Lessons to learn from Vijay Mallya's story: Biocon boss Kiran Mazumdar-Shaw shares cardinal sin that entrepreneurs (usually) make

economictimes.indiatimes.com:

Entrepreneurs spend years transforming their businesses but sometimes can miss the tell-tale signs of downfall. The same happened with businessman Vijay Mallya, who is absconding after he was unable to pay his debt of Rs 9,000 crore ($1.1 billion).Kiran Mazumdar-Shaw, who was named in the 100 most influential people of the world list in 2010 by TIME magazine, recently revealed on Zerodha co-founder Nikhil Kamath's popular podcast series 'WTF' her equation with Mallya. The Executive Chairperson of Biocon Limited said that they were next-door neighbours and grew up together. «He considered me as his elder sister,» she shared with Kamath. Calling Mallya a 'dear friend' and a 'nice guy', the businesswoman said that the defamed industrialist has a «brand appeal to the youth.» When Kamath asked what made Mallya likeable, she said that he is a generous man who loves his friends. While the former liquor baron was a passionate serial entrepreneur, Mazumdar-Shaw said that he was unable to recognise the warning signs of failure. Mallya, who was heading the United Breweries Group, wanted to try out different businesses. But, getting into Kingfisher Airlines was a «blunder,» said the biotech boss.

In the mid-2000s, regional low-cost airline Air Deccan hit a rough patch and was struggling with operational challenges and financial difficulties. In 2008, founder Captain GR Gopinath sold the carrier to Mallya. This was the start of his entrepreneurial downfall, said Mazumdar-Shaw. «His biggest blunder was to be in a hurry to go international. When he bought Air Deccan that was the start of his downfall. It was a big price to pay for an airline in those days when the business was