Just like individuals, businesses are not stand-alone entities but a reflection of the societies they function in. This is more so in family businesses in India that have both the family legacy and a deep social legacy to contend with. One way in which societies can be classified is into societies that are hierarchical and […]
What defines culture? One of the primary and most important influencers of family business culture is the founder or Karta. He is the head of the institution and breathes his own value system into the entity he has created. Second, the people in the business, especially the founding team and the core management team are […]
Organization Culture is one of the most overused terms in management today. It also happens to be one of the most critical indicators of the long term success of a business. However, like many other really important things in life, organizational culture does not have a quick fix. Many people believe that a quick weekend […]
Do you think that the next generation has more pressure to perform than a first generation member? YES/NO
Usually in India, where patriarchy is generally practiced, where most business families introduce the next generation to their family business at an early age, depriving them of the opportunity to work in an organization and get outside experience. However the times are changing. For example, Adi Godrej, chairman of the Godrej Group, believes that family […]
The next generation occupies a unique position over the others when it comes to family business. They have an exclusive opportunity to build a challenging and enriching career for themselves. There are a lot of pros as well as cons for the next generation to join the family business. The obvious pros include an already […]
“One of the things we often miss in succession planning is that it should be gradual and thoughtful, with lots of sharing of information and knowledge and perspective, so that it’s almost a non-event when it happens.” - Anne M. Mulcahy is former chairperson and CEO of Xerox Corporation. She was named CEO of Xerox […]
Succession is a significant step that needs prime importance when talking about the next generation. Today’s generation is growing up in a social and commercial culture that is considerably different from that in which earlier family members took on responsibility. The next generation is increasingly well-educated, cosmopolitan and independent. Many of them are moving away […]
Do you think the transition to a professional business is important for the development of a business? YES / NO
For a few lucky entrepreneurs, professionalizing their business using strategic management techniques is an intuitive process. They instinctively recognize the crossover point after which the temporarily effective but untidy methods that have seen them through the start-up phase will actually become counter-productive; and that a carefully organized approach is now necessary to integrate all the […]