Like every other FB, there are some problems in my FB such as Succession problem, sibling partnership, women in business, etc.
1. Lack of women participation in Business
On average, women in India have merely 15 per cent in their family businesses, which is lower than the 21 per cent average of the world. In 25 per cent of the FBs in India, there is no representation of females on the board, while this average is 36 per cent on the global level. Only 4 per cent of Indian FBs have above half of their board, including females, which is much lower than 16 per cent worldwide (PwC India, 2019).
My family business is a family-first business that my grandfather started in 1950, and he succeeded his business to two sons. But our family business does not have any women representation in the earlier generation or the next generation. By incorporating women in my family business, I will help give good support and fresh ideas, skills, and capabilities to improve our business performance and productivity. Moreover, last year during the Covid-19 pandemic, I got an opportunity to work in my family business, which gave an opportunity that even the women of the family could contribute significantly to their business.
2.Succession Problem
My family business is a family-first business that my grandfather started in 1950, and he succeeded his business to two sons. But our family business does not have any women representation in the earlier generation or the next generation. By incorporating women in my family business, I will help give good support and fresh ideas, skills, and capabilities to improve our business performance and productivity. Moreover, last year during the Covid-19 pandemic, I got an opportunity to work in my family business, which gave an opportunity that even the women of the family could contribute significantly to their business.
Succession within FB is challenging partly due to several factors influencing the process internally due to family members and externally through the organization system