| Topic : Decoding Family Dharam Sankats.... |
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Activity:
41 views;
last activity : 03 03 2011 09:22:17 +0000
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Lack of world wide experience
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Indivudual Interests
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Individual egos are a huge hurdle for any family run business to survive.
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yes there are hurdles and yet success stories.
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Never give too much liberty
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DIS HONESTY ,DIS LOYALTY, AND SELFISH NESS ARE MAIN HURDELES .
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Intrapreneurship
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Lack of Professionalism
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If a person joins a business as a VP from another organization, either in India or abroad, he brings in more knowledge and vast experience of working with other companies. If this person is a member of the family, then it is better for the family business. But very rarely would such families allow its members to work in other companies. As soon as the person completes his graduation he is roped in to the family business and taught its age old practices. He does not have a chance to know the various methods that other business around the country or the world use. Considering this, if the business family makes it mandatory for its young members to work in different organizations around the world before joining its business, it would gain much needed experience to make its business practices contemporary. If not, they might have to hire a consultant to do the same (paying money to the consultant). |
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Yes. I understand. This is one of the problems that a business would face, but with the guidance of elders in the family, the younger generation can take the business forward at the same time bring in their expertise which they have gained by working for other companies. If the elders in the family feel it is ok then they can implement it, else it can be dropped.
As long as the consultant or vp who is a non family member,follows the tenets of business ethics and in tune with the competition.The family is concerned more about the carefully built business.If there is no conflict i support you but after the great debacle of financial crisis, in 2007,and 2008; where out 100 banks almost 80% of the banks got bankrupt that too it happened in U.S;now the recession is being felt in Europe Europe Japan recession and India also last quarter industrial growth has slowed down substantially.
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The interests of a family member may not be aligned with the interest of the business. For example, if a family member wants to be president but is not as competent as a non-family member, the personal interest of the family member and the well being of the business may be in conflict. |
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Yes, I agree. This would give raise to Non-Professionalism. And, very rarely would the head of the group support the competent but non-family member for the post which is being viewed by a family member.
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Be it a family run business or any other, you will find some kind of hierarchy. Lower placed members are usually resentful of the decisions made by the seniors. Although this may be true for other business enterprises too in a family run business it is more so as talent and merit is usually overshadowed by age. |
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Individual egos may have huge impact in both ways, either in good sense or in bad sense.
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All the members of the family who are involved should be having the same policy and principles.
as per Vastu sastra , the northern side of the north west corner of the business place should be kept closed - air tight for maintaining the unity and uniformity of the family members and employees of the business establishment.
one will have the spirit and motivation. the other will have the power. power and motivation dont go together in many cases hampering the growth potential.
professionalism will be missing and protectionism will be predominant.
yet TVS has set an example for ethical, highly motivated, employee friendly, growth oriented family business.
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whether family run or professionally run,the hurdles will be there,and sucess will reach only those who practice ethical business in tune with the times and competition.
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There are hurdle & also get sucess in business which is run by family members. Problem is that if u have deep faith in such person when he makes some wrong thing then u can expect from them which has bad impact on such person. Some time such person made such thing which are not tolerable and create future uncertainity.
Opposite there are some person who performed their duty in better way in family business than non family business. They take their business on high and become the pillar of that business. never ignore & avoid their business ideas. Your are business man use their opinion & idea for your business.
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DISHONESTY,DISLOYALTY,AND SELFISHNESS ANY ONE OF THE FACTOR IN FAMILY RUN BUSINESS IS A BIG HURDEL AND IT WILL START NEGATIVITY FROM THE DAY IT OCCURS.
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There is a kind of resistance in family run business to try somethin new, as the number of stakeholders and decision makers are too influential and must me taken into consideration.There is always a strong emotional attachment to the existing business and complacency to change
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Family business are run in a traditional way. They lack proper management and professionalism.
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