Don’t take liabilities lightly: Lal Ganwani

“For new entrepreneurs, I’d say before taking risks first understand the risk factors to make sure you don’t take on or sign things that can create a liability” – IMAGES RetailME’s exclusive interview with Lal Ganwani, Founder & Chairman of UAE-based regional retail conglomerate Lals Group

I came to Dubai in 1975 and have seen the UAE evolve in different phases. I think we are blessed with a government that is innovative, adapts to change and performs phenomenally. I think we’ve had great leaders right from Sheikh Zayed to Sheikh Rashid and even now we have some great leaders. I think they have come up with innovations that are incomparable, and Dubai has become a world city. This has helped businesses immensely. I think the UAE is a great place, with great leaders who day-by-day come up with surprises that add dynamism to the business landscape.

But one must be watchful when entering anything new. For new entrepreneurs, I’d say before taking risks they should first understand the risk factors to make sure they do not take on or sign things that can create a liability. I only get worried with people who take chances with liabilities. In this part of the world there is no bankruptcy law, so they have to be very careful when signing liabilities. In case they do not succeed, it could break them completely. I know many instances where people have run into problems which they could not come out of for years. It took them years to get back on even keel.

Also, technology is something that entrepreneurs should look at. There is no business where you cannot make quick and large bucks with technology. Be innovative and leverage technology smartly. You have to grow with technology, and you have to adopt everything into the system.

Finally, I think the strength of a company is its people. In today’s world you have to adapt to changes fast but trust your people. A lot of my colleagues have been with us for over 35-40 years. I don’t like to lose people. After all, a company’s strength is its people.

The full story was published in the November 2014 edition of IMAGES RetailME and the excerpt is part of the September 2023 ‘Leadership Stories Collector’s Edition’.

Link to purchase a copy: https://www.imagesretailme.com/e-magazine/

Rupkatha B