Knowledge is not restricted within books, you can get it from anywhere! And the Harshad Mehta series proves it well! It is a great series and gaining massive popularity in India. The series is based on the real-life story of a common man who took risks in his life and became the ‘big bull’ of the Indian stock market. The story is worth taking money lessons for the capital market investors and for all who want success in their life.
Both the story and dialogues in the series are enough to inspire those who are looking for great things in their life. Harshad Mehta, a stockbroker who became a familiar name on the Indian stock market during the 1990s, who was also involved in a securities scam in 1992, was referred to as the ‘Big Bull’ & the ‘Amitabh Bachchan’ of the Indian stock market. Well, the story is not 100% real of course, but before you switch on your learning mode you need to keep the scam, frauds, and manipulations aside from your learning part.
Here are the top money lessons that you can learn from the life story of Harshad Mehta in Scam 1992.
Don’t be scared to take the risks in life
The dialogue in the series which has got so many viewers to love is- “Risk hai toh Ishq hai”. The line is enough to understand the meaning. If Harshad Mehta had not taken the risks, he would not have made his way to success. This can be a great lesson to entrepreneurs or investors who play safe for the entire life and in return make a small profit. Though taking risks does not assure you success all the time but while paying safe success is way far. Let’s understand this – to avoid risks you keep on investing in PPF and FDs for the whole of your life, but what they offer you is 7-8% annual interest. However, if you are ready to take a bit of risk you can invest in Mutual Funds, Stocks, Bonds and make much more profit in less time.
Having Confidence is a must to succeed
Harshad Mehta was not very educated but was confident with his plans. He knew what he was doing and how he can achieve more in the same field. He made his way clearer with his risk-taking abilities, plans, and confidence.
This makes lots of sense and can take you towards success. This can be implemented in an entrepreneur’s life as well. Even if you are at the initial stage and want to start something, you need to be confident about your idea. Well, this doesn’t mean that you have to be confident about anything and everything. But, to gain confidence, you need to be realistic, do research, and need to be aware of the pitfalls as well.
But always remember, there is a thin between being confident and being over-confident. Harshad Mehta was confident enough, but with the rise in his status he became a bit over-confident and we all know how it ended! So, be realistic and then confident.
Learning is possible at any age/anytime if one wants too
Learning never stops! The Harshad Mehta series proves it well. When Harshad Mehta entered the stock market he had little knowledge and experience, but he learned it. He learned from his experiences, his surroundings, and kept on grabbing knowledge from wherever it was possible. Similarly, his passion for the money market also increased.
His fast learning conduct opened his road to accomplishment, which was only possible for major industrialists, traders and politicians at that time. So, if you want to do well in a particular field, you need to keep your doors open for learning. And being passionate for things can also help you to turn the tables.
Researching and the art of selling are the skills required to lead a business
Harshad Mehta before entering the stock market had experience in sales jobs mostly. This encouraged him to negotiate and to have the selling idea. Despite not having enough money, he was able to make profits in the stock market only because he researched the market and had the art of selling his idea.
With all his skills, he used to manipulate the records in banks. Though doing all this is neither ethical nor legal, he managed to do all this only because of his skills. So, the lesson which you get from this is – Regardless of what you are doing, having proper research and the skill of selling your ideas/products can help you to go miles.
There is nothing to worry about if you fail in the beginning!
There is a dialogue -Success kya hai? Failure ke baad ka chapter, this sentence is simple but has deep meaning. If you see the success story of most of the industrialists or entrepreneurs, you will find that they did not succeed in the first attempt. Most of them failed in the beginning and then moved ahead with more passion, accuracy eliminating the pitfalls. The same happened with Harshad Mehta, in the beginning, he failed and incurs losses for the first time in life which were their family’s life savings. But, he did not accept the defeat, got up and started walking towards the path of success more efficiently.
So, there is a lot to learn from the Harshad Mehta series, but while learning we need to be careful and look for the pitfalls as well. This is because you always get good with learning but become best when you are prepared for the risk management and know the pitfalls at the same time.