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Family Business

Entrepreneur

Theoretical Frameworks for Successful Entrepreneurship

Entrepreneurs have consistently faced challenges that hinder them from successfully pursuing their businesses and ensuring their survival. An entrepreneur cannot advance without conquering the obstacle that threatens to prevent them from seizing the immediate business opportunity. Depending on the situation, the person, and the location, these difficulties (factors) are experienced in various ways. The sociological, psycholo...
Entrepreneur

The Major Hurdles Faced in Entrepreneurial Growth.

Every entrepreneur strives to achieve their goals, envisions a successful venture, and has a directed attitude. As a result, they choose to adopt a passionate approach to turn a concept into a successful business that generates increasing revenues and goodwill in the marketplace. But there are several obstacles that could stand in the way of successful entrepreneurship. Therefore, an entrepreneur has no other choice but to o...
Entrepreneur

Family Business or Owning a Startup: Which one is more suitable?

Launching your venture is as brave as it is liberating. The feeling of introducing the world to your radical idea precedes all forms of joy. But you decide to throw it in the market and let people be the best judge. Being an entrepreneur (being your boss) has evolved into a much-wanted desire over the last few years, and everyone dreams of building a startup. However, individuals with an already established family business b...
Business

An alternative to MBA in family business management

MBA is the flagship degree program for most young professionals in India who want to take a big plunge towards better salary compensation by converting into a Blue collar position. It has been a consistent practice because every professional hopes to earn a handsome package through placements. However, for millennials who have a family business to manage, there are better alternatives available in the present day....
Business

Family Business Succession Planning: 2022 Guide

Family Businesses are often an emotional entity that has been nurtured over the years by passing down the empire from one generation to another. Things stand different when family members run a business empire instead of people from outside. As the family business leader contemplates the future of business, the time arises to lay down a family business succession planning.Like any other business during the pandemic, the fami...
Family Business

8 Reasons Why Family Business Fails in India

The Indian economy has many businesses owned and managed by families. With the passing decade, one generation transfers the power to the next in hopes of keeping the tradition intact and bringing in a newer perspective to make the business more adaptable to changing times. However, improper planning, no definite strategies for success, and a negligible attitude toward the resources and revenue, ultimately break the cycle of...
Family Business

Challenges Faced By a Family Business

Family businesses have existed for hundreds of years and are seen across all industries. Just like any other company or business, a family business faces various challenges ranging from changes in the economy to competition in the market. However, a family business has its own set of challenges that are unique to the nature of the business structure. Let’s see what are the most commonly faced challenges in a family business....
Family Business

Tips to Run a Successful Family Business

Running and managing a family business is a privilege for many. It is a matter of pride to be able to step into a family owned business that has been successfully running for so many years. However, it is very often a daunting task to be able to keep up and there tends to be conflicts of interest amongst the family members running the business together. Therefore, it is wise to adopt a few strategies for improving the family business that ensure sm...
Family Business

A new way to Family Business management

Our economy somewhat relies on family-owned businesses, and they are a vital part of our culture. With 111 firms worth $839 billion in total market capitalization, India ranks third internationally in terms of the number of family-owned businesses. The majority of businesses begin with an idea that someone has and the passion and commitment to make it a reality.   As a firm gains traction and success, it becomes necessary to seek the assistance of others to assist with its operations. In th...
Entrepreneur

How to Keep Your Age-Old Family Business Afresh with New Ideas

Ever wondered how Mukesh Ambani would have fared if he hadn’t diversified to telecom from the petrochemical family business? One of the major problems why more than 70% family businesses fail is not that they were not equipped with the right resources, be it team, money or power. What they did lack was a string of ideas and the possibilities which follow any idea, that can be transformed into reality. But why is it so difficult for people already in business, to come up with innovative solutions...

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