Kanwal: Navigating uncertainity and building for tomorrow
By Tajuddin Malik, Nupur Bang, Sougata Ray
Harvard Business Publishing | September 2024
DOI
store.hbr.org/product/kanwal-navigating-uncertainty-and-building-for-tomorrow/ISB440?srsltid=AfmBOoqqNhC7j--tsUVhHUyP9lBd-0keYQYk3Oa9d0R1kE1EkP_5Mymd
Citation
Malik, Tajuddin., Bang, Nupur., Ray, Sougata. (2023). Kanwal: Navigating uncertainity and building for tomorrow Harvard Business Publishing store.hbr.org/product/kanwal-navigating-uncertainty-and-building-for-tomorrow/ISB440?srsltid=AfmBOoqqNhC7j--tsUVhHUyP9lBd-0keYQYk3Oa9d0R1kE1EkP_5Mymd.
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Harvard Business Publishing, 2023
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Abstract
Kanwal, a family-owned business deeply rooted in the conflict-ridden region of Jammu and Kashmir (J&K), India, presents a compelling story of entrepreneurial spirit, adaptability, and resilience. Founded in 1971 by Mohd. Amin Chadinoo, Kanwal embarked on a journey to bring the rich flavors of Kashmir to the world, navigating a complex business landscape fraught with geopolitical instability and socioeconomic and ecological fragility. In January 2020, Kanwal faced an existential crisis. Despite establishing itself as a leading player in the fast-moving consumer goods (FMCG) sector of northern India, the company grappled with mounting financial pressures and declining sales amid a region-wide lockdown. Amin and his sons, Farooq and Nisar, reflected on their decision to prioritize family business over other lucrative options and contemplated the future of Kanwal and the strategies needed to weather the storm of a volatile, uncertain, complex, and ambiguous (VUCA) environment. The Kanwal story highlights the crucial role of "familiness" and social capital, where their close-knit bonds, shared values, and commitment to social responsibility fostered collective resilience and a shared purpose

Sougata Ray is a Professor of Strategy and Entrepreneurship (Practice), Thomas Schmidheiny Chair Professor, and Executive Director of the Thomas Schmidheiny Centre for Family Enterprise, at the Indian School of Business (ISB). Earlier, he served at the Indian Institute of Management Calcutta for over two decades as a Professor of Strategic Management, a member of the Board of Governors, and Dean. He was also a senior-level executive at Infosys Technologies Limited for two years in a strategic role as Head of innovation Lab. He is an alumnus of Indian Institute of Management, Ahmedabad and the Indian Institute of Engineering, Science and Technology, Shibpur.

Professor Ray’s research interests have evolved over the years in understanding various facets of strategic management, entrepreneurship, innovation and the governance of firms and business groups in high-growth economies. Given the ubiquity of family firms in India and observing how family owners and leaders play a pivotal role in shaping the future of enterprises, he was gradually drawn into family business research. In recent years, under the aegis of the Thomas Schmidheiny Centre for Family Enterprise, he has been spearheading a mega programme towards developing a solid research-based understanding of family firms and business groups in India and South Asia. He has also been leading a research programme in the areas of social entrepreneurship, corporate sustainability strategy and practices, bottom-of-the-pyramid initiatives, and involvement of corporations in inclusive and sustainable development.

Professor Ray is one of the most prolific and cited home-grown strategy scholars in India. He has been publishing regularly in reputed scholarly journals and presenting in leading peer-reviewed international conferences. He has received over half a million dollars in research grants, several prestigious research and teaching awards, and numerous award nominations.

He blends over three decades of experiences in diverse roles – as an international-quality academic, research, and institution builder, alongside  hands-on corporate managerial and governance roles as an executive, member of the Board of Directors, and co-founder of startups.. He has been an advisor to numerous medium and large corporations, family businesses, and startups, and he has served as Principal Consultant to leading international development agencies. He currently sits on the governing and advisory boards of several listed and unlisted companies, startups, and social enterprises.

Professor Ray has taught in numerous executive education programmes and has designed and conducted many workshops exclusively for owner-managers, entrepreneurs, and C-level executives of companies in India, Asia, Middle East, Nordic and Scandinavian countries. Over the years, he has led over thirty C- level executive delegations to countries on every continent for high-level meetings with the ministers, high-ranking officials, multilateral agencies such as the WTO and ILO, Chambers of Commerce, MNCs, industrial organisations, research labs, and academic institutions.

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Sougata Ray