It was 1990 and Yogesh Mehta, who was 30 years old, was looking at a bleak future. His chemical distribution company had gone bust. Before he started his own firm, his father had suggested that he join him in running his chemical manufacturing unit in Mumbai, but Yogesh was not keen.
"I felt my future lay in distribution and not manufacturing,'' he says. So, much against his father's wishes, he pooled his savings and set up the company. "But I committed all the business mistakes one can think of. I trusted the wrong people, failed to reinvest the profits I made... and nine years later the company had flopped.''
Desperate to get back on his feet again, he contacted his friend who was in Dubai at the time. "He suggested I come over. I grabbed the opportunity, certain I would be able to realise my dreams here," says Yogesh, a business management graduate.
"But even at that time I did not want to work for anybody. I wanted to be my own boss and set up a business. I was willing to put my heart and soul into it to make it succeed,'' he says. "The knocks I had received in business early in life had taught me a few bitter lessons and I was determined not to repeat the mistakes.
"Also, I firmly believe that if you really wish strongly for something you will get it," he says.
A few months after he came to Dubai, Yogesh used the little funds he had to settle his debts, hire two people and set up a chemical trading firm called Petrochem, which was in cooperation with Petrochem UK.
"I worked really hard, sometimes even sleeping on the office couch because I didn't have the time to go home,'' says Yogesh, recalling his early days in Dubai.
It paid off and today he owns one of the largest chemical trading firms in the UAE that boasts a state-of-the-art chemicals distribution terminal at the Jebel Ali Port and Free Zone. He has offices in Mumbai, China, London, Singapore and Antwerp and the company's annual turnover is over $1 billion (Dh3.67 billion). "I'm proud I fulfilled most of my dreams before I turned 40," says Yogesh.
"Money is important to grease the wheels of happiness, but it isn't everything," says the 52-year-old billionaire and one of the few non-resident Indians who has created a business empire from scratch in the UAE.
"After you've made your first million, the second, third, 50th... aren't really of much consequence. What's important is happiness," he says. "Success doesn't mean thinking of the next million dollars; it means being happy in whatever you are doing - as a father, husband and human being."
Married to his childhood sweetheart Falguni for the last 28 years, Yogesh seems to have it all, which is why he often goes out of his way to help people in dire straits - a responsibility he takes seriously. "I believe that if life has treated you well, you've got to treat others well,'' he says. Friday gets to know him better:
Work
I came to Dubai on March 15, 1990. I had very little money after my business in Mumbai had failed. My friend's offer of free lodging in Dubai enticed me to fly to this city.
I was determined to become a businessman and I was confident I would succeed. That's the reason I set up Petrochem - initially operating out of a small office in Dubai, then formally in Jebel Ali in 1995. I knew it would not be easy but I was willing to work hard to make it a success.
I used to travel to at least 20 countries a year preferring to have face-to-face meetings with buyers or sellers as I feel this is the best way to make deals. Personal relationships matter in creating a strong bond with your business partners.
I'd put in 20-hour days regularly. To build a great organisation, to lead from the front, you have to set an example. And to get your staff to work hard, you need to work hard yourself. All this helped to make Petrochem what it is today.
Looking back, I'd say I have the four essential elements to success - the first being my huge appetite to succeed. Since the days I was an aspiring businessman, I was greedy for success. The failure of my business in Mumbai was a stepping stone to success because I learnt a lot of tough lessons from that experience.
The second factor is luck. I attribute a considerable part of my success to good fortune. To me, luck with success is like salt in food. Without luck you can't taste success. I also think it is important to think and dream big. I always dreamt big. I felt I was a tycoon even when I could not afford to pay my electricity bills because I always dreamt that one day I would conquer the world. And being in Dubai helped. This city helps you to dream big and to achieve your dreams.
The third aspect of my success was hard work. You can have the lucky star shining over you, but you have to put in hard work to find the proverbial needle in the haystack.
The fourth factor for success is a good team. That we have great talent in our company is our single most important asset to our success.
The ability to identify talent is a great thing. I have a staff of 234 and we enjoy great synergy. I also believe you must develop leaders internally - you must help, lead and guide them by setting goals that you believe in and that can be achieved. They must love and respect you to follow you. Fear has no part in business, because if your team fears you, then you have failed them. You must earn their respect and not their fear.
Play
My mother Janaki was a homemaker and the backbone of the home. My father, Raman Mehta owned two factories manufacturing chemicals in Gujarat, western India. I learnt a lot from him. My first job was at his factory and he gave me my first salary.
However, our perspectives varied on several issues. For instance, he believed in the business of manufacturing chemicals whereas I believed in trading in them. I suppose, that's why he never made a lot money.
Initially, I wanted to go to the US for higher studies, but my father said ‘no' and suggested I take over the reins at his factory. I did not want to, and when I realised he would not allow me to go, I decided to set up my own company.
When it failed, he was quite upset and refused to help me. But I later came to know that he carried a picture of me in his wallet and prayed for me every day.
After Petrochem was a success, he was so happy and proud of me. Years later, he once told me, ‘I feel immensely satisfied that you have proved to me that you are capable of success'. He died at the age of 84. After years of working really long hours, I have found a way to achieve work-life balance. Every day, I drop everything I am doing at the office and do something I want for an hour. It could be listening to some good music, mixing different tracks to create my own mix, calling up friends... indulging in what I call ‘me time' or ‘happy hour' during my work day. I work intensely from 10.30am to 8.30pm, but this one hour is entirely mine.
I have been fortunate to have good people support me. My wife Falguni and I have known each other since we were kids. We have a son Rohan, who is employed with a leading chemical refinery in Dallas.
I like to spend my leisure hours listening to music, going for long walks and playing bridge with a small group of friends... I am also learning to play golf.
Life has so much to give you. There isn't enough time to do all the things it has to offer.
I now believe it is time for me to give back to society - to share my wealth and good fortune with others. My wife and I are involved in a number of charity initiatives to help children, stranded labourers who may have fallen ill and cannot afford to pay their hospital fees...
Dream
I always dream of giving back to society. After I completed my MBA from the Harvard Business School in 2003, I took it upon myself to mentor students in the programme. I love the idea of spreading happiness. I think giving back in life is important. If your candle is lit, try to light someone else's candle. The more you give, the more you get. Life has really treated me well, so I would like to help others.
One of my dreams is to learn to play the keyboard. I will soon. I also want to write a book about my experiences.
My other passion is cooking and I dream of opening a restaurant where I would cook and serve a really delicious meal with lots of love; where maestros would give a live performance. As for a dream for my family, my only wish is for my son Rohan to always be happy.
