What is a Family Company?
-
A family company is one whose ownership is controlled by a single family and where two or more family members significantly influence the direction and policies of the business, through their management positions, ownership rights, or family roles.
-
Current family owners intend to pass on control to another generation of the family
CHICKEN OR EGG?
-
Do we hire non-family professionals to prepare the work culture? OR
-
Prepare the work culture to hire non-family professionals?
My vote is clearly is in favour of the second option. Professionalization goes way beyond merely hiring non- family professionals. Preparing the family company is critical for the transformation to succeed and sustain.
What are some of these preparatory processes?
A.REFRAMING MINDSETS AND VALUES
Language: A change in language often heralds a change in culture. Consider using the term “family professional” and “non- family professional” instead of “family director”, “owner”, “promoter”. This signals a move away from the privileges of family ownership to accountability, obligations and merit.
This story is from the December 2020 edition of Small Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign in
This story is from the December 2020 edition of Small Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,000+ magazines and newspapers.
Already a subscriber? Sign in
Job Creation: Startups Starting Up!
Do startups create jobs? This could unarguably be one of the most sought after questions in recent times. While it is out and clear that startups make way for employment opportunities, the discussion boils down to the importance of startups in creating jobs. The startup ecosystem indeed plays a major role in job creation and is touted as an economic panacea.
Importance Of Technology For SMEs
We, humans, by nature, tend to be lazy. We always try to make tools, machines, gadgets, etc., to save us time and energy and give us satisfactory results. Technology is the charisma that kept changing our way of living and our style of doing things drastically. Our way of conducting business is also not spared by the Tsunami of technology.
Importance Of Digital Economy
Economic activities that result from billions of interactions between individuals, businesses, data, devices, and processes constitute a digital economy and India is well on its path to becoming a digitally advanced economy. Driven by cheap data cost, faster connectivity, and affordable smartphones, India had over 1,160 million internet subscribers in February 2020, as per the Telecom Regulatory authority of India (TRAI), second only to China.
India's Economic Growth – Can The Startups Redefine?
Recent years showed a considerable rise in the startups of India. During globalization, MNCs or Multi-National Companies had a massive role in India’s economic growth. Now, it seems that startups are revolutionizing the Indian economy. These startups are amplifying the revenue generation and enriching the GDP.
ENTREPRENEURSHIP EDUCATION FOR BUDDING MINDS
In the present economic situation, having knowledge of an academic subject is no longer sufficient for a new graduate. Students are increasingly required to have skills and abilities which will increase their employability, such as: the retrieval and handling of information; communication and presentation; planning and problem solving; and social development and interaction.
CHALLENGES OF ENTREPRENEURSHIP DEVELOPMENT IN INDIA
The Economic survey in 2019-20 using World Bank’s data on entrepreneurship stated that India ranks third in the number of new firms created. However, India ranks significantly lower in terms of intensity when compared with countries like UK and US.
HOW INNOVATION PLAYS AN IMPORTANT ROLE IN THE PERFORMANCE OF SMEs? WHAT ARE SOME INNOVATION FACTORS TO FOLLOW?
Innovation in a business must respect the business strategy in terms of the SME's long-term missions, visions, and goals and is systematic implementation procedures and changes to improve the products and services your company offers. The innovation implementation ensures an appropriate response in terms of increased sales and enhanced customer satisfaction. The image strengthening of your firm will lead to better customer relations with your company and at the same time provide financial stability for the company.
ECONOMIC REFORMS THAT CAN CHANGE THE ENTREPRENEURIAL ECOSYSTEM
The year 2021 marked 30 years since economic liberalisation surfaced in India and writing on this occasion, the richest man of India; Mukesh Ambani said that bold economic reforms such as ending the license –quota raj, liberalisation of trade and industrial policies, freeing up capital markets and financial sector helped our GDP grow ten folds since 1991 and India transformed from an economy of scarcity in 1991 to an economy of sufficiency in 2021.
ROLE OF WOMEN ENTREPRENEURS IN INDIA – THEN AND NOW
As per the 2019-20 annual report of the MSME ministry, among 63.3 million MSMEs that India has, women–owned 20.4% of them up from 13.72 % in 2013-14. This data supports the fact that there has been growing acceptance of women in entrepreneurial roles but it hasn’t always been the case.
TECHNOLOGY AN ENABLER FOR SMALL BUSINESSES
Today times are such that firms operate in a dynamic environment and they must act dynamically too, at least firms should keep an eye on obsolete processes and technologies and replace them with updated versions to stay competitively ahead.
TRUMP'S NEW YORK INDICTMENT IS JUST THE BEGINNING
WHEN FORMER PRESIDENT Donald Trump arrived at a Manhattan courthouse on April 4, crowds of people and rows of TV cameras were there to witness an unprecedented moment: the first-ever arraignment of a former U.S. president. How quickly can something this important be relegated to the footnotes of American presidential history? We may be about to find out.
Without a Song
Songs play a great role in the lives of people. There is a song somewhere suited for all occasions. Songs were born out of joy, sadness, problems, and prosperity of people
CNN STAFF CELEBRATES DIVA DON'S DEPARTURE!
Throwing huge party in fired host's dishonor
What Brain Science Teaches Us About Painting-PART 1
James Gurney shares how new insights in visual perception and neuroscience can help us as artists
ON WORKING WITH HIS BROTHER MARK: WE'RE STILL COMPETITIVE
The musician, actor and host dishes on going head-to-head with his A-list sibling
DONNIE WAHLBERG I'M GRATEFUL for Every Day
The Blue Bloods star and NKOTB singer reflects on his life, marriage and career
TECH THE IPHONE LIFE TEAM IS LOVING
\"If you like to pamper your skin like I do, consider checking out this at-home facial device.
Inside Donald Glover's Orchard of Ideas
He changed the course of television with Atlanta and laid out a blueprint for a whole era of dark comedy. And now, out in Ojai, California, the multihyphenate star is preparing for the next phase of his career, building something even bigger and more ambitious that only he could have imagined.
Will Donald Trump FINALLY get what he deserves?
I will never forget the date, April 4, 1968, because that’s when my hero Reverend Dr. Martin Luther King, Jr., was stolen from us by an assassin’s bullet.
Best Anniversary Trip Ever!
I forgot my phone. We couldn't find Arkansas. The dog got sick in the back seat. Our hotel room was out of a horror movie, and the bathtub overflowed