What It Takes to Lead Indian Family-owned Businesses The Entrepreneur India Summit 2024's session on Gen Next leaders wasn't just a discussion about business; it was a testament to how tradition and transformation can coexist, making this new generation a force to be reckoned with
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India's economic growth is significantly boosted courtesy of start-ups and family businesses. Ambani, Bajaj, Kumar Mangalam Birla, Jindal, and Mahindra are few names who continue to grow the family business with the next generation taking charge. According to a McKinsey report, Indian family-owned businesses (FOBs) contribute over 75 percent of national GDP, one of the highest percentages in the world.
FOBs were stated to have around 2.3 per cent higher revenue growth than non-family owned businesses. The new generation leading the charge include Anjali Merchant Majithia of Encore Healthcare; Priti A Sureka of Emami Group; Priti Rathi Gupta of LXME; and Deepak Agarwal of Bikaji.
Speaking at the Entrepreneur India Summit 2024 session, each represented an evolving face of legacy businesses and entrepreneurship. The discussion centered on the challenges of balancing innovation with tradition, maintaining legacy brands, reverse mentoring and the often overwhelming expectations that come with inheriting an empire.
For the next generation of leaders, staying true to the legacy built by their families while embracing change and innovation is the key to thriving in today's business environment. FOBs contribution to the Indian market is expected to touch 80 to 85 per cent by 2047. Read more
