From Ramayana to cricket, management lessons for India’s family businesses
Family Business Survey 2023 shows that 88% of family businesses in India are poised to embrace a future marked by sustained expansion over the next two years, surpassing the global projection of 77%.
Given their vast potential to unlock growth opportunities, The Family Business Excellence Series was launched by family business management consultancy, TriChambers, in Mumbai, to identify aspects that can help such businesses achieve their next level of growth.
“The series aims to contribute to India’s economy by collaborating with family businesses, the oldest form of businesses, which are poised to grow exponentially in the times ahead,” Shivani Bagdai, Founder, TriChambers stated in an exclusive interaction with ET Digital.
Ajay Thakur, Former Head of BSE — SME & Startup, in his opening note stated that he had met a lot of SME promoters during his stint at BSE. “I would have met atleast 45,000 SME promoters. Launching such a platform in a country where financial literacy is less was very difficult. SMEs can do wonders, but igniting the ambition in them was very difficult initially,” he said.
Thakur played an integral role in setting up the SME exchange and the startup portal in the country in 2012 and 2018, respectively.
This followed a discussion on ‘Entrepreneurship in Family Businesses’ which focused on the key differences between first and future generations' entrepreneurship, ways to mitigate risk in family businesses, as well as establishing coordination among family members for decision-making in a
