by extramarks - Academics, News/Announcements - May 12, 2015July 3, 2021 Extramarks Sector: Education Market: India Founded : 2007 How important do you think family businesses are to the economy and to society? Family businesses are important – they are the bedrock of the economy, especially in a country like India. Multinationals are constrained by various factors, like the need to deliver short-term profits, as well as country-specific and cultural issues. Family businesses can deal with these challenges much better – they have a long-term approach, and the ability to be flexible and agile and take decisions much faster than multinationals. Family businesses care about making money, but they’re also focused on creating opportunities and moving ahead in the market. They’re always challenging themselves to make their business profitable and reach new heights. At a multinational, innovation can sometimes take a backseat. Family businesses, on the other hand, are constantly making changes to suit the needs of their customers. As a leader of a family business, how would you describe your attitude towards the local community and your employees? Education is a cause close to my heart, as well as my business. I’ve seen children struggling to gain a good education, and I want to support the educational sector and my community. We help schools to get access to technology at an affordable price, and we’ve also adopted some schools and provide them with free hardware and software. For example, we implemented Smart Learn Class rooms at St Paul’s Higher Secondary School at Ajmer, and modernized a computer Lab at Sophia Senior Secondary School for girls, Bhilwara. We’re particularly passionate about supporting education for girls. What is the biggest motivation for your business and those working for you? We want to be a successful business, but also make a positive difference by doing good work – I would like that to be my legacy. When you achieve success in the market, people are motivated to work for you – your employees have a sense of belonging they associate with your brand, and this is what helps in attracting and retaining the best talent. I make it a point to spend time with employees at all levels, so that they feel they are part of a great team and know exactly where the company is headed. If you were to give one piece of advice to family businesses, what would it be? Don’t involve too many family members on the board and always hire accomplished professionals in key roles. And always be ready to innovate and move ahead, as that is the key to success for any business.