Describe a family business

• What is the business

• What type of customers

• Why do you like it

The family business I know and would like to talk about is owned by a joint family in our community. It is a business related to floral business and this is, in fact, quite a successful one. The family has a large flower garden and they collect flowers from these gardens and then sell these flowers in their floral shops.

Mr Ashok and his family own this business and the business is growing day-by-day. Now they own more than 5 acres flower garden and they have more than 50 shops where they sell the flowers they produce. As I heard, they have started exporting flowers to neighbouring countries as well. As I have witnessed the rise and progress of this business, I think that was a nice business model.

In the beginning, they had only two small gardens and a small shop, and over the years this business had expanded to a greater and bigger business.

I think the business plan, hard work, dedication, timely decision, and luck had favoured the business and the family has become a renowned floral business owner of the country.

Follow Ups

• Do you think governments should regulate exports?

Yes, of course. Regulation is very essential. The quality of goods to be exported should be checked, otherwise, it may ruin the name of the exporting country.

• Are men and women equally good at running a business?

There are no gender differences nowadays. It is a matter of personal aptitude. As more and more girls are going into management courses, they are successfully entering the world of business. We have many examples, such as Kiran Majumdar, who is the CEO of Biocon company.

• Is market research important for export business?

Yes, definitely. Market research is important for any business and not just for export business. If China exports those products which are not in demand, then it will be out of business very soon. Even if we talk about small-scale business, without adequate market research nothing will sell properly. For example in a poor country, branded showrooms will not survive.

• Is it important to be competitive and why?

Yes, it is very important to be competitive nowadays. We belong to an era of competition. Today, we are not competing with the person next door or in the same town or country. We are competing with the people of a global village.

• In business, do companies need to be competitive?

Yes, definitely. Business is all about competition. If you don’t compete with how can you run a business? You have to sell your products and for that, you have to compete with your rivals. Otherwise, they will succeed and you will lose.

• Should companies promote competition and why?

Yes, surely. Companies should promote competition because if they don’t compete with how can they run a business? They have to sell their products and for that, they have to compete with their rivals. Otherwise, they will fail and others will succeed. However, they should promote healthy competition and should not use unethical means to compete.

• What challenges and difficulties people face when they try to have a successful small business?

They have to do proper market research and see if there is a demand for their product or service. They also have to see if they will be getting competition from the international sector. For example, a bicycle manufacturer from India may not be able to compete with the cheaper and better-looking bicycles from China. Then there are other formalities like government approvals etc.

• What should be the governments’ role in how small businesses are run?

The government should promote small businesses by providing subsidies to budding entrepreneurs. This way unemployment will be reduced. It should do a careful and fair evaluation of the business plan of the person and help in all the ways it can. Prime Minister Modi’s ‘Make in India’ Campaign is a step in this direction.

• What are the advantages and disadvantages of small businesses compared to large companies?

There are many differences between big and small companies. To begin with, big companies offer bigger pay packages than small companies. Secondly, these companies give many perks and bonuses from time to time. These companies give benefits like health insurance and travel allowance. Another big advantage of big companies is that it is a status symbol to work in these companies. Furthermore, they provide opportunities to travel overseas. Moreover, in a big company, hands-on training is provided to all new workers.

On the other hand, in a small company, everybody knows everybody. You are not part of a big crowd as in a big company. If you do some good work, you are applauded for it.

If you open your own small business, you are your own boss. You decide your paycheck. The more you work, the more you earn. The disadvantage is that there is a lot of risks and in case you don’t do well, you can suffer a heavy financial loss.

• How can businesses benefit the community in which they are located?

Businesses can benefit in many ways. They can provide scope for many supporting businesses to flourish. For example, restaurants, hotels, and many more.

• What are the advantages of exports?

Exporting is one way of increasing your sales potential; it expands the “pie” that you earn money from, otherwise, you are stuck trying to make money only out of the local market.

• What kinds of small businesses are most popular?

All types of small businesses are popular. My hometown is the hub of small-scale industry, such as motor parts. Jalandhar is famous for sports goods. Ludhiana is known as the Manchester of India because of small-scale industry, especially the hosiery industry.

• Why do some people open their own business?

Some people open their own business because they want to be their own boss. They know they can grow big that way.

• What qualities does a small business owner need to have?

He should have the competitive spirit. Should have the ability to take risks. He should be hardworking and know how to get work from his employees.

• Are there any big companies in your country?

Yes, there are. India is a fast developing country. There are many Indian companies, which are very big such as Tata, Mahindra, Godrej, Reliance, Videocon, Onida and so on. There are also many multinational giants which have opened branches in India,  such as Samsung, LG, Maruti Suzuki, Hyundai and so on.

• How can a small company grow big?

Small companies can do so in many ways. They can work hard, employ skilled workers, focus on quality and employ good marketing strategies.

• Should big companies donate more to charities?

Yes, they should. I believe that anyone who has enough should help the needy on humanitarian grounds. Many big companies help the NGOs and NPOs. This is a win-win situation for both. When they get publicity for their charity work, they are getting the advertisement for free.

• Should big companies be punished more seriously if they break the law?

No, they should not. Law should be the same for all – big as well as small companies. Usually, big companies have big connections. So, they try to get away with their wrongdoings. This also should not happen. Punishment should be equally serious for all law offenders.