'Family biz survived in India for centuries due to creative freedom to coming generation'
Family businesses in India have been able to survive for centuries as succeeding generations have been given the freedom to create their own ideas, RP Sanjiv Goenka Group Vice-Chairman Shashwat Goenka said on Friday.
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Speaking at a session 'The Next Generation-making businesses better" on the opening day of the two-day ABP Network's Ideas of India 2025 summit, Goenka also said along with work-life balance it is also important to understand that there are times when one needs to work more.
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«Whenever you look at family businesses and globally, there are case studies on this, they usually say the first generation starts to create, the second generation builds, and the third generation destroys. And I think the reason why we've been able to, and a lot of family businesses in India particularly, are able to do this (surviving business beyond the third generation) over centuries is because they give each generation the freedom to create along with growing what they have,» Goenka said.
«I think for us, like when we started off, it's about growing the legacies that we have and creating new legacies for future generations. If you look at our group, each
