MODULE II - ENTREPRENEURSHIP IN INDIA
Concept of business houses and Role of business houses and family business in India; The contemporary role models in Indian business: their values, business philosophy and behavioral orientations; Conflict in family business and its resolution; Initiatives of Government of India to promote entrepreneurship - Start Up India, Stand Up India, Make in India, etc.
CONCEPT OF BUSINESS HOUSES IN INDIA
Business houses refer to large corporations or companies that have multiple subsidiaries, divisions, or affiliated companies operating in various sectors. These companies are typically owned and controlled by a family or a group of families, and they play a significant role in the economy of the country.
In India, business houses have played a vital role in the country's economic development since independence. Many of the country's largest and most successful businesses are family-owned, and they have been instrumental in creating jobs, generating wealth, and contributing to the country's growth.
Family businesses are an essential part of the business landscape in India, and they play a crucial role in the country's economic development. They are typically characterized by a long-term focus on sustainability and a strong commitment to social responsibility. Many of these businesses have been operating for generations, and they have developed strong relationships with their customers, suppliers, and employees.
Family businesses also have unique advantages over other types of businesses, such as a strong sense of commitment and loyalty, a long-term perspective, and a deep understanding of the local market. These advantages have helped many family businesses in India to succeed and thrive over the years.
Overall, business houses and family businesses have played a crucial role in the economic development of India, and they will likely continue to do so in the future. Their contribution to the country's growth and development cannot be overstated, and they will undoubtedly play an essential role in shaping the country's economic future.
CONTEMPORARY ROLE MODELS IN INDIAN BUSINESS
There are several contemporary role models in Indian business, including:
Mukesh Ambani: He is the chairman and largest shareholder of Reliance Industries, one of the largest conglomerates in India, with interests in energy, petrochemicals, textiles, telecommunications, and retail.
Ratan Tata: He is the chairman emeritus of Tata Sons, the holding company of the Tata Group, one of India's largest and oldest conglomerates with diverse interests in automobiles, steel, hospitality, and technology.
Kiran Mazumdar-Shaw: She is the founder and executive chairman of Biocon, a biotechnology company that develops and manufactures drugs for diseases such as cancer and diabetes. She is also a prominent philanthropist.
Narayana Murthy: He is the co-founder of Infosys, one of India's largest software companies. He is known for his emphasis on innovation, integrity, and corporate social responsibility.
Azim Premji: He is the founder of Wipro, a leading IT services company in India. He is also a noted philanthropist, having donated a significant portion of his wealth to education and social causes.
These individuals have not only achieved remarkable success in their respective fields but have also contributed to the growth and development of the Indian economy, as well as society at large.
CONFLICT IN FAMILY BUSINESS AND ITS RESOLUTION
Conflict is a common occurrence in family businesses, and if not managed effectively, it can lead to significant challenges, including reduced productivity, declining business performance, and damaged relationships. Here are some steps that can be taken to resolve conflicts in a family business:
Acknowledge the conflict: The first step towards resolving conflict in a family business is acknowledging its existence. It is important to recognize the root cause of the conflict and communicate openly with all parties involved.
Establish ground rules: Establishing ground rules and creating a safe environment for communication is essential to resolving conflicts in a family business. This includes listening actively, speaking respectfully, and avoiding personal attacks.
Bring in a neutral third party: A neutral third party, such as a mediator or an advisor, can help facilitate discussions and find common ground between conflicting parties.
Focus on the issues: It is essential to focus on the issues at hand and avoid getting sidetracked by personal conflicts or differences. This includes discussing specific issues, finding common goals, and identifying potential solutions.
Seek legal advice: In some cases, conflicts in a family business may require legal intervention. Seeking legal advice can help to resolve conflicts and protect the interests of all parties involved.
Develop a plan: Once a resolution has been reached, it is important to develop a plan to implement it. This includes outlining specific steps, identifying roles and responsibilities, and setting timelines for completion.
In summary, resolving conflicts in a family business requires open communication, active listening, and a focus on the issues at hand. By taking a collaborative approach and seeking outside assistance if necessary, family businesses can successfully resolve conflicts and strengthen relationships.
INITIATIVES OF GOVERNMENT OF INDIA TO PROMOTE ENTREPRENEURSHIP
The Government of India has launched several initiatives to promote entrepreneurship and create a favorable environment for startups in the country. Some of the major initiatives include:
Startup India: Launched in 2016, the Startup India initiative aims to promote the startup ecosystem in India by providing various benefits such as tax exemptions, self-certification, and a single-window clearance system for startups.
Atal Innovation Mission (AIM): Launched in 2016, AIM aims to promote a culture of innovation and entrepreneurship among students, researchers, and startups. Under this initiative, the government provides funding, mentorship, and other support to startups and innovators.
Pradhan Mantri Mudra Yojana: Launched in 2015, this scheme provides loans up to Rs. 10 lakhs to small businesses and startups without any collateral. The scheme aims to promote the growth of small businesses and startups.
Standup India: Launched in 2016, this initiative aims to promote entrepreneurship among women and minorities by providing them with loans and other support to start their businesses.
Digital India: Launched in 2015, this initiative aims to promote the use of digital technology in India. This initiative has created opportunities for entrepreneurs in the technology sector, such as mobile application development and e-commerce.
Atal Innovation Mission (AIM): Launched in 2016, this initiative aims to promote innovation and entrepreneurship among students in India. Under this initiative, the government provides funding, mentorship, and other support to student innovators and entrepreneurs.
Skill India: Launched in 2015, this initiative aims to provide skill training to the youth of India to increase their employability and promote entrepreneurship. This initiative provides training in various sectors, including manufacturing, hospitality, and healthcare.
National Entrepreneurship Awards: These awards recognize and honor outstanding entrepreneurs who have contributed to the growth of the Indian economy. The awards are given in various categories, including social entrepreneurship, innovation, and micro-enterprise.
MSME Sambandh: This is an online portal launched by the government in 2020 to provide a platform for MSMEs to interact with various government agencies. This initiative aims to promote ease of doing business and provide support to MSMEs in the country.
Overall, these initiatives by the Government of India aim to create a favorable environment for entrepreneurship and provide support to entrepreneurs to start and grow their businesses.
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