The economy of Germany is the biggest economy in Europe, and the 4th largest economy in the world by GDP, powered by Mittelstand, and has the history of rebuilding itself from square one.
The video also discusses Mittelstand businesses which are mostly family-owned private businesses, often of small size to medium range, characterized by a common set of values and operational practices. It is more like a business culture with firms having a unique way of doing things. The firms are mostly run by the ‘owner entrepreneurial families’ who are interested in the sustainability and longevity of the business.
They are highly focused on the idea of doing one thing well first and diversifying internationally later. While the world keeps on praising the ‘serial entrepreneurs’, Mittelstand companies are geared by love and commitment for a product or service. Mittelstand companies are in it for the long run which makes it different from the typical public firms around the world who have to face pressure quarterly or annually to meet the financial targets.