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How Generation Next is Doing it Very few understand the fact that running a family-owned business is not an easy job

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Entrepreneur India

The spirit of entrepreneurship has been running in Indian blood since generations. No wonder, most of the groups here are family-owned ones.

In fact, according to a Credit Suisse report in 2017, India has the third highest number of family businesses in the world. The first rank was secured by the United States followed by China.

Hence, every time a next generation entrepreneur, be it from the Ambani to Birla or even your next door's Agarwal family, takes over the leash of their business, all eyes are glued on them with questions like ,"will drive the road to success or pour the business down the drain".However, very few understand the fact that running a family-owned business is not an easy job and Entrepreneur India tells you why.

Value v/s Approach

The essence or the beauty of a family-owned business is its heritage and the value which is created by the founders of the group and the generation after.

So, every time a next generation entrepreneur takes charge of the show, the company's heritage is at stake. One wrong move or an immature plan will not just impact the nature of their business, but shall also raise a question about the family's business legacy.

People Intensive Business

No business model is great enough to sustain for generations. But isn't evolving with time is the answer to a sustainable business model?

However, can businesses evolve by leaving its people behind? The answer clearly is no.

In heritage businesses, the workforce is generally treated as a family. Many might argue this is what makes such businesses vulnerable during rainy days. But history suggests otherwise.

Next generation entrepreneurs should be aware of the fact their employees are their power. So, instead of hiring new skillsets while firing the present one, they should consider training them and partner them with the young talent for a better and sustainable result.

Taking the Digital Route

Technology has been disrupting every other business model and family businesses are not immune to it. When most of the next generation of entrepreneurs start taking up leadership position, their core motive is to go tech-friendly.

While the motive behind the approach might seem right, how do you achieve it without compromising the core values of your family business is the question one needs to answer.

To know more about the art of running the family business, come and join us on Entrepreneur's Annual Show on 16-17 July 2018 at JW Aerocity, New Delhi and take notes for next-generation entrepreneurs like Gurumukh Uttamchandani, Executive Director from Syska, Namita Thapar, Executive Director at Emcure Pharmaceuticals Rama Kirloskar, Managing Director, Kirloskar Ebara Pumps Limited along with Nidhi Tanti, Vice President & Head- Business Review Committee and New Business Development, Suzlon Group.

Here is where you get a chance to learn about closing the gaps – be it the generation gap or the gap of experience, and the communications gap along with empowering entrepreneurship and incubating startups for innovation and change in family business.

So, what are you waiting for? Register right way-

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