From Rags to Riches and Riches to Rags

One of the most audacious business people of his era was Dhirubhai Ambani. He became more optimistic and intelligent in handling business as he gave himself permission to take more calculated risks in life, which allowed him to grow as a person. Dhirubhai Ambani had to take various chances, such as leaving his nation for employment, quitting his position to launch a business, changing the direction of his company from selling spices to yarn and forging new commercial ventures like petrochemicals. Mr. Dhirubhai Ambani was a remarkable individual who always valued hard effort, creative and problem-solving, which helped him become India’s most successful businessman, a true ‘rags-to-riches’ tale. Anil Ambani, previously one of the richest individuals in the world, has nevertheless has lost $42 billion wealth. Anil Ambani was able to transform himself from the richest man in the last century to the poster child for the phrase “riches to rags” Anil Ambani, once the sixth-richest billionaire in the world with $42 billion in assets, informed a UK court in 2020 that his net worth had fallen to zero and that he became a pauper to Chinese banks. The case enlightens on fail of family business on the second generation due to lack of managerial skills and overconfidence on diversification.