Lakshmi Mittal is popularly known as the Indian steel magnet and has a net worth of $12 billion. He is the Chairman and CEO of ArcelorMittal, the largest steel making company in the world.

He is an inspiration to many new age entrepreneurs. He himself believes in motivating and inspiring others with leading by example. He believes in leadership and is completely against dictatorship. He strongly believes that a leader is one who never gives commands to his team but leads by doing things what he demands from others.

He has prescribed the 10 rules, which are the key to success for life in general, and start-ups in particular.

1. Knowledge

Knowledge here means the knowledge which will help you grow. Knowledge has the power which can lead you to your path of success. Before even thinking of starting a start-up, one needs to have paramount knowledge of what the field actually is, which will help them grow.

2. Experience Failure

Experience is not derived from education, they are two very different things. Experience is acquired by sharing, working, and the intent to learn from one’s mistakes. Failures are much profound knowledge barriers, which can teach us a lot more than good experiences.

3. Example

If one wants to be a leader, he or she should always lead by examples. A true leader is never a commander. He or she must work equally in the team, and set an example for others, about what is being demanded from them.

4. Positivity

Critics are the best teachers because they tell you where your loophole lies. But it is up to you, whether you take it in a negative way or a positive way. In this competitive world, one will succeed, only when they take the critics in a positive way and plug the loopholes and achieve milestones.

5. Responsibility

Success in the long term is only possible when the leader is responsible. But there is a caveat to the theorem. A leader must know when to show his responsibility and when not. A good leader always takes responsibility for the team’s failure and always hands over the batten to the team at the time of success.

6. Opportunity

Be it anything in life, one needs to seize the opportunity when it knocks at their door. Because opportunities do not come often. And once an opportunity is lost, it is lost forever. It will never come again.

7. Focus

Focus! On your ambition. On your goal. Be determined to achieve the goal set. One should not lose focus, because it is very difficult to gain. And once lost, it will seldom come back.

8. Goals

Work in present and set short term goals. Setting high goals seldom lead to its achievement. Moreover, the setting of high goals often leads to disappointment, which is not the case with taking baby steps towards your goal, completing targets one by one, to achieve the desired milestone.

9. Out of the Box

Always think out of the box. Even if you are doing the same thing, present it in a different manner. This opens room for new possibilities. And in this competitive world, who makes the difference, prevails.

10. Decisions

Lastly, taking bold decisions is the wherewithal to each of the above points. Decisions are the ones that make the difference in the first place. One needs to apply everything mentioned above, to make a bold decision.