“Using the power of internet and e-business, young traders leverage on the already established setup and build on the brand to reach a wider customer base by taking it online.
A lawyer’s son becomes a lawyer, a doctor’s son becomes a doctor and a businessman’s son becomes a businessman.
It is indeed hard to neglect the family business especially when you have seen your parents work hard to setup the shop and there is no other sibling to ‘watch the counter’ while you pursue your dream career. Most kids with businessmen parents opt out of higher studies as they feel it a waste of time and effort to invest in a degree if they have to finally go back to taking care of the family business.
But some Next Gen Entrepreneurs have found an incredible way to deal with the dilemma. The family business is no longer seen as a ‘dukaan’ but rather as an enterprise with unlimited potential of growth by simply changing the way you do business. Using the power of internet and e-business, young traders leverage on the already established setup and build on the brand to reach a wider customer base by taking it online.
Ajay Kumar, a business graduate from a premier institute had a comfortable job in a multinational in Bangalore but left it to come back to Lucknow to take his family business to the next level.”I was doing well as a financial advisor but I decided to follow my own advice and setup an e-commerce store for our family jewelry business. All the process knowledge and infrastructure I needed was already there and I simply scaled up the operation and in 2 years we have managed to increase our worth many folds.”
You hear similar success stories from hundreds of other 2nd gen entrepreneurs across India.
Neha Mehta was a topper from the start so when she decided to join her mother’s boutique it raised many eyebrows. “People initially thought me crazy to work with my mother in her boutique instead of taking up a fat paying job in a corporate. However, it was a conscious decision for me as I saw what wonders e-commerce could do for the business. In hindsight, the decision has indeed made us grow immensely as a brand and as a family.”
The GEN X Entrepreneurs realize that with E-business, they are no longer restricted in location or availability and can leverage technology to market their goods to the world at a far lower cost. In the end it makes more sense to work for yourself and build upon the family brand and credibility. At the same time, you get to work with a team you are most comfortable with and that alone makes the decision worth it.