Taking the long view

I love it when I read a story that is truly inspirational, and this week one such story popped into my daily news feed that I just have to share with you all, because it’s a reminder of how family businesses can get through crises by taking the long view. There is a family owned mochi seller in Kyoto, Japan (mochi is a small rice flour cake) that is 1,020 years old. Yes, you read that correctly, a family business that is over 1000 years old!. It has seen and survived many crises in its time, from wars and plagues, to natural disasters and the fall of empires. Ichiwa, which is today run by Naomi Hasegawa the latest generational member of this family of entrepreneurs, endures because it sells only one product, does it incredibly well, and believes in putting tradition and stability over profit and growth. Ichiwa’s business model offers some interesting learnings to so many other small businesses. Ultimately, the family’s number one priority for the business is carrying on. Each generation is like a runner in a relay race, passing the baton to the next generation to continue. So what is the secret to this business longevity? According to Naomi, she says, “To survive for a millennium a business cannot just chase profits. It has to have a higher purpose.” In the case of Ichiwa, their purpose was to serve a local shrine’s pilgrims with delicious snacks. A lesson to inspire all of us who want to build a legacy business and take the long view!

Have yourself an inspired entrepreneurial day! — Melanie