Family Business is For Generations To Come

I remeber there was a advertisement where it was shown that the job you do, you do for yourself whereas the business you build, it is build for the generations. And that is true also, the job you are working on will have to work for some years. Like there is a retirement age in most of the countries where people retire by that age. But when you have a business, you are a boss and thus you can continue to work as long as you want. And when you are are thinking of retiring you can give the business to your sons/daughters and thus it will run for generations.

PC: Pixabay.com

I had a colleague in my old company where he was working for 2 years. And then one day he heard that his father has cancer and he could not work any more. They had a garment business so he left the job and went back to take a hold of the business. And thus he became a business from a salaried employee. This could only happen since his father had the business. If he wouldn't had, then my collegue had to continue working and have to take care of his whole family.

I am not going into the debate which is good, whether doing job or doing business. Creating a big business is not everyone's cup of tea. But most of the people start small as a side business and then try to create a big one. But again not all business get succeeded, 90% of the startup usually closed done in a year or two. So creating a business is again a hard thing to do.

But I liked Reliance Industries like, which is a business created long back and still going strong. It is one of big busines in India which I admire the most. The Reliance Industries was started by Dhirubhai Ambani in 1958 and still after 66 years it is one of the big business in India. It is running by the third generation.

It was started by Dhirubhai Ambani, and then he has divided the business to two sons Mukesh Ambani and Anil Ambani. Mukesh is a great businessman and the companies he owned succeeded whereas Anil was not so good and all his companies either got bankrupt or shut down. Mukesh is now the CEO of the Reliance Industries, and he is again dividing his business and giving it to 2 sons and 1 daughter and thus they are the third generation of employees.

Now again it depends on the minds of the sons and daughter if they can take it forward or not. But as of today the Reliance Industries is quite big and its hard to fail in recent future but we don't know the future very well. So I hoping that in another 44 years is good for the Reliance Industries and it will become one of bigger companies in the while world and get into the 100 years busines.

If a company is running for 100 years, then think about the generational wealth it can create. And that's why even if you are working, try to create that passive income stream which can help you to generate the income while you are working and after that too. And if it becomes big it can be used for creating generational wealth too.

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