{"id":2088,"date":"2016-09-15T03:39:20","date_gmt":"2016-09-15T03:39:20","guid":{"rendered":"http:\/\/www.care.ac.in\/management\/?p=2088"},"modified":"2016-09-15T03:39:20","modified_gmt":"2016-09-15T03:39:20","slug":"mdp-gearing-up-for-growth-family-businesses-on-15-september-2016-resource-dr-k-kumar-professor-iim-b","status":"publish","type":"post","link":"https:\/\/care.ac.in\/management\/2016\/09\/15\/mdp-gearing-up-for-growth-family-businesses-on-15-september-2016-resource-dr-k-kumar-professor-iim-b\/","title":{"rendered":"MDP &#8211; Gearing Up for Growth (Family Businesses) &#8211; Dr.K. Kumar, Professor, IIM-B"},"content":{"rendered":"<p style=\"text-align: justify\"><a href=\"https:\/\/care.ac.in\/management\/files\/2016\/09\/2-Copy.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-2105\" src=\"https:\/\/care.ac.in\/management\/files\/2016\/09\/2-Copy-1024x681.jpg\" alt=\"2-copy\" width=\"720\" height=\"479\" \/><\/a><\/p>\n<p style=\"text-align: justify\">&#8220;Family Businesses constitute 70% of the businesses worldwide. The 5 mantras for Growing in family business are:<br \/>\n1.Identify strengths<br \/>\n2.Set clear expectations<br \/>\n3.Be flexible<br \/>\n4.Use every excuse to keep learning<span class=\"text_exposed_show\"><br \/>\n5.Never take work home&#8221;<br \/>\n&#8211; <strong>Dr. K. Kumar, Professor, IIM Bangalore,Chairperson &#8211; Academic Programmes NS Raghavan Centre for Entrepreneurial Learning, IIM Bangalore, IIM Bangalore &amp; Apeejay Surrendra Chair Professor of Family Business and Entrepreneurship @ IIMB.<\/strong><br \/>\n<strong>CARE School of Business Management and Yi Trichy Chapter<\/strong> Chapter organized a Management Development Program on the topic &#8220;Gearing Up for Growth&#8221;. About 15 prominent Family Business Entrepreneurs from Trichy participated and benefited out of the program.<\/span><\/p>\n<p style=\"text-align: justify\"><strong>Prof Kumar said:<\/strong><\/p>\n<p style=\"text-align: justify\">&#8220;The winning advantage of family businesses is that despite the potential risks, the chances of making a real go with family are better than those ventures which do not kept \u201cin the family.\u201d As of 2012, the failure rate for startups was estimated at 75 percent, so setting up shop with a sibling, cousin or spouse is\u00a0not so ill-advised.<\/p>\n<p style=\"text-align: justify\">Look in a different way: No one else knows you as well as your family, and there\u2019s little risk that your new business partner will pull up stakes and move cross-country just as the business gets off the ground.<\/p>\n<p style=\"text-align: justify\">You also know how to motivate and inspire one another, and you have built-in trust that\u00a0no amount of money could\u00a0buy.<\/p>\n<p style=\"text-align: justify\">But family-run businesses don\u2019t come without their own set of challenges. Before partnering with relatives, you must understand how to translate your separate visions for a business into a united front&#8221;.<\/p>\n<p style=\"text-align: justify\">Dr Kumar addressed the questions posed by the participants at the workshop. Hands on training through Case Study was given on the theme of &#8220;Family Business&#8221;. The session concluded with Family Business Entrepreneurs in an enlightened aura.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Family Businesses constitute 70% of the businesses worldwide. The 5 mantras for Growing in family business are: 1.Identify strengths 2.Set clear expectations 3.Be flexible 4.Use every excuse to keep learning 5.Never take work home&#8221; &#8211; Dr. K. Kumar, Professor, IIM Bangalore,Chairperson &#8211; Academic Programmes NS Raghavan Centre for Entrepreneurial Learning, [\u2026] <\/p>\n<div class=\"clear\"><\/div>\n<p><a class=\"more_link clearfix\" href=\"https:\/\/care.ac.in\/management\/2016\/09\/15\/mdp-gearing-up-for-growth-family-businesses-on-15-september-2016-resource-dr-k-kumar-professor-iim-b\/\" rel=\"nofollow\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":2105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8],"tags":[],"class_list":["post-2088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-connects","category-mdp"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MDP - Gearing Up for Growth (Family Businesses) - Dr.K. Kumar, Professor, IIM-B - CARE Business School<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/care.ac.in\/management\/2016\/09\/15\/mdp-gearing-up-for-growth-family-businesses-on-15-september-2016-resource-dr-k-kumar-professor-iim-b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MDP - Gearing Up for Growth (Family Businesses) - Dr.K. Kumar, Professor, IIM-B - CARE Business School\" \/>\n<meta property=\"og:description\" content=\"&#8220;Family Businesses constitute 70% of the businesses worldwide. The 5 mantras for Growing in family business are: 1.Identify strengths 2.Set clear expectations 3.Be flexible 4.Use every excuse to keep learning 5.Never take work home&#8221; &#8211; Dr. K. 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