Greetings,
Here's a similar discussion from HBR .
Family firms need professionals
I had shared my thoughts on the same. My views are primarily to the upbringing . However, it fundamentally includes the small and micro-level enterprises.
This article considers the large business houses. Small and medium enterprises that are run by families, are not mentioned here. These entities are not failures. They rather strive for perpetuity than sudden gains. Small trading companies held by people from Gujarat, and Maharashtra had been working brilliantly. The reason being, the environment of these households builds a child with the mindset required to survive in the business. The diary and food sector is another area, which have worked wonders. They may not call for an IPO, but are likely to remain profitable for a much longer duration. Here, the business responsibilities for every child start with an extensive apprentice right through their teens.
Education is quintessential. An organized learning coupled with the experience crafts a CEO. This can form in an academical environment as well as in the natural environment when groomed aptly for the purpose.
Regards,
(Cite Contribution)