Page 56 - NITI - Navigating Indian Traditions in Industry

Corporate Example: SpaceX’s Risk-Taking Leadership: Elon Musk’s SpaceX is a
perfect example of strategic risk-taking. Musk invested heavily in space exploration, a
venture that many saw as too risky. However, his vision of reducing space travel costs
and making life multi-planetary paid off. SpaceX’s leadership and willingness to take
risks have made it the first private company to send astronauts to the International
Space Station, revolutionizing space exploration.

9. Lessons from the Garuda Purana (Ethical Decision-Making and
Accountability):

The Garuda Purana offers profound strategic wisdom that can be applied to modern
leadership and business practices. Central to its teachings are the concepts of ethical
conduct, foresight, and balance. The text emphasizes the importance of responsibility
and integrity, encouraging leaders to act with an awareness of the consequences
their decisions may have, not just in the present, but also for future generations. It
underscores the idea of making decisions that are not just profitable, but ethically
sound and socially responsible. Furthermore, the Garuda Purana advocates for
foresight—leaders and organizations must anticipate future challenges and prepare
accordingly. This proactive approach allows businesses to stay ahead in a competitive
environment. Additionally, the Garuda Purana stresses the need for balance in all
things—whether it’s balancing work with personal life, growth with sustainability, or
profit with social impact. By applying these principles, modern businesses can create
strategies that prioritize long-term success, ethical leadership, and adaptability in a
constantly evolving market landscape.

Strategic Lesson: Ethical Decision-Making and Accountability
The Garuda Purana teaches the importance of making ethical decisions,
understanding one’s duties, and being accountable for one’s actions. It emphasizes
the significance of integrity and righteousness in all dealings. In business, this principle
underlines the importance of making decisions that are not only profitable but ethical.
Leaders must hold themselves accountable for their actions, especially when those
actions affect stakeholders, society, and the environment.

Corporate Example: Johnson & Johnson’s Tylenol Crisis Management:
Johnson & Johnson’s handling of the 1982 Tylenol crisis is a classic example of
ethical decision-making and accountability. After several bottles of Tylenol were
tampered with, the company immediately pulled 31 million bottles from the shelves,
at a significant cost, prioritizing consumer safety over short-term profits. This decision
reinforced the company’s commitment to ethical responsibility and demonstrated
accountability, ensuring long-term trust with its customers.

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