Entrepreneurial Management in Family Owned Businesses
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Added on 2020-03-28
Entrepreneurial Management in Family Owned Businesses
Added on 2020-03-28
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RUNNING HEAD: RESEARCH METHODOLOGY1Research methodologyEntrepreneurial management in family-owned businesses: An examination of strategies inNorthern India Name of the studentRoll no.
Entrepreneurial management in family-owned businesses: An examination of strategies in Northern India 2ContentsIntroduction......................................................................................................................................2Background......................................................................................................................................2Research problem............................................................................................................................3Rationale/justification......................................................................................................................3Objectives/research objectives/questions........................................................................................4Literature review..............................................................................................................................5Relevance of family owned business in comparison with the world..........................................5Facts in relevance to the current market......................................................................................7Objectives and Importance of a family owned business..............................................................9Relative significance of individual and business objectives throughout the following five years(out of 100)...................................................................................................................................9Prevalence of family business in different states.......................................................................10Family estimate..........................................................................................................................11Research design and methodology................................................................................................11Conclusion.....................................................................................................................................12Referencing....................................................................................................................................12
Entrepreneurial management in family-owned businesses: An examination of strategies in Northern India 3Introduction Family business and entrepreneurial venture is a way through which a bunch of people start withsomething new. The heirs of the founder and the later generation take care of the business. Theyare supposed to carry out the aspiration of their previous generation in order to attaineffectiveness. In today’s competitive world there is a rapid change in the technology and quickevolution 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 matchup with the customer expectations and probably come up with the most concrete plan. This iscertainly necessary for keeping a balance in keeping stability and arranging with the probablescope. 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 upwith an adequate result. This is evident from the point of view of gaining better result. It isnecessary for a business to develop itself as a productive process. Managers inside a businessorganization have to undertake the basic functions and allow in managing the activities in thebest possible way(Bernhard and O'Driscoll, 2011). The overall purpose is to attain the purposeand arrange the significant role. This is important enough for attaining affordable sources inorder to emphasize on the organizational growth. In order to reduce the chances of risk it isimportant to keep the family people who are ready to perform well. Others are the risk takers butan efficient employer is the one is working with a focus to deliver better results. The purpose ofthis 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 managethe organizational changes and allowing the family to accept the situation in the best possibleway. It is further more important to manage the changes and incurring the most effectivesituation. There is a requirement to match up with the effective roles and responsibility whichwill allow a business to sustain changes. It is more or less important to understand the financialrequirements. The success of a business depends upon the different businessexpectations(Lumpkin Brigham and Moss, 2010).
Entrepreneurial management in family-owned businesses: An examination of strategies in Northern India 4Background Majority of business in India are controlled by the family. It is estimated that the 90 percent ofthe business in India is carried through the family. Most of the big corporate in India arecontrolled by the families. The role of family and the family patriarch is important. There aremany families that have separated and partitioned. In such a situation it has become relevant forthe families to succeed the relevant market place. In certain cases there is report that thebusiness completely collapsed due to separation. Family business in India is relevant from thepoint of view of gaining respective market place. It is evident from the point of generating betterresources for the coming generation. It is evident from the point of view of understanding thefamily business and its scope. For the purpose of gaining effective resources and roles it isimportant to manage the family business and its role in India(Kontinen and Ojala, 2012). This isvery well important for the business to flourish in order to attain the most effective role. This isnecessary for maintaining a balance and attaining the respective growth. The purpose is clear anddrives the sustainable goals and keeping up with the organizational opportunities. Most of thefamily business in India is still not old. These business activities are carried by the families witha mindset to carry it for a long term. These businesses are led by the family member postindependence. After that it gained momentum that has helped in attaining functions. Since thisis important for the business to attain the best facilities that allow in matching up with theexpectations. Families are largely concerned about the personal wealth. It is noticed that theinheritance is common amongst the business practice which is carried in order to work on certainfunctions. This is one of the most progenies business functions that are important in order tocarry out the relevant activity(Ward 2016). Research problem The report is based on understanding the entrepreneurial management of the family ownedbusiness in North India. It looks into various reports and statements as provided by differentagencies in order to understand the relevance of family business in today’s era.
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