“Family Businesses constitute 70% of the businesses worldwide. The 5 mantras for Growing in family business are:
1.Identify strengths
2.Set clear expectations
3.Be flexible
4.Use every excuse to keep learning
5.Never take work home”
– Dr. K. Kumar, Professor, IIM Bangalore,Chairperson – Academic Programmes NS Raghavan Centre for Entrepreneurial Learning, IIM Bangalore, IIM Bangalore & Apeejay Surrendra Chair Professor of Family Business and Entrepreneurship @ IIMB.
CARE School of Business Management and Yi Trichy Chapter Chapter organized a Management Development Program on the topic “Gearing Up for Growth”. About 15 prominent Family Business Entrepreneurs from Trichy participated and benefited out of the program.
Prof Kumar said:
“The winning advantage of family businesses is that despite the potential risks, the chances of making a real go with family are better than those ventures which do not kept “in the family.” As of 2012, the failure rate for startups was estimated at 75 percent, so setting up shop with a sibling, cousin or spouse is not so ill-advised.
Look in a different way: No one else knows you as well as your family, and there’s little risk that your new business partner will pull up stakes and move cross-country just as the business gets off the ground.
You also know how to motivate and inspire one another, and you have built-in trust that no amount of money could buy.
But family-run businesses don’t come without their own set of challenges. Before partnering with relatives, you must understand how to translate your separate visions for a business into a united front”.
Dr Kumar addressed the questions posed by the participants at the workshop. Hands on training through Case Study was given on the theme of “Family Business”. The session concluded with Family Business Entrepreneurs in an enlightened aura.
