They marry the traditional style of running the business with what's taught in B-schools. They can navigate challenges, seize opportunities and contribute to India's growth story
Students at the Indian Institute of Management campus in Ahmedabad, Gujarat. Image: Getty Images
Gujaratis are known for their financial acumen, business traits, family bonding, and simple-yet-friendly lifestyles. All these and their demeanour have helped Gujaratis demonstrate a fondness for indulging in trade and business instead of opting for a corporate and professional service. Â
This is more profound and proliferated in Gujarat since ‘business runs in the blood’ in the state. In the early 50s and 60s, Gujarati business was mainly associated with textiles and mills—prominent among them being the Lalbhai and Sarabhai business families. Then came the giant leap with the entry of Dhirubhai Ambani and the Reliance Industries in the 70s. The trend continues to this day with the Adanis coming into the limelight. The addition to this lineup are new, successful businesses started by Gujarati businessmen—Symphony, Fogg, Balaji Wafers, Pidilite, Sintex, Wagh Bakri, Vadilal, Havmor, Zydus Cadila and Torrent, to name a few—which have attempted to junk the family-run business mentality and embrace unchartered domains. At the heart and soul, though, they remain Gujarati, making up 10 percent of the total businesses in India.   Â
The Gujarati tradition of family involvement in businesses is about preserving legacy and ensuring business continuity. A Gujarati is more likely to trust his own before he trusts those outside his close-knit family. Â
In recent times, Gujarati business houses have shown willingness to adapt to new trends and technologies. They have seen this as a way to proliferate and profit. Gujarati businesses have realised that while a major shareholding must remain with the family, external manpower and resources are needed if the traditional business has to upscale and diversify. This is where management schools come in.
The adaptation to change aligns with the importance of staying updated with evolving market trends and technological advancements—a key principle in modern management studies. Â