Gujarat is the sixth most prosperous and wealthiest state in India, ranking 10th in terms of population. The 1600 km of coastline that surrounds Gujarat is one of the longest in any Indian state, and it is a major hub for global trade. Gujarat has just 5% of India's population, yet it accounts for 25% of the country's imports. Not only that, but Akal Gujarat also produces 25% cotton and 25% milk; 80% of the world's diamonds are polished in Gujarat; 27% of pressures are manufactured in Gujarat; and a petroleum refinery is located in Gujarat. Gujarat also has the state's biggest plant. Gujarati people have never let the business go out of style. Be it anywhere in the world, Gujarati businessmen have something unique to offer. We name such Gujarati entrepreneurs as Gujpreneur.

Historically, Gujarat has also been a favourable place for trading because of the people's attitudes and mindsets. As there has always been a port there, Gujarat has historically been a significant location for trade. Thus, most trading groups have traditionally preferred to remain in this region. People have always aspired to be involved in money-making businesses and have come up with novel ways to make money throughout history.

Gujarati people are well recognised for their commercial expertise and entrepreneurial drive, which have helped increase Gujarat's total wealth. Gujarat has a long history of business and trade, and the state is well-positioned at the intersection of key trade routes. Gujarat is now among the wealthiest states in India as a result of this facilitation of business and trade activity.

Here are the 3 key formulas for success brought to you by Gujpreneur on how Gujarati people became billionaires:

Formula #1: Business Acumen and Networking

"Don’t try to do everything by yourself, but try to connect with people and resources. Having that discipline and perseverance is really important." 

                     -Chieu Cao, Co-founder of Perkbox

One of the key formulas of Gujarati people becoming billionaires is that Gujarati businessmen are known for their business acumen, strategic decisions, and networking skills. They are adept at identifying opportunities and capitalizing on them. They have a keen sense of business and are always on the lookout for ways to expand their operations. They also have a vast network of contacts, which helps them identify opportunities and get things done.

For example, Uday Kotak, the founder of Kotak Mahindra Bank, started his business by offering financial support to business organizations, including Nelco, and bill discounting services to small and medium enterprises. He then moved on to offer banking services, and eventually, Kotak Mahindra Bank became one of the most successful banks in India. His business acumen and networking skills helped him build a successful business from scratch.

Formula #2: Going against the odds.

 "To win without risk is to triumph without glory."

- Corneille

One of the most well-known traits of Gujarati people becoming billionaires is their risk-taking ability. A Gujarati businessman is never afraid to take a leap. They know how to go against all odds, take calculated risks, and prepare for any possible outcome. Gujaratis do not believe in saving for the future and instead invest in their businesses. Each business loss is a learning experience for a Gujarati. Any business failure for a Gujarati businessman is an opportunity for growth. Gujarati people believe in the philosophy of "Risk hai to Ishq Hai."

A Gujarati businessman focuses on making the asset side heavier than the liability side. Gujarati people are savage in their pursuit of business. For them, no business is small. For a Gujarati businessman, every business that earns money is a good one. It is said that Gujaratis are the ones who purchase from Marwaris and sell to Sindhis while continuing to make money.

It is their inherited trait from the land to be tough negotiators, and while communicating, they are soft-spoken and quite convincing.

One of the hidden secrets of Gujarati people becoming billionaires is that they prioritize starting their own businesses over finding employment. They take chances, fall, rise, and then find out how to remain afloat as they are profoundly entrenched in them.

Formula #3: Foresightedness and Opportunistic approach

"Only the paranoid survive." 

-Andy Grove, former CEO of Intel

Money is the reward for taking on a business's risks and uncertainties. Gujarati people don't look for employment; instead, they prefer to create jobs for others in society, not just to offer social services but rather to grow their own company empires. For Gujarati people, relying on past achievements is not an option. They use their surroundings to their advantage. They are tactical, always planning ahead and identifying opportunities that are worth pursuing.

There's a famous line from the film Raees that describes the Gujarati business mindset: "Gujarati businessmen have exceptional foresight; they can predict an industry's growth from the outset, and when the time comes for people to arrive, they begin by starting to achieve a significant level. These individuals are always prepared to seize the moment and make the most of it when it arises because they are aware that there are always wonderful possibilities to scale. Keeping an eye on trends is done by almost every businessman, but Gujarati businessmen are among those who set the trends.

The key concept behind Gujarati people becoming billionaires is that "Dhando is everything". In conclusion, the success of Gujarati billionaires can be attributed to their risk-taking ability, innovative thinking, business acumen, networking skills, strong work ethic, and perseverance. These 3 key formulas have paved their way for success in business and let them build multi-billion dollar empires. By learning from their examples, aspiring entrepreneurs can adopt these formulas and increase their chances of success in their respective industries.