Many family businesses are built around the legend of the entrepreneurial founder who persevered in the face of adversity.
The great secret of business families that achieve tremendous wealth and hold onto it for generations is that they persistently promote the entrepreneurial spirit that led to their initial success. That drive is a combination of ambition, sheer will, and the willingness to take calculated risks is integral to long-term success, particularly in challenging times.
Akshay Aggarwal from Delhi is an Entrepreneur who not only expanded his family business – Viney Corporation Limited also worked on different verticals like Entertainment, Finance, Oil & Gas pipelines and Education.
Anil Parkash Aggarwal was one of the promoters of Viney Corporation Limited. He along with his brothers handled the business. The company produces wiring harness and electrical components to various auto manufacturers like Hero, Honda, Bajaj, Maruti. They also have an international setup in Italy and Romania providing to BMW, Fiat, GM, etc. Anil’s son, Akshay Aggarwal is a 30 year-old entrepreneur with a double major in both MBA and MSc in international business from the UK in 2012.
Many family businesses are built around the legend of the entrepreneurial founder who persevered in the face of adversity. But for some business families, it’s easier to pay lip service to the founding entrepreneurial values than it is to actually instill the drive required to nurture those values generation after generation.
The senior generation in a family enterprise often struggles to distinguish the fine line between nurturing entrepreneurial talent and coddling. Some worry whether their children, nieces, and nephews have real entrepreneurial ambition and a valid business idea — or if they are just pursuing pet projects and expensive hobbies.
Others may be concerned about the perception of fairness throughout the family — whose projects do you support and how much do you support them? Even more, wonder how to make sure the next generation doesn’t embarrass the family or the brand. In contrast, the next generation often wonders whether they should build their entrepreneurial ventures within the legacy business or outside of it? With family support or completely separate? And so on.
These are all valid concerns and questions. Akshay proves that while there is no one right path to creating a sustainable entrepreneurial drive in business families, successful ventures do have common threads.
Akshay, a risk-taker and believer, wants to become a big-time venture capitalist. First, he made various investments in entertainment sectors such as The Grub Fest. It is a food festival which includes music, dance and entertainment. This is a successful event that happens PAN India and caters to the youth. Attended by over 30,000 people, it is a premier food fest. He has also got various international artists like Tyga to perform in India.
Next, he invested in Yellow Ant Productions, a film production house which does films, web series and TV. This was the brainchild of Akshay and his cousin Anant Aggarwal who has announced a new project of a film starring Pulkit Samrat and many more A list stars. The film is a Rom-Com and the shoot will begin early.
Akshay believes that NBFCs play a major role in boosting the economy. He has done various investments under his NBFC Mayuri Fincap which is an RBI registered company in various sectors like auto companies, private funding. He constantly looks for opportunities even in these pandemic times.
Another opportunity that Akshay grabbed was a Distillery. The name of the company is Gwalior Distilleries Ltd. This acquisition was quite recent in which the company produces ENA for various Alcohol Manufacturers and also has an Own Brand in which they supply to the consumers.
“Liquor business was always on my mind as I saw a huge potential in it. The consumption of alcohol is one of the largest in the world in our country.” says Akshay.
Akshay’s Oil & Gas Company, Avinash Em Projects has Tenders worth more than Crores. He believes that Education is a key factor in creating a person’s profile, lifestyle, and his growth. Education has always been a sector in which he believes that good quality and infrastructure can be a huge potential in this sector which other players lack. So, he took a franchise of The Shri Ram Global Pre School situated in Dwarka for the little kids. He believes that early education is a must for a child. After completing one successful year in this sector, Akshay took another franchise of The Wonderland School which is another famous Playschool in Delhi, India.
Apart from his professional work, he has a flair for sports and music. “Since childhood, I was fond of music so I learned to play Keyboard, Guitar and Harmonica. Playing Golf on Sunday is a perfect way to spend time with friends. Cars have always been a passion for me. As a car enthusiast, I like to know every detail of my car. My garage includes Bentley, Maserati, Porsche, etc. Since childhood I have enjoyed luxury to the fullest and have never complained about wanting more.” says Akshay.
Mr Anil Prakash Aggarwal and his son Mr Akshay Aggarwal together have a majority shareholding in Kafila Forge Limited. Kafila Forge Limited Established in 1995, is a manufacturer of forged and machined auto components. The Company has three plants in India and supplies it’s products to OEM’s & Export customers. The Company also markets its product through it’s PAN India distribution network.