Most of the long-term businesses in cities like Kolkata and Mumbai are the ones being run by Marwari families. Talk about clothing, jewellery or furniture, especially wholesale, you would always find multiple Marwari owners being a part of the market and making decent profits.
If you are a Marwari, there are high chances you must be also a part of your family business. So, Why do you think Marwari’s have been surviving the cut-throat market competition and achieving profits? So here are some secrets that make Marwaris, amazing businessmen:
If you notice or ask around, most successful and well oiled Marwari business houses aren’t new or start-ups. They have been existing for years, started by the elders of a family and continued by the generations after. With years follows experience and the efficacy to sail through all the problems, which also gives rise to various unique ideas for better functioning of the business and general know-how.
Marwari business houses are one of the few that believe in expanding the business as the main motive behind success. You would see them using profits to open up multiple shops or going beyond their main city and trying to open branches in multiple cities. With the expansion, comes growth – one of the major reasons why Marwaris are very good at businesses.
Like mentioned, Marwari business houses are blood feud which is passed to the younger generations. In these cases, the upbringing of the family matters the most. Most Marwari families, even if financially stable teach the value of money to their kids from an early age. They use their own life stories or push their kids to start saving as soon as they reach their teens.
Instead of being controlling and authoritative, Marwari families prefer to delegate their business activities to trained professionals. They tend to focus on the top decisions and rechecking any important work done by their employees.
With experience and delegation, it automatically becomes easy for such Businesses to take decisions regarding stocks, profits, investments or employees. Marwari’s are usually quick to analyze a problem, take a call to solve it and implement the necessary steps.
A Marwari is the only person you would see balancing financial stability along with spending well on what’s important. When it comes to business, they invest where they should, plan beforehand but execute it with style to gain customer attention. Their shops are well structured and well maintained, even though they spend money with caution on such decisions. They never hesitate to offer a customer tea/coffee to gain sales but also ensure that it’s not from a 5-star restaurant.
Due to family businesses being a major part of the Marwari culture, the kids are taught about the ropes of business functions from an early age. Parents take their kids to work once in a while once they turn 18. They explain to them the value of good investments and financial planning. Moreover, kids meet similar minded people once they start working with their parents and learn better.
So, before starting a business or criticizing the mode of business conduct of a Marwari, understand their success points and take inspiration? Might just help you do your job better and achieve success via simple checkpoints.
The next time you meet a Marwari, don’t forget to tease them saying ‘You must also have a business, right?’ 😛