Values run the business.

 Values run the business.

The intention of starting the business in the past was to hand it over to the next generation, but today some companies are created to be sold. If the intention is to sell the business, is there long-term thinking? Only the founders can answer it.

Today the widely used words are scaling up, valuation, disruption, unicorn etc., but on the other hand, we are witnessing a reduction of the workforce, losses, buyback of shares etc. On one end, start-ups are becoming an inspiration for youngsters, but on the other hand, the brands we use in our daily life, from learning, dining, payments etc., are becoming case studies on failures. The experts from various business functions can come up with many analyses behind their failures, but it all points to one quality - The value system.

An idea can help us start a business, but values help us stay in business; TATA is a classic example of a Value system. Defining the values and displaying the same does not guarantee longevity in the industry, but the same should be followed from top to bottom.

If you are aspiring to start a business, ask yourself what problem you will solve and how you will solve it without taking advantage of it.

An idea blended with values might take time to get Venture capital, but you can win the trust of your customers, whose support will be your investment, and that's how large entities in the past grew, and this was called organic growth. When we expect organic food on our table, we should also accept organic business growth.

Any business with a robust value system can withstand any economic tremors. IBM, TATA etc., have witnessed both world wars and many recessions, but still, they are standing tall because values are a strong foundation on which businesses are built, and values are like magnets which can attract stakeholders.

Define your business purpose and define your values, not only to get started but also to stay for a long time.

A mother gives birth to a child, not intending to provide the child for adoption but to prove it as the symbol of love. As an entrepreneur, think like a mother; you know how to nurture your business and grow it to the next level.

Any business started in the past was also a start-up, but the term was not widely used; those with values still rule the consumer and stock markets.

 Define your values to determine your longevity in business

M.L. Narendra Kumar