In India, the term Marwaris is synonymous to business. Almost every Marwari has a family business which is being functioned smoothly and successfully over many years. Since, longevity is the key to building a wealthy and successful business, it makes sense to learn some crucial lessons from the Marwari business community:
1. Brilliant control over finances
One of the main reasons why Marwaris are such successful business people is because they are very good with financial control; they know exactly how much money needs to be pumped back into the business in order to increase profits. Tight financial control over the earnings from the business is one aspect every entrepreneur can learn from the community as it is the foundation to building a successful business. They document their money very well so that they are aware of every paisa which is spent.
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2. Parsimony and moderation
Owing to their tight control over finances, two traits every entrepreneur can aspire to learn from the Marwari community are parsimony and moderation. These terms might have negative connotations attached, but, as an entrepreneur, it makes absolute sense to do away with spending on futile things and concentrating only on the necessities. The Marwari community understands the value of money in business which is why they choose to not throw it away as easily as the younger breed does.
3. Spotting opportunities and adjustability
Marwaris were the first choice for business for the East India Company which is why a lot of them chose to use this opportunity and shift base to Kolkata. The community has shown resilience and adaptability by settling down in places which they originally do not belong to. They are extremely dedicated to their business which makes them willing to change lifestyle choices in order to expand it if there is a favourable opening.
4. Strong business values
To the younger generation, carrying on a business by forefathers might seem a rigid and absurd choice. The Marwaris consider it to be a matter of pride to align their business values to that of their family’s and uphold the honour. This instils discipline and dedication in their way of conducting the business. Similarly if the entrepreneur is able to find a common ground between his/her own values and the business, the process will definitely become smoother.
Some Marwaris ruling the business scene in India include Bhavish Aggarwal, Ram Prasad Goenka, Sunil Mittal, Savitri Jindal, Chanda Kochhar, Kishore Biyani, Lakshmi Mittal and the Ambanis.