All great projects start with a single idea. The processes of starting up of a family business or a big conglomerate or a multi-national company are all quite similar to each other. It usually starts with a vision of the original leader. In the later processes however, the composition of the employment and the basic management styles differ slightly so as to suit the differing work environments. Understanding family businesses: Family businesses are commercial organizations that are actively run by different generations of a family. The management styles and decision making are usually influen ..read more

A family business is different from other businesses and corporations in many ways. While any organization or corporation has various kinds of purposes for its incorporation and operations, a family business is founded and operated based on the founder’s vision and goals for the family. Every family business goes through a set cycle that helps the business to grow and achieve its goals. Even though not all family businesses go through the same steps in their life cycle, many of these stages are common to all family businesses. When one learns about the stages involved in the life cycle of a fa ..read more

People who are born in families with established family businesses are considered the lucky ones by the ones who are not born in such families. According to the outsiders, children with a business background do not need to work hard and toil like other people. Even though this could be partially true, not everyone is born with good business acumen. If your father and forefathers were successful in a line of business does not mean that you will also achieve such milestones easily. The skill of doing business and trade is not in everyone’s blood but it can be learnt if the young family members a ..read more

It is just family; you do not need communication; that is where you might be wrong. When it comes to family, in particular, family businesses, communication becomes key. While you might assume that communication comes easy when family members are involved, it is quite the contrary. When you are a part of a family business, communication is effortless only with proper mechanisms in place. One of the foundation stones of a family business- communication could be the deciding factor of a family business, reaching new heights or experiencing a fall-off. T.T. Jagannathan, Chairman of TTK Prestige ..read more

A large part of small businesses running around the globe is family-owned. These businesses have generations of family members working together to expand and grow their business in the right direction. Family-run businesses face unique challenges and thus need unique solutions to their problems. Many law firms are run by multi-generational families as well. In today’s competitive world, the older generation resists the changes that the new generation tries to bring in the law firm. In addition to this, the new generation lacks the acumen to understand the importance of traditional practices i ..read more

Individuals who wish to join the corporate world are running after various kinds of formal degrees to pursue their careers. One of the most popular degrees that provide employment to a lot of students after completion is an MBA. MBA stands for Master of Business Administration and this degree focuses on various specialisations like Marketing, Finance and Human Resource Management that form an integral part of a corporation. There are many people who have the goal to join and grow their family businesses after completing their studies. Many of these individuals think that they can directly join ..read more

The millennial generation. A generation labelled as lazy and temperamental, known for being driven by materialistic illusions, recognised for their individualistic lifestyle. A generation that is misunderstood. One of their own is Varun Sharma. Yet another millennial, yet another entrepreneur. The story of this new generation businessman reveals a face of the millennial professionalism that is so different from the prevailing notions. As an engineering student of Bits Pilani Dubai, he started challenging the beliefs against his generation, pretty early in life. In the years that young college ..read more

Every business has certain kinds of challenges and threats that are needed to be faced by the business at some point in time. These challenges could be related to technical operations like cash flow issues, fluctuations in the market or securing the amount of capital. There could also be trivial issues related to the everyday operation of the business. The challenges faced by a family business are very specific and require unique solutions. When it comes to a family business, emotions get involved with the workings of the company. As the people in the hierarchy of the company are related to e ..read more

Have you ever felt fatigued after going through a crucial decision-making process? If yes, there is a probability that your methods need updating. Making the right decisions might be tricky, particularly in a family business, considering the dynamics and the kind of decisions, for instance, succession planning or financial growth of the family business. While decision-making might seem unchallenging, it can become quite the opposite once you delve into it. Formalize your communication No matter how strong your familial bonds are, keep the functioning formal in a family business. Decision-ma ..read more

Most of the businesses operating in India and the world are family-owned. After completing their education, many individuals turn to family businesses for better prospects. They abandon a career in the corporate world to take their family businesses forward into a more successful enterprise. Working in a family business comes at its own cost though we will find that the advantages of working in family businesses outweigh the disadvantages. There are reasons why some individuals like to work in a family business. Work-life balance: The corporate sector does not offer a healthy work-life balance ..read more