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A Study on Prospects and Challenges of Family Centric Business in India

Anil V. Mishra,B. B. Goel,Deepak Tiwari-2010-12-19
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TL;DRAbstract

Family Business goes through various stages of growth and development over time. Many challenges are found once the second and subsequent generations enter the business. Every business has its unique set of challenges and problems. The Family Business is in no other way different. Family-owned business like Tatas, Birlas, Ambanis, Godrej, Wipro, Essar, Bharti and Muruguppa Groups are dominating the country's Corporate Sector however, still facing challenges such as appointment of successors, Talentinfusion, Governance and transparency in functioning etc. Just see the Reliance Group which has been split between the two Ambani brothers - Mukesh and Anil; the Tata Group too, has been searching for a successor to Chairman - Rattan Tata. Using sound principles, family experience helps in determining family's vision for the life, one wants to live; in developing a strategic plan to achieve that vision and using proven-planning, communications and teambuilding tools to make it a reality.

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Family Business goes through various stages of growth and development over time. Many challenges are found once the second and subsequent generations enter the business. Every business has its unique set of challenges and problems. The Family Business is in no other way different. Family-owned business like Tatas, Birlas, Ambanis, Godrej, Wipro, Essar, Bharti and Muruguppa Groups are dominating the country's Corporate Sector however, still facing challenges such as appointment of successors, Talentinfusion, Governance and transparency in functioning etc. Just see the Reliance Group which has been split between the two Ambani brothers - Mukesh and Anil; the Tata Group too, has been searching for a successor to Chairman - Rattan Tata. Using sound principles, family experience helps in determining family's vision for the life, one wants to live; in developing a strategic plan to achieve that vision and using proven-planning, communications and teambuilding tools to make it a reality.

Keywords

Successor cardinalFamily businessBusiness planCorporate governanceTransparency (behavior)Plan (archaeology)BusinessCorporate group

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