Family-owned businesses are the backbone of the Indian economy. Studies have shown about 85 percent of companies are family-controlled and represent the full spectrum of Indian companies from small business to major corporations. Starting, leading and working in a family business can bring valuable benefits compared with other businesses.
Our family shares the same ethos and beliefs on how things should be done – honesty, profit based, transparent and with integrity. This gives us an extra sense of purpose and pride and a competitive edge for our businesses.
As a family-run-business, we are a natural team. We can think of something in the morning and start working on it by afternoon – that’s tremendous speed as compared to other corporate houses. In today’s business scenarios, where new designs, processes and strategies must get to the markets fast, speed is everything.
Office politics are hazardous to meet competing agendas and deadlines. Conflicts do happen in family run businesses too, but when it comes to help family business win, turf battles diminish. We’re much faster than companies that have to go through a more politicized process of getting things done.
Entrepreneurial risk-taking is an essential element to face to grow in any business. As a sibling in a family-run-business group, the kids can see firsthand the work it takes to win at business.
We have the ability to be fearlessly and emotionally honest to each other, which helps our family business thrive.
Trust is essential in all business, but especially so in a business where trade secrets are make-or-break. For us, there’s a very high level of trust among our family members. And we can talk to each other very freely and openly.
Family businesses control their fate.
Companies can lose their competitive edge when leaders lose touch with the youth market. We at Redstar Group, keep its edge naturally when it brings in the next generation.
Our family controlled business is efficient, since we are, able to positively affect the resource inventory and usage of our firms, apply a long-term perspective and goals to our businesses; eventually allowing for unique positioning of business strategies, have less problem of human resources and higher corporate values, or drive new entrepreneurial activities.
Knowing we’re building for future generations, it encourages the long-term thinking needed for growth and success of our businesses.
Family-owned businesses have strong entrepreneurial activity across time. ROI is greater in family businesses.