IIFL Founder Nirmal Jain On The Lessons He Learnt During His Career

Nirmal Jain, Founder of IIFL Group, is credited with building one of the largest financial services groups in India in just about two decades. At the sixth edition of the Entrepreneur Live India Investment Forum he spoke about ‘India Shining @ 75’, where he talked about the opportunities for India’s growth story and what measures are needed to ensure India remains the fastest-growing major economy in the world.

“Today, India is radiating with possibilities. The entrepreneurial landscape in our country has never been as intensive as it is today. We are in a unique juncture where our demographic dividend, technological advancements and cultural innovation are converging and creating unparalleled opportunities. Our country is blessed with our natural resources and is poised to lead the green technology sector. Health tech, as we have seen in the recent pandemic and health crisis, has helped us understood the importance of a robust healthcare system. So the landscape is ripe for entrepreneurs to make healthcare accessible and affordable again. With regards to edtech, we are one of the largest population of learners and our education sector is undergoing digital transformation, offering tremendous opportunities for start-ups to democratize education, making quality learning resources available to every child,” Jain had said.

He went on to speak about how food tech space has innovative food processing technologies and diverse opportunities. Fintech being the sector very close to his heart, Jain spoke about how we have undergone fintech innovations from digital payment to lending, wealth management to insurance and financial inclusion, and that the fintech space still offers a lot of opportunities. Jain himself has been part of leading financial services over the last 27 years and shared some lessons he had learned over the years.

“Many entrepreneurs ask what kind of business they should get into or what the business opportunity that they should target. So I think the one simple formula is that you should try and find an unfulfilled customer need that you can fulfil better than anybody else. You should have a mode which comes from your natural talent, skills, education and interest. Another important formula is to be aware of your competition but not be obsessed with it. Focus on understanding and serving your customer better and that approach will naturally lead you to do much better than your competition. In terms of personal traits, what I always say that all of us are naturally well educated, but maybe what we need is hard work, humility and honesty. That is the cornerstone for success. So I would say that if you really want to be successful under all circumstances, work hard, stay humble and be honest. Also, being an entrepreneur is about daring to dream and taking calculated risks to turn your dreams into reality. If you don’t want to take risks then you can be an employee. So, as an entrepreneur you have to welcome uncertainties, expect surprises and be ready to make course corrections. And this agility is what will enable you to seize opportunities in this rapidly evolving environment,” Jain explained.

To listen to his keynote address and more on what he spoke about, do see the video above.