Akshaypat Singhania, belonging to the fourth generation of the illustrious Singhania family, balances two worlds: the old and the new. He shapes his businesses with an eye on the future while up-keeping the vision and repute of the generations past.
Currently the Chairman and MD of JK International, he was instrumental in the launch of Park Avenue, as part of Raymond Apparel. As part of JK Files and Tools, he warded off the Chinese threat through innovative cost engineering. He has experienced similar success in cement and engineering businesses of the group. He is at present involved with setting up business ventures in high growth industries such as finance, venture capital, private equity, wealth management, and angel investing.
Singhania chats with EDGE about his take on today’s graduates, the changing business scenario, and preparing for the family business.
How well-prepared are today’s graduates for the corporate world?
Today’s fresh graduates would be much more confident in their communication skills because they are products of the communication age. However, this does not necessarily mean they are prepared for the real world. While digital chats and texting work on campus, work communication is very different. Students should be trained accordingly. Universities must focus more on soft skills and meta-learning to prepare students for the ever-changing workplace instead of concentrating on a fixed syllabus. Essential skills cannot be learned by reading or talking about them; they must be practised.
What, would education for the current generation of learners encompass?
Some schools in India are talking about developing 21st century skills in children, but these schools are not advanced enough. For instance, all schools have closed classrooms where children are listening to a teacher. But, at work, nobody sits in a closed room and listens to one person all the time. To really change the education system, India needs to build new schools from the ground up with new learning spaces; where students work in groups on projects with the teacher acting as a guide rather than a content expert; and where school life and life after school are bridged. Schools must inculcate four skills: creativity, critical thinking, communication, and collaboration.
How much has the Indian business scenario changed from when you started out to now?
With nearly 500 million internet users, India represents a digital economy with the biggest market potential for global players. India has shown promise and leadership in digital technologies over the past decade. Going forward, businesses should aim to bridge the gap between rural and urban India so we can all grow together. With Blockchain technology and artificial intelligence, we can have real-time participation, safer and smoother transactions, and a better-organised working environment.
How different should one’s education, learning, or preparation be when entering a family business?
The three most important skills are entrepreneurship, leadership, and succession. Educating the next generation about the family business can be key to strengthening the bonds between the family and the business. This helps to build a sustainable, long-term vision for future generations and create a platform for sharing experiences within the family. Also, it’s important that people gain exposure in other countries and this experience can definitely help.
What are the unique challenges faced in a family business and how much of it can be tackled through the right, focused education?
The challenges faced by today’s family businesses are greater than ever: a more turbulent environment dominated by pluralistic social values, intensified competition, a global economy, and rapidly-changing politics and regulation. This is when education and experience can make you more adaptable to the work environment and you learn to manage the vulnerable situations at work.
What do you value more — education or experience?
The right education and experience go hand in hand. For instance, while studying, you can apply for internships and gain knowledge and experience in the sector you want to work in. Hence, the fresher is exposed to large roles and opportunities in the real world and can tackle them once he/she joins the business as a full-time employee.
