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Characteristics of A Healthy Family Business

A family business is defined as a business owned and/or managed by multiple members of the same family. Characteristics of a healthy family business include good communication, ability to resolve conflicts, clear boundaries between work and family, and flexibility. Unhealthy traits are poor communication, lack of trust, unclear goals and roles. Running a family business has advantages like understanding each other and commitment, but also disadvantages like mixing personal and business interests. Women become entrepreneurs due to pull factors like independence or push factors like loss of a breadwinner. They face challenges balancing work and family responsibilities as well as competition and lack of awareness of support programs.

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Nagarjuna Reddy
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116 views4 pages

Characteristics of A Healthy Family Business

A family business is defined as a business owned and/or managed by multiple members of the same family. Characteristics of a healthy family business include good communication, ability to resolve conflicts, clear boundaries between work and family, and flexibility. Unhealthy traits are poor communication, lack of trust, unclear goals and roles. Running a family business has advantages like understanding each other and commitment, but also disadvantages like mixing personal and business interests. Women become entrepreneurs due to pull factors like independence or push factors like loss of a breadwinner. They face challenges balancing work and family responsibilities as well as competition and lack of awareness of support programs.

Uploaded by

Nagarjuna Reddy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Family business

A family business is a business in which one or more members of one or more families
have a significant ownership interest and significant commitments toward the business
overall well-being.
A business actively owned and/or managed by more than one member of the same
family or a corporation that is entirely owned by the members of a single family.
A business actively owned and/or managed by more than one member of the same
family.

CHARACTERISTICS OF A HEALTHY FAMILY BUSINESS


Individuals can manage themselves and relationships with others
Family has the ability to resolve conflicts with mutual support and trust
Boundaries between work and family are appropriate and respected
Knowledge is used wisely and isn't blocked by unresolved relationship problems
Communications are open and clear
Individuals are flexible and able to use advisors wisely
Family has the ability to make decisions and move forward
Family is clear about goals and navigates towards the goals
Family has good direction and leadership
Transitions are managed and marked by rituals and
Intergenerational boundaries are appropriate and respected

CHARACTERISTICS OF AN UNHEALTHY FAMILY BUSINESS


The family has poor communications skills and is unable to manage conflict
There is low trust between family members
The goals and values of the family are unclear
Family members roles and obligations are unclear

The business lacks a sense of direction and does no strategic planning


The business lacks sufficient expertise the family tries to do it all
There is little thought to succession planning
There is little collaboration between the family and non-family employees
There is not a functioning board of directors
There is no one to turn to for advice and help with key problems
Family issues spill over into business issues and vice versa and
Boundaries between work and family are unclear

Disadvantages of Running a Family Business

Mixed interests

Poor performance.

Management with Sentiments

Lack of openness

Advantages of Running a Family Business

Family members understand each other better

The organizational structure is simple and effective

Family members are committed

Speed

Control

trust

WOMEN ENTREPRENEURSHIP
WHY WOMEN BECOME ENTREPRENEURS
PULL FACTORS

An urge to do something new


Liking for business
Need and perception of Womens Liberation, Equity, etc.
To gain recognition, importance and social status.
To get economic independence

To build confidence
To developing risk-taking ability
To gain greater freedom and mobility

PUSH FACTORS
Death of bread winner
Sudden fall in family income
Permanent inadequacy in income of the family

Categories of Women Entrepreneurs in Practice in India

First Category

Established in big cities


Having higher level technical & professional qualifications
Non traditional Items
Sound financial positions

Second Category

Established in cities and towns


Having sufficient education
Both traditional and non traditional items
Undertaking women services-kindergarten, crches, beauty parlors, health clinic etc.

Third Category

Illiterate women
Financially week
Involved in family business such as Agriculture, Horticulture, Animal Husbandry, Dairy,
Fisheries, Agro Forestry, Handloom, Powerloom etc.

Indian women entrepreneurs are facing some major Problems

Dual role to play at workplace & at home place

Subordinate to men

Just that her being women

Non-awareness of facilities provided by government

Competition with large scale units

Problems related to marketing

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