The Marwaris or Marwadis are an Indian ethnic group of community that originated from the northwestern part of the subcontinent of India or Rajasthan.
Their language is Marwari which is the native Rajasthani language. These community or group of people belong to a highly successful business confraternity, initially as inland traders during the time of Rajput rulers and later as high-end investors in industrial sectors and production. In this current era, Marwari have got the control over many of the country’s largest media groups. And the plus point for this business community people is they have already spread throughout India, historically, and now mostly concentrated in Mumbai, Kolkata, Chennai, Nagpur, Delhi, Pune and the Hicksville of central and eastern India. People who are inclined and keen for business always wonder why Marwaris are so good at their business and what’s their secret behind successful business and financial life.
Here are some of the useful financial tips to learn from Marwaris, if you’re interested in business and start-ups:
1. Watch your money
Marwari business firms and business groups perform by two chief functions, one is strategic management of investment funds by shifting them to where they can be most productive in the long term and the other one is close financial monitoring of the enterprises in which they have their shares.
2. Respect the value of money
Marwari business firms and houses are like blood fall out which is passed on to their younger generations. Thus, the upbringing of the family members matters the most. Most of the Marwari families teach their kids the value of money at a very early age even if they are financially stable. They illustrate their own life stories as example to push their kids to understand the importance of savings as soon as they become teens.
3. High volume-low margin, but not requiring daily intervention
The first source of income that needs to be evaluated and classified is the passive business income and needs prolonged time to be tended make the peg correct. According to them, business requires time to set up and peck order, but after a threshold, business can become self-maintaining, thus, would require less daily intervention which is one of the essential financial tips to learn from Marwaris.
4. Saving single penny in each business activity
Marwaris believe saving single penny in every business activity is important and work hard for savings. Marwari’s belong to hard laborious community and spend very less of money. They have habit of saving the tiniest which creates a sufficient fund for them. They can never waste their money and always have huge respect for money. A good Marwari businessman always think thousand times before going for any expenditure. Marwaris have no interest in pump and showing off their affluence as they believe in high thinking with normal living. standard. They always stick to their formula that “small savings can turn into big funds and these big funds help in developing business well”.
5. Businessman is highly potential to look into future
Marwaris always think about future and use their mind readily when it comes to money which is the real identification of a good businessman. They are known for their spontaneous way of retorting to questions and making quick decisions. They study finance and people so well that their predictions and estimations are always accurate and adaptable to changing situations. Their social meetings also include understanding the latest market trends.
6. Money and knowledge are useful when available at short notice
Marwaris are straightforward when it’s about their business and money. They believe money and knowledge are useful only when available at short notice. Marwaris always carry money with them and also carry all important data that can be used at once to grab all benefits if there’s any sudden changes in the business which is one of the helpful financial tips to learn from Marwaris. They keep their memory and money always within their reach. They always believe in financial liquidity to succeed in business.
7. Business men should be aware of every single data about their firm
Marwaris always believe if the top business personnel have all data and knowledge about their firm and finance, it would reflect in their employees and subordinates as well. It’s true that a good manager is supposed to know everything about the business activities. Also Marwaris readily show interest to learn each and every thing with hard labor and willingness to succeed in business.
8. Protect business and its reputation at any cost
A company’s moto is the most important assets. And good reputation of owner and business is more important to be protected. Marwari businessman are always careful about their adherence regarding quality, timing of delivery, and fulfilling the condition of the contract. In long run Marwaris believe good repo is the chief factor for all major deals. Marwaris hold a great reputation to balance and retain their goodwill even if they have to bear huge loss to do that.
9. Avoid paying interest
Interest payable is good but needs to be avoided as a business expense. According to Marwaris interest never rests, as it has to grow at double the speed. Marwari businessmen as mentioned strongly support small savings to create business funds which is one of the best financial tips to learn from Marwaris. They deliberately avoid taking business loan. Instead, they prefer to take partner for loan and they also maintain partnership with satisfying conditions of contract. However, nowadays people are preferring to take loan even for tiny reasons. But Marwaris advocate about the drawbacks of loan and prefer arranging funds by internal system.
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