LMOTY 2025: "No Business Can Succeed Without a Great Team" – Sanjiv Bajaj on the Key Ingredients Of Successful Startup

The startup ecosystem in India has been thriving, with many entrepreneurs seeking ways to make their ventures successful. Recently, Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv, shared his valuable insights on what makes a startup successful during an exclusive interview with Mr. Rishi Darda, Joint Managing Director and Editorial Director of Lokmat Media at the Lokmat Maharashtrian of the Year 2025 awards ceremony. Bajaj discussed the essential elements for a successful startup, offering advice on everything from the importance of a unique idea to building a strong team. The event was held at Raj Bhavan in Mumbai, where Bajaj’s experiences and thoughts resonated with aspiring entrepreneurs.

Key Ingredients for a Successful Startup

Bajaj offered his thoughts on the key factors that contribute to a successful startup. First, he stressed the importance of having a unique idea. Secondly, passion for your business is essential. "Everyone faces ups and downs in life, but if you are passionate, your chances of success increase significantly," he said. Thirdly, building a strong, reliable team is crucial for success. "No business can succeed without a great team." Finally, Bajaj highlighted the need for a reliable funding source. "If you follow this four-fold strategy, success is highly probable," he concluded.

Also Read: Lokmat Maharashtrian Of The Year Awards 2025: Complete Winners List

How Many Work Hours Are Ideal?

When asked whether one should work 70 hours a week, Sanjiv Bajaj responded by stating that it is not possible to control how many hours a person works. The number of hours is largely determined by one’s role in a particular industry. “We focus on the output of our employees, not the time they spend at work,” Bajaj said. He emphasized that if a company operates for 8 to 10 hours a day, evaluating an employee's performance at the end of the year should focus on results, not hours worked. At Bajaj Finserv, the company works with weekly and monthly targets. Employees are rewarded immediately for good performance, often through bonuses. Bajaj stressed the importance of removing politics from the workplace, with a focus on objective processes. "Our focus is on work, not on time," he added.

Challenges of Starting a Startup

Reflecting on the challenges of starting a business, Bajaj shared that building a successful startup requires immense hard work and personal sacrifice. Entrepreneurs often invest not just their savings, but also their family's and friends' money. "I consider myself fortunate to have inherited a legacy from my entrepreneurial family. However, it still takes courage to build something on your own," said Bajaj. Recalling his own experience, he added, "When I started Bajaj Finserv, it was a small venture. I received valuable guidance from senior family members. Fortunately, I didn’t fail, but the journey was certainly exciting."

Personal Background and Education

Bajaj also touched upon his roots, mentioning that his mother is Maharashtrian and that he himself was educated in a local school. "My son also goes to the same school because I believe such institutions provide a solid foundation. His friends are also local, and they often celebrate birthdays in a simple, unpretentious way," Bajaj said, emphasizing the importance of grounded, community-based education.