The importance of the management of the family business – Ready to be at the wheel?
March 10, 2018 gave me a desire and increase entrepreneurial opportunities to connect and collaborate.
As the thought of the best and brightest come together and adventuring in the way of filling the growth of their business. This is the most important aspect in any business. Conference at IIT Mumbai brings.
The best generation of entrepreneurs, innovators, innovative, capitalist … maker business, consultants, policy makers, entrepreneurs … and business practitioners to present and discuss and success under the Entrepreneurship of small and Medium-sized businesses.
Over the last decade or more, in a dilemma between joining a family owned business and higher studies. The scales have influenced entrepreneurship and join in the family business.
Let’s explore the genesis and the reason why
The Genesis Today, the family of the owner of the business accounts for two-thirds of the business world and produces most of the world economic output, jobs and wealth.
In many regions of the world, family firms dominate the economy. “The company-the family-controlled companies now form 19% of the companies in the Fortune Global 500,” declared the economist.
In India alone, 67% of the business is the family business. Astrologer McKinsey, that in the year 2025,there will be more than 15,000 companies around the world with at least $ 1 Billion in annual revenue, of which 37% would appear the company of family Market.
Needs There is a need for the Program Management of the Family Business Whether You are in a family business successful or You get into the business to face the challenges and try to bring about change.
A successful family business
A successful family business successfully because the family to see important changes in their industry. Simply put, a successful family is a businessman.
Also, the family succeed because they invest in productive activities, emphasizing the growth of assets, and consume relatively little of their wealth.
This family-maintain a culture that encourages family members to create things that are worth enduring. It is not surprising that this family is encouraging employers.
In addition, a successful family stick together, keeping the members who support the faithful to each other and to the mission of the family.
For several generations, as the family becomes more diverse, it may be just a little relatives per generation will work directly in the business.
Members of the business may still support the efforts of philanthropic family or social activities, and sometimes the level of involvement that is sufficient to maintain the unity of the family.
But the investment in the Entrepreneur of the family can also make the talented members contribute to the wealth and the mission of the wider family.
Invest in the Entrepreneur of the family should be made objectively based on the feasibility of their business plans, and also enough in the family.
Even if some entrepreneurship is not successful, this investment will help you get a talent to keep the business still growing. And You send an important message: family is committed to creating value.
Face the challenges of the family business
While the business of the average family is more powerful than other types of companies, they face different challenges that need to be managed. This constraint often kill the family business.