The passion that the founder or keeper of business has may not be the same as the passion with which an outside leads his or her founder’s business overseas says Professor Kavil Ramachandran, a permanent faculty teaching entrepreneurship at the Indian School of Business.
Entrepreneur spoke with Ramachandran who is committed to creating a platform for research, knowledge creation and dissemination, and innovation in the field of family businesses.
Being a pioneer academic entrepreneur, propagating the message of strengthening family business in India and outside, Ramachandran does not think an external leader should necessarily lead an enterprise’s pack abroad.
Find top 5 tips that big businesses must follow when they look to hire leaders at the time of expansion in overseas markets.
Have a Clear Roadmap
One is have a clear roadmap. All big businesses need someone who has the passion and shares the entrepreneur’s passion to implement business plans set my him or her.
Find a Sounding Board
You need a sounding board who can tell you on your face a particular venture will not work or not says Ramachandran. ‘I think it is very important that the person is very objective,’ says Ramachandran who calls the person required not dispassionate but one with detached passion.
A professional-first approach means that when business matters arise, one should be able to sit down and discuss objectively without making decisions a personal matter.
Someone who has to set up work globally needs to have deep committed values. Only someone who is value-driven can insulate big businesses from unnecessary damage and keep the image of the business in good light.
Period of Overlap & Oversight Essential
When the other person follows a process of delegation, then initially, the key decision areas should be jointly decided. The second set of areas will be decided via consultation and the third set is where the selected person takes the decision.
The need of a mentor is also paramount. “The mentor may be a chairman, a senior member of the family or a successor,” says Ramachandran.