Paiso How Sindhis Do Business

Book Summary

This book outlines the history of Sindhi businessmen. It shows how five chosen businesses benefited from being Sindhi.

The Sindhi Community – A Look into History

Sindhis came from Sindh, now in Pakistan, and were mostly businessmen and traders. They introduced the system of hundis or bill discounting and parchis or promissory notes. They were a witness to innumerable invasions but prospered despite them.  They are capable of thriving even in the face of adversity. No wonder, there are many rags-to-riches stories in this community.

Sindhis sacrifice profit margins for a large turnover. They are sector-agnostic and are focused on, profit and growth, earning their wealth wisely and spending it smartly. Their business has evolved from trade to finance, export, retail, computers, and real estate.

The heirs nurture business aspirations from an early age because they are trained in the family business from childhood. Sindhis do not promote formal education as they feel the same time could be better spent in earning money. After all, there is nothing better than practice and experience to refine one’s business sense.

A Sindhi’s sole goal in life is to make money. They are satisfied only when they accumulate wealth. They are known to brazenly display their wealth. They indulge in showiness and present a picture of abundance because business needs a steady supply of large credit.

Sindhis engage themselves in various philanthropic activities. They regularly donate to charity but the donations are seldom anonymous. They are made in the name of a parent, or some family name, bringing the donor prestige. Many Sindhi institutions are behind the education and healthcare foundation of Mumbai.

There are some common traits among the business families. One person or one family owns the business. Not many Sindhi businesses are publicly listed companies or professionally managed. It is also unusual to see a joint family doing business together over two generations because of the commonly held belief that partnerships between brothers do not last long. All this is due to Sindhi values and the lack of professional training.

But things have undergone a sea change with time. Sindhis have evolved with the world as illustrated in the book with the following accounts. 

v The Harilelas of Hong Kong proves that 100 members of one family can live under one roof, lead independent lives and do different businesses.

v The Lakhi Group shows how brothers can live apart but run the same business all over the world, continuing the same values.

v  Harish Fabiani is India’s first-ever individual angel investor. His company is completely professionally managed.

v Jitu Virwani of the Embassy Group is the largest office space landlord in India.  

v Ramola Motwani of Merrimac Ventures exemplifies how educating the next generation has enhanced the business horizon and how being corporate strengthened business practices. 

P.S: This book was read and the summary was written in September 2018 for bookbhook.com, a reading app.