Overcoming entrepreneurial challenges: Muthoot Finance's George Alexander Muthoot on overcoming adversaries

What was the problem you were grappling with?      

I have faced my fair share of challenges in life, but I have always seen them as opportunities to rise above them. Our family business, which has evolved over decades, proudly bears our family name. Given this distinctive association, it’s important for us to be vigilant and conduct thorough research before venturing into any business endeavour. The concept of gold loans was not widely embraced when we first entered the market. Needless to say, we faced quite a few challenges along the way. On one hand, our family name is tied to our business; therefore, any setbacks were a matter of family pride. On the other hand, we are the pioneers in the gold loans business.     

Whom did you approach for advice and why?  

We are glad that we had many visionary leaders along the way. One such visionary was my elder brother and our former chairman, the late M.G. George Muthoot. Under his guidance, Muthoot Finance achieved many milestones. Our partnership with Mudra Marketing Agency has enabled us to promote gold loans to every household.     

What was the advice you received?      

The advice I received resonates with my core values: “Focus on the end goal, trust but always verify, and act with what’s available at the right time.” This holistic approach highlights the significance of being meticulous, responsible, and prompt.   

How effective was it in resolving the problem?  

Implementing this guidance has proven to be highly effective in addressing our operational challenges at Muthoot Finance. By focussing on completing tasks efficiently, ensuring trust through verification, and emphasising timely actions with available resources, we have not only resolved immediate issues but also laid the groundwork for sustainable processes, driving operational excellence.