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• W824143617 abstract "Family businesses are the lifeline of India's economy. Indian Family Businesses date back to the latter half of the 19th century which also marks the beginning of business in India. Family Businesses contribute 60-70% of GDP of most developed and developing countries. India is no exception. Since 1991, India is emerging as a key destination for marketers from across the globe. Almost 90% of Indian businesses are family-owned which makes the rest of the business community largely dependent on them. Be it as their vendors, transporters, contractors or distributors; non-family corporations collaborate with family firms on various levels.Although family businesses are vital to the Indian economy, little attention is paid on how they are managed and hence they have come under criticism. They are often accused of a lack of professionalism, of nepotism, infightings and mismanagement. There is a famous cliche, which is quoted frequently and seems to have been accepted as a universal truth: The first generation builds, the second generation consolidates and the third generation destroys the family business. When accusing family businesses of such a short life span it is often conveniently forgotten that longevity is an objective difficult to achieve for any business. There are many reasons for short life cycles in businesses; yet, family ownership is often particularly mentioned. In reality, however, the contrary is frequently the case.The majority of Indian family businesses are quite young. India faced wars in 1962, 1965 and 1971 ; it was only after 1980 that the economic environment became more business friendly. As a result the period from 1980 to 1995 was one in which a large number of family businesses were established and prospered. Many of those family businesses split up over the last few years due to family differences. There are some families with large business operations but the majority is SMEs. Family businesses have a culture that is often at the same time entrepreneurial, flexible, paternalistic, agile and frugal. Since the family's name is at stake, they stand for values, long-term commitment, relationship orientation and dependability. Indian family firms are also highly efficient. They often have to work with limited resources and make the most out of it. A multinational car plant can get free land from the Indian government and access to financing from capital markets, but for the majority of family businesses each step is a challenge. Yet, they embrace it with a true entrepreneurial spirit. Indian family businesses also have distinct advantages, particularly that of vigilant ownership.The family owners' commitment and visibility leads to higher productivity in the business. Their dedication and perseverance enables them to extract opportunities from complex non-routine problems. In addition, family firms also tend to be less bureaucratic and can take fast decisions. Their stakes are emotional as well as economical and they are likely to look for sustained value creation. As a result they can move faster with unconventional logic, can go counter-cyclical and can reach for new opportunities.Indian family businesses enjoy various advantages due to their inherent characteristics and a social culture that supports their structures. However, these advantages can be destroyed if the family is not united; as the family grows, the challenge is to keep a sense of unity. These are a set of typical challenges that Indian family businesses face today.The greatest challenge concerns the gap between family generations: A business founder is used to doing everything himself. The unique culture of the present Indian family business is inward-looking, owner centric, smaller scale with a restricted perspective and conservative mindset thus developed. TTiis culture eventually becomes a hurdle in absorbing 'outsiders'. The same culture also poses a serious challenge in absorbing the next generation family members: Different generations, seeing the world differently are supposed to work together. …" @default.
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• W824143617 date "2013-08-01" @default.
• W824143617 modified "2023-09-23" @default.
• W824143617 title "Family Managed Businesses in India - the Opportunities and the Challenges" @default.
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