oday's current business scenario highlights entrepreneurs in their embryonic stage, rise of the multinational corporations, and the turbulence of the corporate world. The surfacing of start-ups is a trend and the current sensation now. Now everyone wants to do something of their own.
Also current generations feel a sense of freedom when it comes to doing a business on own.
Thus, carrying forward the legacy of family business seems outdated to many today's generations kids as they want to venture, explore and ‘make a mark’ on their own.
But expanding the family business also takes equal efforts and during trying times like covid one family business running CEO delivered a powerful message "In times like this, a lot of companies will go bankrupt. But, because we have always run our family business on the tenets of entrepreneurial drive and diversifaction, our family business will survive this crisis and be in a position to prosper in the long term. Learn from this experience and think about what you can do as an entrepreneur".
Yes this is a debatable topic that joining family businesses seem spoon-fed to some.
Start-ups are often started with capital from Angel investors or bank loans. This is also a form of support which comes along with a lot of pre conditions.
Today's young generation is filled with ideas, enthusiasm and spirit to outperform and they think joining family businesses means spoon fed but here I beg to differ as new ideas, new energy can be put to start a new branch out of the old strong tree, which is the family business & where supports are unconditional but at the same time financial support or favour can be returned back as well if it comes in between the way of making mark solely on own but still there is less risk when it comes to succumbing to pre conditions of unknown Angel investors.
Am keeping this space open for further discussions and opinions.