This Modi Scion Shows How The GenNext Entrepreneurs Are Transitioning Family Business To Tech
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Indian family businesses have been around for a while and are built on strong foundations. The PwC India Family Business Survey, 2016 stated that 75% of Indian family businesses had grown in the past 12 months and 84% expect to grow over the next five years. Most of the Indian family businesses maintain that innovation is the key to future growth, but it is also a key challenge.
To deal with this challenge a majority of legacy businesses have involved their generation next in senior roles.
Today, 78% of family businesses in India have next-gen family members working in the business. Of them 73% are operating in senior executive roles.
Armed with individual ideas and expectations, these gen-next leaders are open to diversification and technology. They are also keen to leave their mark on their family businesses. However, the journey is not always smooth and the young minds often face challenges in establishing their credibility and gaining trust. They often find it hard to express their ideas.
So, what do the next generation leaders think? What are their challenges? To find the answers Entrepreneur India got in touch with Ruchir Modi, Director in the USD 2.8-billion, India-based conglomerate K.K Modi Group.
Opportunities to Learn
Things one is exposed to in the formative years, play an important role in career choices. If business is the recurrent topic of dinner-time conversations, then the entrepreneurship seed is sowed very early and effectively. And the entrepreneurial focus of the upbringing in business families normally has a lasting impact on the children.
Growing up in a business family was a big advantage for Modi. So when he stepped into active business, he was already ahead of others of his age and got an edge over other young business minds. His father’s commitment towards the family business has been a major source of inspiration for him.
“Growing up in a business environ, I gained valuable real-world business experience long before my peers began to tread the path of entrepreneurship. My father is the man who guided and supported me all my life. His upbeat attitude, classy way of living and innovative thinking motivated me to join the family business,” he shared.
Entrepreneurial Initiatives in Family Business
This age is ruled by entrepreneurs and millennials, who are well aware and are passionate about what’s happening in the world. This has led to the early induction of the present generation in the family-owned businesses all over the world. Statistics reveal that Indian business houses are following the same trend.
Modi, who has been spearheading the digital transformation drive of the K.K Modi Group, admitted that making way for a change in an age-old business was not easy. “My efforts in implementing changes in the data, clients, sales, marketing, have faced their share of challenges,” he divulged.
Know this Entrepreneur
Son of Indian businessman and IPL creator Lalit Modi and the grandson of Krishan Kumar Modi heads Modi Ventures, an investment arm and one of the single largest shareholders in Peyotito, a restaurant-based in Notting Hill, London.
He is also investing in fin-tech, a sector buoyed by Prime Minister Narendra Modi’s credit enhancement scheme for SMEs and RBI’s easing of regulations.
The rise in digital payments and online lending have increased the scope of the hackers, hence fin-tech is witnessing a lot of innovation and is utilizing the best of technology to ensure impassable security of customers’ data and information.
The Modi scion has agreed that the developments in the global financial technology domain had been exemplary and the sector was expected to observe further growth over the next few years. “The same is true to Indian market as well. With favourable government policies and an advanced banking regulator, the sector is prepared to further intensify and diversify its impact,” he predicted.
He is one of the board of directors of Modi Enterprises, K.K Modi Group along with Godfrey Phillips India Ltd. The Modi Group is an Indian Business conglomerate based in New Delhi, India. As a director in Godfrey Phillips India, Ruchir oversees the strategic direction of the company and heads the international business division.
Any Connection with IPL?
Ruchir, whose father Lalit Modi, founded the Indian Premier League, was elected as the President of Alwar District Cricket Association in 2016 and is still serving on the post. In 2017, Modi contested the election for presidency of Rajasthan Cricket Association against Congressman, C.P Joshi.
Out of the three positions of RCA, those of secretary and treasurer, were won by candidates from his team. Ruchir was never directly associated with IPL. "My father's association with IPL started when I was 14 years old and he left IPL when I was only 17. However, my father's hard work in making IPL, a success, has left a lasting inspiration in my ways of doing business," shared Ruchir.