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| Satya Narayan Bansal |
Why 85% of the 3rd generation of Successful Family Businesses, are not able to hold on to their lead in wealth creation and in some cases completely fade out? Why the Goddess of wealth, Lakshmi is not a permanent occupant of most of the Family Business establishments?
These were the questions, beautifully raised and answered by one of the most interesting speakers on wealth creation - Mr. Satya Narayan Bansal. CEO, Barclays Wealth and Investment Management. He was speaking in an event "Adding Value" organised by MCircle, SIRCCI and Samanvay, along with two other great speakes, Dr. Rekha Shetty, Author and Founder of Mindpower and Mr. Mohan Raman, Cine Actor and Management Trainer.
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| Ravhee Laddha of MCIRCLE |
Mr. Ravhee Laddha from MCircle, set the ball rolling of a great session, with thoughts from Scriptures and each speaker in their own interesting style made every one in the audience reflect and think deeply about the ways to sustain business success over generations. The session of Dr. Rekha Shetty created a stir among the audience with her practical approach towards Mind Power. She practically got every one focusing on the amazing nature of perception through physical touch and feel of actual Apple and Ice Cubes, distributed among the audience. Mr. Mohan Raman, as usual made his charismatic presence felt, through his talk on learning lessons from movies, with an interesting collection of actual clips.
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| Mr. bansal, Mr. Mohan Ram and Dr. Rekha Shetty |
Now coming back to the question of Creating and Sustaining wealth... Here is what Mr. Bansal has to say...
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Lakshmi (Goddess of Wealth) has 8 facets and she is also known as Chanchala (Restless), such is her this nature that She moves away even within generation… so how to over come this attribute of Lakshmi and make Her Stable?
Ground Rules
1) Custodian of money rather than the owner of wealth
2) Don’t be carrier of wealth but also the creator – One must play the role of Brahma (The God of Creation here)
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| Ashta Lakshmi IMG Curtsy ExoticIndiaArt |
4) Wealth will only stay if we keep purifying it.
The reason we, in our various rituals and prayers write Shubh Labha (Auspicious, Pure profit) instead of other way around next to Lord Ganesha is that the money one makes has to be earned by hard work and labor instead of some other means. The thing is that if you are not making the money right way, if will not stay. It will not last long.
The reason we, in our various rituals and prayers write Shubh Labha (Auspicious, Pure profit) instead of other way around next to Lord Ganesha is that the money one makes has to be earned by hard work and labor instead of some other means. The thing is that if you are not making the money right way, if will not stay. It will not last long.
Please realize that the biggest wealth that all the businesses have is not in the list of the creditors, the deposits in the banks or even in the assets that we have accumulated but only in the Business that we are creating and in the next generation that we are grooming – The children.
Why do we have to create wealth?
Well for a person to sustain a life style, or social status and good living a certain amount is necessary but beyond that quantified amount, we create wealth for social recognition. To answer the eternal question Who I am? Business is a way of creating social identity as most of us are social animals.
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| Mr. Bansal's style of speaking was very interesting as he paced the stage with his IPad... |
How To make business more sustainable and powerful?
To actually create a successful business, one needs the right ingredients. All successful business communities like Jews, Marwari’s, Sindhi’s etc have few things in common…
A) They were displaced and kind of forced to migrate for various reasons like war, lack of sustainable livelihood in the region as well as geo-political reasons etc.
B) They were in state of deprivation.
And these situations and tribulations bring out the best of survival instinct in human beings. Though to create great businesses, you don’t need those actual situations but the motivation based on basic emotions such as survival instinct, remains and its a great catalyst. The 2nd generation of family businesses, know a little of this part of the business as they have seen their parents going through the hard phase of creating businesses from ground zero, whereas the 3rd generation loose that reality of wealth creation and take things for granted.
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| Audience along with Mr. Bansal having a great time listening to other speakers... |
1) Passion of the individual
2) Getting execution right. The choice between better strategy along with good execution and Good Strategy along with Better Execution, the latter is always the right choice.
Most of our education system is imparted in form of knowledge which is good to have but it lacks in the practical knowledge of execution. When we think of creating wealth, it’s the experience of creation with strong focus on implementation will be the most important ingredient and a good strategy will come out of it.
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Shashi
ॐ नमः शिवाय
Om Namah Shivaya
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