Dec 11, 2020
L to R – Amit Madanmohan Gupta, SiddhanthRajmohan Gupta, Sanjeev Manmohan Gupta, Rajeev Manmohan Gupta, Vicky Madanmohan Gupta, Abhishek Rajmohan Gupta, Madanmohan Chandrabhan Gupta
By MM Mithaiwala
Family values
Sharing of work in the family business and rewards, veneration of elders, respectful communication between generations, and a shared belief that if the process is right, the results are bound to be excellent. The pressures of modern life, favoring individualism over the collective good, greed, expecting too much too soon, and comparing oneself with others are all taking a toll on traditional business families. I believe that my success rests largely on the values imparted by my elders, the safety net provided by the joint family, and the power of pooling our funds, labor, and intelligence. Sharing is the key not only to prosperity and abundance, it is also a good way to invest one’s wealth.
At the end of the day, you want to raise children who value tradition, feel protected and secure and also have examples of successful entrepreneurial ventures in the family so they do not stray from the straight path when it is time for them to go out and conquer the world. Success has meaning only if you have a family who celebrates it with you.
Valuing family is the supreme family value.
The Roles of Family Members
The older members lent stability to the business by taking charge of the production and ensuring that quality is maintained. The younger lot ventures into new areas and takes the risk and goes for the big rewards. Not every business succeeds. Also, there are industry-specific cycles and we, therefore, encourage youngsters to seek their own space. This ensures that there is stability as well as adventure. With the business scenario rapidly changing every day, old ways have to be replaced with newer ways of doing stuff and it is therefore imperative that family businesses respond to the changing scenario.
The Changing Perception of Young Generation
Well, Amazon and Flipkart are the biggest baniyas on the scene today. What used to be the corner shop is not good enough anymore because mobiles are taking hi-tech baniyas into people’s homes, and hearts. Today, we cannot wait for the customer to walk into our business, we have to find him at his residence and his home through digital means. We have to change or we are destined to disappear like postboxes, telegrams and pagers have disappeared.
The Role of Modern technologies & Automation
In my opinion, there is a wealth of opportunities worldwide if we raise the standards of our food processing, manufacturing, storing, and packaging. For a country with such a rich food culture, the world at large is ignorant about how much we have to offer. This is certain to impact the domestic consumption of commercially packaged foods and also make our foods more acceptable internationally.
Lockdown Consequences
Have hygiene standards that are way higher than what is acceptable by your market. Be a disruptor. Introduce new technologies, get new certifications, and create better eating out experiences for clients.
Growth in Diwali & the sale of gift hampers
We have zero-sugar, zero-oil, baked, and dry fruit sweets that are a rage in this season. High value and low quantity is a good idea as far as I am concerned. Customers are open to paying a premium for quality mithai and namkeen even if you sell it to them in reduced quantities. Our packages have been designed with this trend in mind.