The Department of Business Management at Saurashtra University (SU), in collaboration with the Industries Institute Interaction Cell (IIIC), organized an expert session featuring renowned Japanese researcher and family business specialist Professor Toshio Goto on Monday. The event aimed to teach sustainable business models for Indian family enterprises, drawing inspiration from the enduring success of Japanese businesses.
Expert with Decades of Experience
Professor Goto, a 94-year-old Harvard Business School MBA graduate, brings a wealth of knowledge, having consulted for Japanese family businesses that have operated for up to 1,000 years. His address centered on the Japanese concept of prioritizing the family system while ensuring business longevity.
Key Principles for Family Business Success
Prof Goto advised business leaders to adopt a "Business First" mindset, prioritize meritocracy, build systems beyond mere bloodlines, and focus heavily on succession planning and leadership. He emphasized that balancing family expectations with business requirements is crucial, supported by a strong family value system and a long-term governance plan.
He noted that in Japanese family businesses, "social capital" is often valued more than financial capital. Prof Goto outlined six foundational stones for success, stressing that "trust" is the most critical element for sustaining an enterprise across multiple generations.
Impact on Local Economy
Saurashtra University Vice-Chancellor Prof Utpal Joshi highlighted the event's significance, stating, "Rajkot is a hub of industries. The visit of an international expert like Prof Goto will provide a global perspective to our local businessmen and help them stabilize their businesses for the long term."
Attendance and Interaction
The event, held at an SU auditorium, was attended by 37 prominent business families from Rajkot, including representatives from major local brands such as Balaji Wafers, Gopal Namkeen, RK Builders, and RK Silver, along with members of numerous industrial and manufacturing associations.
Following the main address, local industrialists engaged in a direct Q&A session with Prof Goto, discussing work methodologies, unique challenges of family-run enterprises, and ways to integrate Japanese discipline into modern industries.
Previous Collaborations
Prof Goto has previously worked with the globally recognized IMD institute on Japanese family business governance and collaborated with Saurashtra University’s Prof Hitesh Shukla to research the 461-year-old Kikkoman Corporation.
