I am sharing a short and crisp summary based on my journey as an angel investor and engagement with family managed businesses and family offices.
- Define the Soul i.e. “Purpose” for which Business exists. While this may not have been important in the past, but the people and ecosystem partners are much more conscious in current times, and they not only want to relate to the business but also the purpose for the existence of the organization.
- Define the philosophy of doing business (Heart). This can be a part of values, but I personally believe this needs to be separate to attract people’s attention. My thoughts:
- Create, serve and enjoy the creation
- Always think win-win
- Respect the principles of ESG
- Define Culture (Brain). Founders must build a culture which connects to their heart (DilSe). I believe that an organization driven by core beliefs has empowered teams, focusses on customer centricity, leverages ecosystem, builds communities, and continues to innovate and excel.
To conclude, in order to leave a legacy, the above framework will need to be practiced DilSe. Founders need to elaborate on the above principles to be on the same page with all stakeholders and minimize any confusion in the interpretation of these principles.
May 2020
