My learnings from Mr. Ali Hussain Sajwani

"If you don't perform in this competitive market, you're out of business." ⏤ Mr. Ali Hussain Sajwani

Mr. Ali Hussain Sajwani is the Managing Director, Operations & Technology at DAMAC Properties

Here are the 7 things I learned from the discussion on the topic "Business Through the Ages: Taking over the Family Business" at the Sharjah Entrepreneurship Festival

1. Embrace history:

Family businesses often have a rich history and cultural heritage that can be an asset. Embrace this legacy and use it to build a strong brand and a distinct identity for your business.

2. Communicate openly:

Clear and open communication is essential in any family business, but it becomes even more critical in a legacy business. Ensure that all family members are on the same page regarding business decisions and that everyone's opinions are heard and respected.

3. Plan for the future:

Legacy family businesses often face the challenge of passing the business down from one generation to the next. Make sure you have a clear plan for the future of the business and that everyone involved understands their role in that plan.

4. Invest in the business:

Legacy family businesses often face the challenge of keeping up with the times. Make sure you invest in the business in terms of time and money to keep it relevant and competitive.

5. Foster a positive work culture:

A positive work culture is key to the success of any business, but it is especially significant in a family business. Encourage family members to work together in a positive and supportive environment and ensure everyone is happy and fulfilled in their roles.

6. Encourage education and professional development:

Encourage family members to continue their education and professional development, as this will help them to be better equipped to run the business in the future.

7. Be adaptable:

The business world is constantly changing, and it is important to be adaptable to succeed. Be open to change, and be willing to make changes when necessary to keep the business relevant and successful.

In conclusion, running a legacy family business can be a rewarding experience, but it can also come with its own challenges.

"As a second, third or fourth generation owner, you can look at your company and family history and examine what you’ve done to stay relevant.” — Ville Solja, Vice Chairman, Kiilto