Posted in Community :
Banking & Insurance Professionals
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Activity:
46 views;
last activity : 05 30 2011 17:26:27 +0000
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WORKED HARD TO BUILD THE BUSINESS EMPIRE
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Do not want to give out their wealth secret
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TYPICAL ORTHODOX INDIAN MENTALITY IS AT FAULT
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Experience
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Greed and insecurity
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Zamindari mentality
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Unscientific business practices
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code of conduct and family ethic
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Its all about securing there future
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The family members have put their entire efforts, finance, and have also faced a lot of struggles to bring the business to the best level. Naturally they will not like to give the control over business to others, but within the family members. Probably the sons would not have faced such a struggle in developing the business as their fathers did. The fathers only knows the pain in wealth creation and not the sons who may have different opinions without putting any hard efforts. The mothers only know the labor pain. Thanks for the referral Ms.Leena Khade. |
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Krishnamurthy Prabhakar, Professor, Velammal Engineering College
| 04 03 2011 12:06:01 +0000
It is not always best efforts. Manipulation, fraud, tax evasion, outright bribery and dishonesty are hall marks of some of the Indian business Maharajas. Therefore bringing outsider in the name of professionalism will be disadvantageous to father. Let the son listen to him or else he will be loosing the wealth by every one knowing the source of their wealth.
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NATTERAJA R. ARIKRISHNAN, GM-Projects, Bentec Electricals & Electronics Pvt. Ltd
| 04 03 2011 10:09:13 +0000
Thanks Mr.Mathew Ji. Despite the improved scientific management and the complicated controlling business houses with several diversification, others in the organizations have to implement the business visions of the management/promoters/investors.Of course any good ideas/contributions from the employees are very well accepted by the top management and they are also properly recognized/rewarded.
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NATTERAJA R. ARIKRISHNAN, GM-Projects, Bentec Electricals & Electronics Pvt. Ltd
| 04 03 2011 09:55:38 +0000
Thanks Mr.Rathin Ji.Another important reason could be of the hereditary ie., descending by inheritance or from parents to children.Hence the wealth/business created is kept with the families.
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I mean that could be the only possible reason, and moreover "most family businesses continue to have a 'sethji' culture and do a lot of backseat driving even if they hire professionals to manage their wealth. They just dont want to divulge the details and Indians are very greedy and miser people, no charity and they only want their childrens to carry on that wealth and not spread or put it to good use for that matter. |
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Krishnamurthy Prabhakar, Professor, Velammal Engineering College
| 04 03 2011 12:07:13 +0000
The Munimji culture is very much there. Not because they believe them. It is because they maintain different accounting system that helps them to evade all tax.
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Mukul , Manager(MIS), PSU
| 04 04 2011 12:24:16 +0000
yes u r right. to some extant our country’s system is responsible for this attitude of the people. Since in india there is a feeling of insecurity. People are not sure of getting even basic necessities from the goverment. Greed & corruption level is high in system and judicial and legal process is very slow. Lack of trust and traditional mind set are the other factors. In the country where even the political people are passing the hold on the party to their children.. so how can we expect business people will pass on their hold on business to the professionals.
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The Indians who do it think they live in the pre liberalisation era when competitiveness and the knack to out perform was missing. They think genes can do the trick for them and that their child will hold on to the business just as they did. To them their son doesnt have any other dreams. They are more into making money by tax evasion than planned and professional expansion. Basically these ppl feel happier if the business takes a dive in their own hands than seeing it flourish in some one else's. They feel outsourcing means losing control over that part of business. They just dont understand that a business is not only for self but also for society. Their business is employing ppl and if it goes into the right hands it does good to all. Most of all, these sethji type Indians are the worst class of ppl as far as charity goes. To them making money and keeping it is imp. Doesnt matter how.
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Krishnamurthy Prabhakar, Professor, Velammal Engineering College
| 04 03 2011 12:09:37 +0000
it is not the pre liberalization Indians. It is all for all to just loot.
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It reminds me of a story. A son asked his father to lend him Rs.10,000/- for doing some business, with a promise to return the money within 2 days. Son did not tell the nature of business, inspite of repeted requests but hinted that he is making a profit of Rs.1,000/-. Father thought for a while, went into his room and came back to hand over Rs.1,000/- to his son. He answered an astonished son "you earned your profit of Rs.1,000/- and I saved my rs.9,000/-" It is called experience. Elementary, my dear Watson !!
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Greed to make more money and keep within the family and insecurity that an outsider may swindle them or beat them at their own game which is nothing short of swindling others and making money !
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Old habits die hard! This is Zamindari mentality. In India, we boast of removing the system, yet the mindset is lingering on!
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Thanks Mr. Natteraja for posting this to me.
This is a good question since we are moving as a nation into more scientific management of businesses and economy for future. Till late, Indian economy and so businesses were run by individual families and persons not realy scalable in the science of business. They might have built up so much of 'home grown' variety of proceses and system in their respective busineses for a scientific manager to find it difficult to decipher or improve. They might have created their own markets which may be captive for the reason that they palnned it so which a professional manager will find it difficult to replicate or take long time to get used to. So someone in the family experienced enough with this virtual proceses built up in the past will be in a better position to take it as an ongoing basis than a professional consultant.
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strictly obey their family business with hold their tactics.
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So they can secure there future, there family. Not depended on the others.
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