By his own admission, Rajiv Bajaj was in all kinds of trouble in 2008 - three years after he took over as managing director and CEO of Bajaj Auto.
The company had a string of failures with the XCD, Caliber and Wind.
It hurt even more because the company had always prided itself on being a market leader.
It would have been easy for Bajaj to choose the less taxing way out and go back to the comfort zone of "Hamara Bajaj" and stick to scooters.
But the young Bajaj chose the more difficult path of learning from his mistakes and opted for a clear brand positioning in motor bikes - a move that gave him pricing power, courtesy Pulsar and Discover.
The rest, as they say, is history - Bajaj Auto made a remarkable turnaround that pulled the company back from the brink and put it on the path to recovery. Though the company is miles behind Hero in terms of sales volumes, it is now India's most profitable two-wheeler manufacturer.
So if Bajaj says, "Ask yourself after every setback: what did I learn from the experience," it doesn't sound text-bookish at all. Management experts, thus, term failures as the highway to success.
Image: Rajiv Bajaj at the launch of the new Pulsar 200NS motorcycle in Mumbai on January 30, 2012.
Text: Shyamal Majumdar, Business Standard