Ready to be at the wheel
March 10 and 11, 2018 gave aspiring and budding entrepreneurs an opportunity to connect and collaborate. As the best and brightest minds came anime streaming together and brainstormed on on how to fuel their business growth. It is the most important aspect in any of the business. The conference at IIT Mumbai brought together the best breed of entrepreneurs, innovators, venture capitalists, business model creators, consultants, policy-makers, academicians, and business practitioners to present and discuss innovation and success under the aegis of entrepreneurship for Small and Medium Businesses.
Today, family-owned businesses account for two-thirds of the world’s businesses and generate most of the world’s economic output, employment and wealth. In many regions of the world, family companies dominate the economy. “Family-controlled firms now make up anime44 19% of the companies in the Fortune Global 500, ” states The Economist. In India alone, 67% businesses are family run. McKinsey forecasts, that by 2025, there will be more than 15, 000 companies worldwide with at least $1 billion in annual revenues, of which 37% will be emerging-market family firms.
Successful family businesses are successful because families see important changes in their industry. Simply put, successful families are entrepreneurial. Also, families succeed because they invest in productive activities, emphasise growing assets, and consume relatively little kickassanime of their wealth. These families maintain a culture that encourages family members to create things of lasting value. It’s not surprising that these families encourage entrepreneurs. Furthermore, successful families remain reasonably united, keeping supportive members loyal to one another and to the family’s mission. Over generations, as families become more diverse, it is likely that only a few relatives per generation will directly work in the business.
Outside-the-business members might still support family philanthropic efforts or social activities, and sometimes that level of involvement is enough to maintain family unity. But investing in family entrepreneurs can also keep talented members contributing to the broader family’s wealth and mission. Investing in family entrepreneurs has to be done objectively based on the feasibility of their business plans, and also fairly within the family. Even if some entrepreneurial projects don’t succeed, these investments will help you spot talent to keep your business growing. And you are sending an important message: this family is committed to creating value.