Breaking the 10 myths of Family Business

1. Family Businesses are Lala companies… No, they are loved companies because they personalise with their customers & suppliers

2. Joining a family business is taboo… No, joining a family business is a lifetime gift that you give yourself as you get a mentor and a critic in one package … can’t afford to miss it

3. Family Business is controlled by one person’s authority… No, it is maintained by one person so that it is carefully transferred to the next generation

4. Family Business is dehati … No, it is culturally virtuous, coming to the office in the morning and wishing in local dialect is not wrong

5. Family Businesses don’t take risks… No, actually starting something new with some knowledge is a type of risk… all businesses started like that

6. Family Business is where I will not make an identity… No, you will create an institution, which will be your identity

7. Family Business think local… No family business think in the context of the market and opportunity

8. Family Businesses don’t change a process… No, they do change process, provided they should feel convinced about it

9. In Family Business opportunities are limited for the young entrant… No, opportunities are limitless, the young entrant only see that what they want to see…canvas bahut bada hai

10. Family Business diminish in third-generation… No, they evolve from what it started to what it is !!! It’s a story of evolution