Beyond Billions: Mukesh Ambani's Vision for Impactful Entrepreneurship

In a world often fixated on financial milestones, Mukesh Ambani, the chairman and managing director of Reliance Industries, offers a refreshing perspective for aspiring entrepreneurs: true success isn't measured in billions earned, but in billions served.

During a candid conversation for McKinsey & Company's "Leading Asia" series, Ambani shared a pivotal lesson from his late father and Reliance founder, Dhirubhai Ambani. "My father used to say, 'if you want to start a business to be a billionaire, you are an idiot; you will never get there. But if you want to start a business to impact a billion people, then you have a good chance of success, and as a by-product, you can make a reasonable amount of money.'" This profound insight continues to be the guiding principle behind Reliance's philosophy and operations.

Ambani emphasized that Reliance's unwavering focus remains on large-scale societal impact, rather than getting sidetracked by obstacles. He articulated a core belief within the company: "If you focus on the obstacles, you will never reach your goals; but if you focus on your goal, you will overcome all the obstacles." This clarity of purpose has been instrumental in Reliance's continuous adaptation and growth. "Even today, we reinvent our business every three, four, or five years in terms of what we do. What changes is our business strategy. What does not change is our North Star," Ambani explained.

One of Reliance's most transformative — and perhaps riskiest — ventures in recent decades was the 2016 launch of Reliance Jio, its telecommunications arm. Ambani openly described it as the biggest gamble of his career. He stressed that taking significant risks is inherent to Reliance's philosophy because "for us, scale is important."

Jio was entirely self-funded by Reliance, with Ambani as the majority shareholder. At the time, skepticism abounded regarding India's readiness for such advanced digital infrastructure, and many analysts predicted dismal returns. Yet, Ambani remained steadfast. He reportedly told the RIL board, "In the worst case, we will not earn much return. That’s okay because it’s our own money. But then, as Reliance, this will be the best philanthropy that we will have ever done in India because we will have digitised India, and thereby completely transformed India.”

This audacious gamble undeniably paid off. Jio revolutionized the telecom landscape by offering free voice calls and remarkably affordable data, compelling competitors to drastically cut their tariffs. This seismic shift ignited an explosion in internet access across India, particularly in rural and low-income areas. Today, India boasts over 800 million internet users, with countless individuals experiencing the online world for the very first time thanks to Jio. This robust digital foundation has since fueled the exponential growth of diverse services in e-commerce, education, financial technology, and entertainment. Jio currently serves over 470 million subscribers and continues to lead the charge in next-generation technologies like 5G, AI, and cloud services.

Ambani proudly stated that Reliance built its capabilities from the ground up, end-to-end. "We built everything ourselves, the core, the hardware, the software," he revealed, adding that external companies like Ericsson and Nokia were used only to validate about 20% of the infrastructure. He also aimed to foster internal excellence: “I also wanted to make sure our people were not too full of themselves. I said to them, ‘You have to be better than these guys.’ And we are now.”

Looking ahead, Ambani identified the next major challenge: instilling confidence in the upcoming generation of Reliance leaders to innovate amidst rapidly evolving technology. He reflected on his early career, when India was reliant on licensing foreign technology and constrained by regulations. "I used to push my leaders by saying, ‘We have to be owners of technology. We must be innovators.’” This crucial shift is now well underway, with Ambani affirming, "The change now for Reliance is that we are going to be a deep-tech and advanced manufacturing company.”

Ambani also contemplated the enduring legacy he envisions for Reliance, echoing his father’s timeless vision: “Reliance is a process. It’s an institution that should last. You have to make sure that Reliance lasts beyond you and me.” He concluded with a personal commitment: “That’s my commitment to him, that Reliance will last beyond us. In 2027, Reliance will celebrate its golden jubilee. But I want Reliance to continue to serve India and humanity even after completing 100 years. And I am confident it will.”