Longstanding family conflict can bring a family business to its knees. It saps energy and happiness and holds back the business from functioning optimally. The first step in resolving longstanding conflict is recognizing that the consequences of avoiding an issue are worse than the emotional discomfort of discussing it. Let us look at an example of a family that succeeded…
Female entrepreneurs are continuously making their space in the world of business by accepting new challenges each day and are achieving great success. As per the non-profit corporation Catalyst, females hold at most 6 percent of CEO posts in the S&P 500. However, that percentage bounces considerably when we look at eCommerce, as Amazon data firm Jungle Scout reports that 32 percent of the sellers are females.…
Family businesses are not only “the backbone of the Indian economy,” but also tend to perform better than nonfamily companies during economic crises. But what happens when the founders decide to retire and hand over the reins to a new generation? For many family businesses, that involves one of the most complex processes and generates the most challenges. The following…
Starting a business is a great achievement for all entrepreneurs, but sustaining one is the bigger challenge. There are a number of standard challenges each business faces, regardless of their size. These comprise of things like employing the right people, developing a client base, building a brand, etc. However, there are a few which are strictly small and medium sized business…
To thrive, all businesses require a certain range of skills. There will be many different responsibilities upon you if you are an owner of a small business. You will realize that eventually you are better and worse at some roles than others. At some point in time in your business, these skills must be refurbished and improved. It is quite…
When negotiation conditions are unambiguous and clear, recent research discloses some gender differences in the possibilities of initiating a negotiation. For instance, one might not expect men to be more probable than women to start a negotiation for a supplier agreement or a customer contract. However, when the aptness of negotiating is not so clear—as is mostly the case for negotiating visibility,…
Combining the PoSH Act with a company’s framework and rules for abidance is only half of the work done to produce a more protected workplace for females. Taking actions to ensure and implement women’s safety in the workplace is the real and constructive solution. Furnishing infrastructural amenities such as upgraded surveillance for security, female cab drivers, late-night shuttle service, are…
In this age in India, we can proclaim proudly that women entrepreneurs in our country is not an uncertain phenomenon. While Indra Nooyi, Kiran Mazumdar Shaw, and the likes paved path for women to step forward and conformed their spots in the boardrooms, a couple of decades ago, women in our country have adopted entrepreneurship in small and medium scale…
Women’s Day is a worldwide celebration of women around the world. This is a global occasion decided by the UN and is celebrated every year on 8th March. Although, it’s celebrated more wholeheartedly in different countries due to many technological, cultural, as well as sexist reasons, it is quite a crucial part of the feminist as well as women’s rights…
Most family-owned business owners put off their succession planning because they don’t want to think about their retirement, disability or death, however, business succession planning should be a priority in every family owned business. A family owned business owner’s decision to eventually retire is not as simple as no longer going to the office. Key questions need to be answered…