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Definitions

Derived from French word Entreprendre means

to undertake

Richard Carleton: a person who buys factors ofproduction at certain prices in order to combinethem into a product with a view to sell them atuncertain prices.

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Entrepreneurship

Entrepreneur

Land

Labor

capital

organization

4 factors of production

New venture

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Dhirubhai Hirachand Ambanialso known as Dhirubhai, (28 December 1932 6 July 2002)

was an Indian business magnate and entrepreneur whofounded Reliance Industries, a petrochemicals, communications,

power, and textiles Ambani took his company public in 1984. Dhirubhai has been one among the select Forbes billionairesand has also figured in the Sunday Times list of top 50businessmen in Asia.

His life has often been referred to as a true "rags to riches"

story.

http://en.wikipedia.org/wiki/Business_magnatehttp://en.wikipedia.org/wiki/Reliance_Industrieshttp://en.wikipedia.org/wiki/Rags_to_richeshttp://en.wikipedia.org/wiki/Rags_to_richeshttp://en.wikipedia.org/wiki/Reliance_Industrieshttp://en.wikipedia.org/wiki/Business_magnate

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Dhirubhai started off as a small time worker with Arabmerchants in the 1950s

moved to Mumbai in 1958 to start his own business in

spices. After making modest profits, he moved into textilesand opened his mill near Ahmedabad.

Dhirubhai founded Reliance Industries in 1958 and todaythe company, with over 85,000 employees, provides almost

5% of the Central Government's total tax revenue.

f (1949 19 8)

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Life in Aden (1949-1958) Just after Dhirubhai was through his annualmatriculation examination and even before the result

was out, Hirachandbhai called him home to Chorwad.Hirachandbhai had been unwell for quite some time

"I cannot work any more. I know you want to studyfurther but I can't afford that any more. I need you to

earn for the family

Dhirubhai had really wanted to study for abachelor's degree, but his ambition melted .

It was on board the ship that Dhirubhai learnt fromGujarati newspaper that he had passed hismatriculation examination in second division It was aclerk's job with the A. Besse & Co., named after its

French founder Antonin Besse.

Li i Ad (1949 1958)

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Li e in Aden (1949-1958) He learnt the ways of commodity trading, high seas purchaseand sales, marketing and distribution, currency trading, and money

management To learn the tricks of the trade he offered to work freefor a Gujarati trading firm.

There he learnt accounting, book keeping, preparing shipping

papers and documents, and dealing with banks and insurancecompanies., skills that would come handy when he launchedhimself into trading about a decade afterwards in Bombay .

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Majin Commercial

Corporation

Ten years later, Dhirubhai Ambani returned to India and started"Majin" in partnership with Champaklal Damani, his second cousin, whoused to be with him inAden, Yemen.

The first office of the Reliance Commercial Corporation was set upat the Narsinatha Street in Masjid Bunder.

During this period, Dhirubhai and his family used to stay in a onebedroom apartment. In 1965, Champaklal Damani and Dhirubhai

Ambani ended their partnership .

Dhirubhai started on his own. It is believed that bothhad different take on how to conduct business. Ambani's net worth wasestimated at about Rs.10 lakh by late 1970s.[

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Reliance Textiles Sensing a good opportunity in the textile business, Dhirubhaiand Aryan Mehra started the first textile mill at Naroda, in

Ahmedabad in the year 1966.

Dhirubhai started the brand "Vimal"Extensive marketingof the brand "Vimal" in the interiors ofIndia made it ahousehold name. Franchise retail outlets were started and

they used to sell "only Vimal" brand of textiles.

In the year 1975, a Technical team from the World Bankvisited the Reliance Textiles' Manufacturing unit. This unit has therare distinction of being certified as "excellent even bydeveloped country standards" during that period.

Dhirubhai Ambani is awarded with starting the equity cult inIndia. More than 58,000 investors from various parts of Indiasubscribed to Reliance's IPO in 1977.

http://en.wikipedia.org/wiki/Narodahttp://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/World_Bankhttp://en.wikipedia.org/w/index.php?title=Initial_Public_Offer_ing&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Initial_Public_Offer_ing&action=edit&redlink=1http://en.wikipedia.org/wiki/World_Bankhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Ahmedabadhttp://en.wikipedia.org/wiki/Naroda

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Diversification In 1982 Ambani began the process of backward integration, settingup a plant to manufacture polyester filament yarn.

He subsequently diversified into chemicals, petrochemicals,plastics,

power. The company as a whole was described by the BBC as "abusiness empire with an estimated annual turnover of $12bn, and an85,000-strong workforce".

The final phase of Reliances diversification occurred in the 1990swhen the company turned aggressively towards petrochemicals and

telecommunications.

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Death Dhirubhai Ambani was admitted to the Breach Candy Hospital inMumbai on June 24, 2002 after he suffered a major stroke. This

was his second stroke. He died on July 6, 2002, at around 11:50p.m. (Indian Standard Time).

At the time of Dhirubhai's death, Reliance Group had a gross

turnover ofRs. 75,000 Crore or USD $ 15 Billion. In 1976-77, theReliance group had an annual turnover of Rs 70 crore and it is tobe remembered that Dhirubhai had started the business with justRs.15,000 (US$350)

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Reliance after Dhirubhai In November 2004, Mukesh Ambani in an interviewadmitted to having differences with his brother Anil

Over 'ownership issues.

The Reliance empire was split between the Ambani brothers,Mukesh Ambani getting RIL and IPCL .

Anil Ambani heading Reliance Capital, Reliance Energy andReliance Infocomm.

Mukesh Ambani is referred to as the Reliance Industries Limited .

Anil's Group has been renamed Reliance Anil Dhirubhai AmbaniGrou Reliance ADA Grou

A d d iti

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Awards and recognitions

November 2000 Conferred 'Man of the Century' award by ChemtechFoundation and Chemical Engineering World in recognition of hisoutstanding contribution to the growth and development of the chemicalindustry in India

2000, 1998 and 1996 Featured among 'Power 50 - the mostpowerful people in Asia byAsiaweek magazine

August 2001Economic Times Awards for Corporate Excellence forLifetime Achievement

A poll conducted by The Times of India in 2000 voted Him "GreatestCreator of Wealth In The Centuries".

http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Asiahttp://en.wikipedia.org/wiki/Asiaweekhttp://en.wikipedia.org/wiki/Economic_Times_Awardshttp://en.wikipedia.org/wiki/Times_of_Indiahttp://en.wikipedia.org/wiki/Times_of_Indiahttp://en.wikipedia.org/wiki/Economic_Times_Awardshttp://en.wikipedia.org/wiki/Asiaweekhttp://en.wikipedia.org/wiki/Asiahttp://en.wikipedia.org/wiki/India