It is fashionable today amongst the youth to claim that they do not want to join the family business. They are either charmed by propaganda about corporate jobs or with the misplaced notion of the need to prove themselves by doing something different.
There is nothing wrong in doing something different, but it should also be appreciated that our family business is our temple. It is that, which has brought us upto the level we are and every business has tremendous potential.
We can always learn within that and eventually start new ventures. After all Mr. Aziz Premji started in the family business of oil and eventually developed into IT business.
It is also important to appreciate the struggle and efforts of the previous generation and the value of the tacit knowledge built by them over the years. It is necessary to work under them in true humility and extract this highly valuable knowledge.
The sooner we start this process the better it is. It has been seen that those who initially refused to join the family business, tried other things and after realizing the futility joined the family business as a residual choice did not have a good experience on the whole.
The price paid by such people is extremely high. They have lost five to seven precious years in which they could have mastered the business.On the other hand research shows that those who were excited to join the business from early age have ended up doing well in the all dimensions of business, family and self.
As such it is proposed to encourage and facilitate formation of business cells in colleges from standard XI onwards.
How these cells work?
These cells will be formed in the colleges either as a college or as a students’ initiative.The membership will be open to all but the focus will be to encourage students from family businesses to join the club. AIFMB will provide the entire know-how for working of the club as an option. Each club will democratically select their action plan under the guidance of the college faculty guide.
Amongst other action plans the club will arrange four primary actions every year:
* ‘Samagams’ – interaction with a family businessman who will share his journey, ups and downs and the excitement of being in the business.
* Industrial visits to family or non-family businesses to get an idea about the different forms of business and its dimensions. Such visit will be inspirational and will ignite the aspirational dreams for oneself.
* Panel discussion, inviting experts and stake holders in different family business to understand the different dimensions, challenges and the opportunities in joining the family business.
* Talks by experts who could be motivational as well as guiding the young students into bigger dreams and leading them towards building strong action plans.
AIFMB will provide mentors for the cells, who are young, are from family business themselves and who have obtained management education in the field and are bubbling with enthusiasm to take their business to new heights.
The cells will aim to inspire its members to:
* Get excited to join own family’s business
* Start learning about the family business
* Get systematically inducted in family business at early age
* Start understanding the dynamics of family as well as business and the interface