Q1. What are the biggest, problems, tensions, paradoxes & blocks that your family business faces?
Ans. My family’s business is Real Estate Development and I have seen many problems and tensions our business has faced throughout the years. Some of these issues are –
1) Generation Gap- Mindset of older generation and younger generation in the family often doesn’t match. Older generation want to usually stick to their old methods and ideologies while the new generation wants change and is much more dynamic. To get a balance between the two is very important. For eg. My father and my brother don’t always have the same ideas and approach towards different tasks in business which often leads to a lot of confusion and chaos.
2) Burden to include family members in the business- It can be hard to deny family members when they want to become a part of your business even they lack experience and basic skills.
Q2. What is the type and 'situation' of your family business?
The type of my family business is “Simple Business, Simple Family” . So basically in this type of business the successor’s role is clear and unchallenged, siblings do not get involved and the family’s commitment and heritage contribute to the firm’s success. Business like this are fairy focused, with a concentrated family structure . Only a few family members are involved , the business is not very diversified or complex .
