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A study on Prospects and Challenges of Family Centric Business in India

International Journal of Management Prudence

Volume 1 Issue 2

Published: 2010
Author(s) Name: Anil Mishra, Bharat Goel, Deepak Tiwari
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Abstract

Family Business goes through various stages of growth and development over time. Many challenges are found once the second and subsequent generations enter the business. Every business has its unique set of challenges and problems. The Family Business is in no other way different. Family-owned business like Tatas, Birlas, Ambanis, Godrej, Wipro, Essar, Bharti and Muruguppa Groups are dominating the countrys Corporate Sector however, still facing challenges such as appointment of successors, Talentinfusion, Governance and transparency in functioning etc. Just see the Reliance Group which has been split between the two Ambani brothers - Mukesh and Anil, the Tata Group too, has been searching for a successor to Chairman - Rattan Tata. Using sound principles, family experience helps in determining familys vision for the life, one wants to live; in developing a strategic plan to achieve that vision and using proven-planning, communications and teambuilding tools to make it a reality. Keywords: Corporate Bastion, Family-Centric, Stepping Stones, Career Pursuits, Talent-Infusion, Derisking Rights, Proven-Planning.

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