Family Business: Growth and Success

This assignment delves into the critical aspects of successful family businesses. It examines various factors contributing to their growth, such as entrepreneurial orientation, management practices, and internationalization strategies. The analysis draws upon scholarly literature to highlight key concepts like socioemotional wealth, business groups, and generational perspectives within family firms. Understanding these elements is crucial for navigating the unique challenges and opportunities inherent in family-owned businesses.

RUNNING HEAD: RESEARCH METHODOLOGY 1
Research methodology
Entrepreneurial management in family-owned businesses: An examination of strategies in
Northern India
Name of the student
Roll no.

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India 2
Contents
Introduction......................................................................................................................................2
Background......................................................................................................................................2
Research problem............................................................................................................................3
Rationale/justification......................................................................................................................3
Objectives/research objectives/questions........................................................................................4
Literature review..............................................................................................................................5
Relevance of family owned business in comparison with the world..........................................5
Facts in relevance to the current market......................................................................................7
Objectives and Importance of a family owned business..............................................................9
Relative significance of individual and business objectives throughout the following five years
(out of 100)...................................................................................................................................9
Prevalence of family business in different states.......................................................................10
Family estimate..........................................................................................................................11
Research design and methodology................................................................................................11
Conclusion.....................................................................................................................................12
Referencing....................................................................................................................................12

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India 3
Introduction
Family business and entrepreneurial venture is a way through which a bunch of people start with
something new. The heirs of the founder and the later generation take care of the business. They
are supposed to carry out the aspiration of their previous generation in order to attain
effectiveness. In today’s competitive world there is a rapid change in the technology and quick
evolution of the industry. There is a need to pay extra attention on the upcoming market needs.
It is important from the point of view of gaining adequate market resources. One needs to match
up with the customer expectations and probably come up with the most concrete plan. This is
certainly necessary for keeping a balance in keeping stability and arranging with the probable
scope. It is arranged over a period of time due to hard efforts paid off(Cruz and Nordqvist 2012).
The necessary featuring is important enough for gathering the appropriate growth and coming up
with an adequate result. This is evident from the point of view of gaining better result. It is
necessary for a business to develop itself as a productive process. Managers inside a business
organization have to undertake the basic functions and allow in managing the activities in the
best possible way(Bernhard and O'Driscoll, 2011). The overall purpose is to attain the purpose
and arrange the significant role. This is important enough for attaining affordable sources in
order to emphasize on the organizational growth. In order to reduce the chances of risk it is
important to keep the family people who are ready to perform well. Others are the risk takers but
an efficient employer is the one is working with a focus to deliver better results. The purpose of
this family business is to manage the changing basins scenario and govern it with an utmost care.
This is necessary for developing the sound managerial responsibility. There is a need to manage
the organizational changes and allowing the family to accept the situation in the best possible
way. It is further more important to manage the changes and incurring the most effective
situation. There is a requirement to match up with the effective roles and responsibility which
will allow a business to sustain changes. It is more or less important to understand the financial
requirements. The success of a business depends upon the different business
expectations(Lumpkin Brigham and Moss, 2010).

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India 4
Background
Majority of business in India are controlled by the family. It is estimated that the 90 percent of
the business in India is carried through the family. Most of the big corporate in India are
controlled by the families. The role of family and the family patriarch is important. There are
many families that have separated and partitioned. In such a situation it has become relevant for
the families to succeed the relevant market place. In certain cases there is report that the
business completely collapsed due to separation. Family business in India is relevant from the
point of view of gaining respective market place. It is evident from the point of generating better
resources for the coming generation. It is evident from the point of view of understanding the
family business and its scope. For the purpose of gaining effective resources and roles it is
important to manage the family business and its role in India(Kontinen and Ojala, 2012). This is
very well important for the business to flourish in order to attain the most effective role. This is
necessary for maintaining a balance and attaining the respective growth. The purpose is clear and
drives the sustainable goals and keeping up with the organizational opportunities. Most of the
family business in India is still not old. These business activities are carried by the families with
a mindset to carry it for a long term. These businesses are led by the family member post
independence. After that it gained momentum that has helped in attaining functions. Since this
is important for the business to attain the best facilities that allow in matching up with the
expectations. Families are largely concerned about the personal wealth. It is noticed that the
inheritance is common amongst the business practice which is carried in order to work on certain
functions. This is one of the most progenies business functions that are important in order to
carry out the relevant activity(Ward 2016).
Research problem
The report is based on understanding the entrepreneurial management of the family owned
business in North India. It looks into various reports and statements as provided by different
agencies in order to understand the relevance of family business in today’s era.

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India 5
Rationale/justification
The key challenges in such situations, nonetheless, are issues, for example, progression arranging
and the experts' goal of increasing (a few) responsibility for organization. Lesser part for
relatives at junior levels as indicated by our study, Indian privately-owned companies have lesser
parts for relatives at junior levels against the worldwide normal (35% in India versus the
worldwide normal of 49%). On the other hand, Indian family endeavours, notwithstanding, do
have on board relatives who have organization shares however do not work for the organization.
This is significantly more than their worldwide partners (78% in India versus a worldwide
normal of 48%). Over 92% of worldwide and Indian respondents uncovered that they have
relatives for the most part as senior administrators rather than having them at junior levels. It
gives the idea that all around; organizations esteem some relatives for the warning parts they
have been playing up until this point. This is since 18% of worldwide respondents specified that
they have relatives who don't work for their organizations, not one or the other do they have
organization shares, however are rewarded in other ways. Then again, in the Indian situation, just
50% of the Indian respondents (9%) said they reward such family individuals somehow or the
other.
Objectives/research objectives/questions
The key objective is to find out the role of family business and how it is relevant in today’s
scenario. Entrepreneurs in the today market scenario have to come up with the business function
and have to understand the changes that are taking place in the surroundings. In such a
competitive business scenario it is important to facilitate business effectiveness. In a broader
family the only scope is to put forward the organizational value which will allow in generating
better outcome. It is important from the point of view of gaining adequate results and promoting
progressive behaviour(Casillas and Moreno, 2010). It is necessary for securing better role and
responsibility that occur in order to balance the significance of an organizational growth. The
purpose is to sustain the changes and coming up with the most significant role and responsibility
that will ensure organizational growth. It is important from the point of view of gaining
effectiveness. It is necessary from the point of developing everlasting family relations that will
certainly help in ensuring growth. It is evident from the point of engaging in effective purpose
and role in the North Indian Business(Burns 2016). This is certainly helpful in managing the

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India 6
growth and propagates the organizational growth. It is certainly necessary for keeping up with
the regular changes. These changes are important enough for influencing the core business
activities. Entrepreneurs o have a skill to identify the issue. It is necessary for maintaining the
balance in order to maintain the balance(Ward 2016).
Literature review
There are 3 reasons that define the success of a business: Firstly it depends upon the changes
that a family can accept over the years. It showcases the entrepreneurial skills of the people
around. It is important from the point of view of gaining adequate competency. Secondly the
family succeed due to the productive efforts made that particularly emphasize on growing assets,
consuming wealth and encouraging other family members to perform well(Lubinski Fear and
Pérez 2013). It is one of an important efforts that is been made in order to secure better market
position. This particularly encourages growth in terms of achieving sustainable result. This is
surprising and affecting the organizational results. The purpose is to attain definite outcome by
arranging the most effective way and process. It is necessary for managing the purpose and
looking out for the better opportunity. It is important in improving the overall outcome and
generating the best possible outcome. It is necessary for focusing over the relevant process and
looking onto the best process. It is evident to manage the situation and looking out for
opportunities that are effective in order to procure better outcome(Bloom Genakos Sadun and
Van Reenen 2012). It is evident from the point of view of gaining better results and arranging it
in the most possible way. The purpose is to incur effective business process and attain results.
The effective process is to arrange the results in order to manage the joint business. This business
process is important to incorporate the better results for the long term results. The arrangement
regarding the business is necessary to incorporate the results. The changes can be managed in
order to attain significant result. It is however important from the point of gaining the better
outcome. It is important from the point of view of gaining better and effective role. It is
progressive for the business and allocating the results. It is important for the business facilities to
organize the effective business process that can allow in managing the entrepreneurial skills. For
the purpose of attaining the support, it is necessary to maintain the balance and agreeing on
certain results(Stokes Wilson and Wilson 2010).

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India 7
Relevance of family owned business in comparison with the world
In today’s competitive world the most relevant form of business still prominent in India. There
are further factors that allow in managing the business functions in the most appropriate way.
The purpose is to attain goal and matching up the expectation in terms of the family business.
India has 108 freely recorded family-claimed organizations, the third most elevated, while China
finish the count with 167 such organizations took after by the US which has 121, says a Credit
Suisse report. As per the (CSRI) most recent "CS Family 1000" report, with a normal market
capitalisation of $6.5 billion, India positions fifth in the Asia-Pacific barring Japan, and 22nd all
around, as far as normal m-top. Other than China, the US and India, the main 10 nations
regarding number of family-possessed organizations incorporate France (fourth place), Hong
Kong (fifth), Korea (6th), Malaysia (seventh), Thailand (eighth), Indonesia (ninth), Mexico
(tenth). Be that as it may, regarding normal size, the positioning changes significantly more for
created markets, the report said. Normal market capitalisation of family-possessed organizations
is most noteworthy in Spain ($30 billion), the Netherlands ($30 billion), Japan ($24 billion) and
Switzerland ($22 billion), the report that secured near 1,000 family-claimed, openly recorded
organizations by district. As indicated by Credit Suisse, the money related execution of family-
claimed organizations is likewise better than that of non-family-possessed companions. Besides,
privately-run companies seem to concentrate more on long haul development and they have
beated their associates as far as offer value returns(Bloom and Van Reenen 2010).
At the nation level, Chinese, Indian and Indonesian family-possessed organizations have all the
earmarks of being the most costly, exchanging at high outright products, with a year middle cost
to income (P/E) of 15-16 times, contrasted with around 10-13 times P/E products of
organizations in Korea, Hong Kong and Singapore," the report said.
The definition utilized for the database of family or originator claimed organizations is a base
shareholding of 20 for every denomination as well as least voting privileges of 20 for each
denomination. As far as key concerns and difficulties, Chinese family-claimed organizations
rank progression arranging as their minimum essential issue and don't conceive a lessening in
proprietorship. In any case, they tend to stress substantially more over the risk of innovative
interruption (30 for every denomination said this was exceptionally concerning) which might be

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India 8
driven by China's general more noteworthy introduction to problematic advancements all
inclusive and its condition of monetary improvement(Lumpkin Steier and Wright, 2011).
Then again, challenges seen as most unmistakable in India incorporate progression arranging,
trailed by more noteworthy rivalry and ability maintenance. In general, Indian family-claimed
organizations seem, by all accounts, to be more hopeful with respect to future income
development and have a somewhat more traditionalist way to deal with subsidizing that
development. The greater part of the Indian and Chinese family organizations that Credit Suisse
studied creates incomes in abundance of $500 million, with the larger part of these organizations
situated over its areas, financials and industrials. India lingers somewhat behind China not
simply on the selection of condition related issues, yet additionally on social issues, with 35 for
every denomination of organizations executing approaches in connection to this contrasted with
65 for each denomination for China. The exploration appears to propose that financial specialists
are not excessively worried about the level of proprietorship yet rather how included the family
proprietors are in the everyday running of the business. This is by all accounts at the centre of the
achievement of family-possessed organizations in our view. The organizations have a pivotal
part to play in turning the wheels of Indian venture. Most organizations around the globe began
off as family-controlled ventures. Be that as it may, while the better piece of these organizations
in business sectors like the US have changed to ending up broadly held, a large portion of their
Indian partners are still lion's share claimed by the family. While Indian surnames like the
Birla’s, Ambanis, Godrejs and Goenkas have turned out to be synonymous with enhanced
combinations stirring billions of dollars of riches, a noteworthy segment of the financial esteem
and work creation is additionally determined by privately-owned companies that are lesser-
known. This might be because of the way that they are unlisted and not in the media spotlight, or
on the grounds that they are situated in India's littler towns and urban communities, far from
substantial metros like Delhi and Mumbai(Bhaumik and Gregoriou 2010).
With regards to numbers, these littler privately-owned companies, which have for the most part
adhered to one line of business and extended just in neighbouring zones, might be overshadowed
by their bigger partners. Be that as it may, some of them have effectively made and supported
acclaimed business-to-shopper brands and some have turned out to be universally focused

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India 9
providers of items and administrations to organizations around the globe(Williams and Jones
2010).
Facts in relevance to the current market
Some of them have achieved a basic size and scale, where the enlistment of a key financial
specialist or a posting might be the coherent following stage. Yet, they remain firmly held and
keep running by the family, with the assistance of experts, directing the quality of blood
connections to enable the business to develop, through various challenges. 1947, India was an
open economy yet by the mid-1950s, major business was a terrible word and soon the
administration put administrative cut-off points on development of huge firms.
Open area firms were at the focal point of the economy. Monetary arrangement came a full hover
in 1991, as P V Narasimha Rao government released changes and changed the economy. Huge
organizations and outside capital were currently questions of want, as opposed to scorn. All
through this change, one component of Indian economy, has stayed unaltered - the predominance
of family-claimed undertakings. Fifteen of the main 20 business bunches in 2016 are family-
possessed. Together, they controlled about Rs 26 lakh crore ($390 billion) of advantages toward
the finish of FY16, representing 84 for every denomination of the consolidated resources of the
main 20 business gatherings. They produced income worth Rs 18 lakh crore in FY16,
representing 80 for each denomination of the example consolidated income, showing flexibility
notwithstanding emotional changes in the economy since Autonomy(Granovetter 2010).
Indian privately-run companies are altogether more improbable than their worldwide partners to
see challenges ahead. This is maybe in line with their solid positive thinking for future
development. In any case, it shows up they might want to dole out need to administrative
consistence and the need to professionalize in accordance with worldwide best practices. In spite
of the fact that the present government has guaranteed to make administrative compliances more
business-accommodating with frameworks, for example, 'single-window clearances' and quicker
clearances, the administrative administration will keep on impacting Indian family organizations
with 40% (as against 34% in the last review) of respondents thinking of it as a key test in the
medium term. A key part of government and policymakers is to make a condition helpful for
business. The Indian government can accomplish this by working alongside partners in melding

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
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10
approaches and financing development, empowering a smooth stream of capital and changing
directions and strategies with a specific end goal to encourage foundation of new
businesses(Deephouse and Jaskiewicz, 2013). Almost half (48%) of the respondents find a need
to consistently improve the key test. This calls for higher interests in Research and development,
concocting new business techniques and adjusting to an evolving domain. The development
basic, notwithstanding, isn't limited to India. Over 66% of the worldwide normal viewed it as a
basic challenge as well. The entrepreneurial segment has the dexterity in activities and the
profundity in thoughts keeping in mind the end goal to make radical new arrangements required
for a dynamic economy.5 Furthermore, the corporate division in India can assume an
indispensable part by helping business people.
Objectives and Importance of a family owned business
Organization's development and gainfulness most vital in next five years in the post-subsidence
period, privately-owned companies over the world are focussed on the long haul development
and benefit of their organizations. These will enable them to defeat key inner also, outside
difficulties on an economical premise. Expanding administrative weights, developing rivalry,
supply limitations, and so forth are influencing organizations to centre around their long haul
development what's more, achievement. Procedures, for example, moving into local markets in
the nation of origin and guaranteeing that business remains inside the family are low on need
both for Indian and worldwide organizations. Pulling in astounding abilities and being more
imaginative are medium need things.
1. Guarantee organization's long haul future
2. Enhance gainfulness
3. Pull in astounding abilities
4. More imaginative
5. Run business all the more professionally
6. Guarantee staff are compensated reasonably
7. Develop as fast as could reasonably be expected
8. Add to the group/positive inheritance
9. Appreciate work and remain intrigued

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
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10. Differentiate into new items/divisions
11. Distinctive fare markets
12. Move into new local markets in home nation
13. Guarantee business remains in the family
14. Make work for other relatives
Relative significance of individual and business objectives throughout the following five
years (out of 100)
No doubts on internationalization for both Indian and worldwide privately-run companies,
internationalization in the following five years will assume an imperative part. More than 33%
(36%) of offers (sending out and non-trading) will be from universal hotspots for Indian
privately-run companies ascending by 6% from the current 30%. For worldwide privately-run
companies, it will rise from the present 25 to 32%. Indian privately-run companies are spreading
their wings in nearly more up to date showcases, which gives them chances to create more
incomes and overhauling extra clients. Nations/areas seeing greatest increment in worldwide
deals from India, in five years For Indian privately-owned companies, Asia Pacific (41%
expansion with China's offer of 7%) and Americas (41% expansion with the US's offer of 26%)
will be the lead nations for extension in sends out. These will be trailed by Europe at 31%
expansion and the Centre East and Africa at 30% expansion each. Strikingly, this is a stamped
move from the last study where Europe was the lead nation for development with 39%
respondents took after by the Americas and the Asia Pacific with 35 and 33% reactions
separately. Having set up experts at senior and furthermore at the board level of privately-run
companies isn't only the current acknowledged standard yet additionally an continuous pattern
both in India and all around. More than three-fourth (77%) of privately-run companies reviewed
in India have non-relatives on their sheets as against around 66% of the worldwide normal,
despite the fact that this is a declining pattern inside India. Further, more than half (57%) the
privately-run companies in India and a normal of one third of privately-run companies over the
world, have non-family staff individuals who have offers of family-run organizations. The
pattern of offering offers to non-family staff individuals is likely to proceed throughout the
following five years, in spite of the fact that the level of shares claimed by non-family staff
individuals will see decay. While more than one-fourth (26%) of Indian privately-owned

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India
12
companies are likely to offer offers to proficient staff individuals, the worldwide normal is
generally more traditionalist with short of what one-fifth or 18%.
Prevalence of family business in different states
A point by point examination of the Statistics 2011 information discharged on Tuesday
demonstrates that 27 for every denomination of the families in Uttar Pradesh still had at least two
wedded couples living respectively — much more than the national normal of 18 for each
denomination for such families. Uttar Pradesh was trailed by Rajasthan, Haryana, Punjab,
Gujarat, Bihar, Jharkhand and Madhya Pradesh. In Rajasthan, 25 for every denomination of the
families were observed to be joint families, while in Haryana the comparing figure was 24.6 for
every denomination, Punjab 23.9 for each denomination, Gujarat 22.9 for each denomination,
Bihar and Jharkhand 20.9 for each denomination and Himachal Pradesh 20 for each
denomination. Interestingly, in south India, in Andhra Pradesh just 10.7 for every denomination
of the family units were joint families, in Tamil Nadu 11.2 for every denomination, in
Pondicherry 11.4 for each denomination, in Karnataka 16.2 for each denomination and Kerala
16.6 for each denomination. In West Bengal 15.5 for every denomination of the families were
joint families, in Maharashtra 17.6 for each denomination, in Madhya Pradesh 17.7 for every
denomination, in Odisha 12.32 for each denomination and in Goa 12.6 for each denomination.
There are still a few pockets in north India where families have five hitched couples or all the
more living respectively. The information demonstrates that one will probably run over such
family units in Uttar Pradesh, Bihar and Rajasthan: very nearly one for each denomination of the
families in Uttar Pradesh had families with in excess of five wedded couples — 0.7 for every
denomination to be exact. The relating figures for Bihar and Rajasthan were 0.5 for every
denomination and 0.4 for every denomination separately.
Family estimate
The statistics has likewise hurled some fascinating information with respect to the measure of
family units. Despite the fact that the normal family estimate is regularly taken to be four to five,
it has been discovered that one will probably run over a family unit with six to eight individuals
than those with four individuals or those with five individuals. Upwards of 24.9 for each

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India
13
denomination of all family units in the nation had a size of six to eight individuals as against 22.7
for each denomination with four individuals and 18.8 for each denomination with five
individuals. Conversely, there were just 13.7 for each denomination family units with three
individuals, 9.7 for each denomination with two individuals and 3.7 for each denomination with
a solitary part(Sarkar 2010).
Research design and methodology
The information here is collected from the secondary data as published by the government and
non-government organization. The report includes a structured introduction, background and the
literature review followed by the conclusion. The data is well-evaluated in order to understand
the role of family business and how it is important enough in today’s context in North Indian
state.
Conclusion
To conclude it is stated that the, Drafting experts at senior and board levels inside family
organizations additionally mirrors the promoters' receptiveness and tosses open the
organizations' ways to inventive thoughts. In addition, experts can now and again go about as a
cushion in circumstances of contention determination and self image conflicts among relatives.
No big surprise at that point, two of every three privately-run companies in India (66%) have
cutting edge relatives working for the business as against a worldwide normal of 55%. Besides,
58% in India have cutting edge relatives functioning as senior administrators inside the
organization as against a worldwide normal of 43%. Further, in India one out of three (35%) of
cutting edge family individuals don't work for the organizations yet possess organization shares.
The worldwide normal, in any case, is more preservationist with 23% privately-run companies
having on board people to come individuals who are not working for their business but rather in
any case have organization shares.
Indeed, even as the nation in general has been changing over to the nuclear family framework, a
few States in north India appear to be somewhat hesitant to take after the pattern wholeheartedly.
There is a need to manage the organizational changes and allowing the family to accept the

Entrepreneurial management in family-owned businesses: An examination of strategies in Northern
India
14
situation in the best possible way. It is further more important to manage the changes and
incurring the most effective situation.
Referencing
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businesses: Leadership style and nonfamily-employees’ work attitudes and behaviors. Group &
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Bhaumik, S.K. and Gregoriou, A., 2010. ‘Family’ownership, tunnelling and earnings
management: A review of the literature. Journal of Economic Surveys, 24(4), pp.705-730.
Bloom, N., Genakos, C., Sadun, R. and Van Reenen, J., 2012. Management practices across
firms and countries. The Academy of Management Perspectives, 26(1), pp.12-33.
Bloom, N. and Van Reenen, J., 2010. Why do management practices differ across firms and
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Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
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Cruz, C. and Nordqvist, M., 2012. Entrepreneurial orientation in family firms: A generational
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Deephouse, D.L. and Jaskiewicz, P., 2013. Do family firms have better reputations than non‐
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Granovetter, M., 2010. 19 Business Groups and Social Organization. The handbook of economic
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Kontinen, T. and Ojala, A., 2012. Internationalization pathways among family-owned
SMEs. International Marketing Review, 29(5), pp.496-518.
Lubinski, C., Fear, J. and Pérez, P.F. eds., 2013. Family multinationals: entrepreneurship,
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Lumpkin, G.T., Brigham, K.H. and Moss, T.W., 2010. Long-term orientation: Implications for
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Lumpkin, G.T., Steier, L. and Wright, M., 2011. Strategic entrepreneurship in family
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Sarkar, J., 2010. Business groups in India. In The Oxford handbook of business groups.
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Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
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