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The Scions Have Skin In The Game: World Of Indian Family Businesses Is Undergoing Changes

Armed with foreign degrees and global outlook, heirs of family businesses are nudging traditional horizons

The Scions Have Skin In The Game: World Of Indian Family Businesses Is Undergoing Changes
Well-Prepared | Photograph by Soumik Kar
The Scions Have Skin In The Game: World Of Indian Family Businesses Is Undergoing Changes
outlookindia.com
2018-09-28T14:21:18+05:30

The world of Indian family businesses is undergoing changes, for the better, with several scions exploring new avenues, turning entrepreneur and tasting success. It’s an interesting twist to the contours of family-run ventures that account for around 90 per cent of businesses in India: right from the local kirana shops to farm holdings to multinational conglomerates.

What is spurring this change? Broadly, a spurt in start-ups, advent of new technologies, ever-expanding opportunities, exposure to global business culture and best practices through education abroad are among several catalysts heralding the changes. But is the traditional family business looking favourably at the new businesses? Do they remain standalone? What are the other changes happening in the family?

Vidyanand Jha, professor of organisational behaviour at IIM-Calcutta, explains that family business is a vast category comprising enterprises at different scales of volume, turnover and profit. Across the scale, the newer generation has more formal education, especially degrees from abroad which...

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