Azim Premji, Chairman of Wipro, and an alumnus of Stanford was conferred an honorary doctorate by IIT Roorkee on monday. From his acceptance speech:

• A rupee earned is of far more value than five found.

• Learn to lose and also to enjoy winning. And when you do lose, do not lose the lesson.

• Have faith in your own ideas even if everyone tells you they are wrong. Have enduring faith in yourself because then you will always have enduring faith in others.

• Life's battle does not always go to the person who is stronger and faster. But the person who wins is the person who thinks he can.

• Strive for excellence. We are what we repeatedly do. Remember, excellence is not an act but a habit.

• Always keep in mind that it is only the test of fire that makes fine steel.

• Open your arms to change, but don't let go of your values. Your values are your foundation for life.

Premji dropped out of Stanford in '66 to take over Wipro when his father passed away - and took the company from being being a vegetable oil company to one of the biggest IT companies in the world!