brand as an umbrella brand for the entire group which eventually subscribed to the Tata Brand equity scheme. This decision reflects a strong corporate innovation and entrepreneurship as it is also accountable for motivating innovation within the organization after assessing potential new opportunities, resource acquisition, implementation, exploitation and commercialization of the new products or services (Guth andGinsberg, 1990;Kuratko et al., 1990; Sathe, 1989;
Ratan Tata -...