The corporate trend all over the globe are changing and this is in return changing the way the businesses are being run and governed for profits and losses what this means is the whole dynamic of the businesses sees an overhaul and as the innovations take place, and the global conditions change we expect to be more changes in the way of doing business and the corporate sectors that are handling these businesses.
Most of the major businesses are run by a family, and they are somewhat a tradition business that has been passed on from generation to generation and has a huge name in the business world since they are a reputable one. India has a good number of family-run businesses from as small as shops, too, as huge as industries and infrastructure. Just like the Ambani family of the nation that is a perfect example of how big a family business can be in India, but these family businesses are changing as the success rates are falling and millennials are going for their own dreams and jobs and becoming independent, and this makes retirement of the old members a major concern. These businesses are now turning to corporates for management as they lack the manpower and energy to do it.
This new market for the corporates has only bought them joy, but the challenge is that they will need to approach the businesses in a very traditional way and then inculcate the innovations and modern tech slowly because these businesses are based on values and not innovations like most today.
Tags : family business, India, Ambani ,