Table of Contents
FAMILY BUSINESS DEVELOPMENT
INTRODUCTION
In the previous units, you have learnt about the concept of entrepreneurship and its role in Indian economy. You have also learnt as to how can aspiring entrepreneur sets- up his or her enterprise. But it is important to know that there are second or next generation entrepreneurs who have also started playing a very important role in the running and development of small business. The next generation entrepreneurs also need to be equipped with certain hard and soft skills to make significant contribution in the family business.
In this unit, you will be acquainted with the next generation entrepreneurs, their family businesses/ business houses in which they are contributing and taking it to a next level. You will also learn about the role of family businesses in India, contemporary role models in Indian businesses, their values, business philosophy and behavioural orientation. Besides, there will be a discussion on various challenges faced by the family business in India and measures taken to overcome them. Family business in India ranges from small firms (such as kirana stores) to large business houses.
Many big business houses have started their operations in foreign markets and are recognised as Multinational Corporations (MNCs). Business houses play a very important role in the economy of a nation as they contribute majorly in the GDP of the country. Big business houses in fact, may depict the industrial scenario of the country. The Confederation of Indian Industry (CII) states that family business contributes 60-70 percent of GDP of most developed & developing countries. India is no exception to it. They play a very important role in socio-economic development of our country. In time of pandemic like covid-19, we have been witnessing their importance in providing food and services to the customers.