What key challenges and problems your family, ownership and management faces?
Himalayan Food Park is a unit which manufactures a wide variety of Food products. It is a Private limited company . It came into existence ON 6TH APRIL 2018 IN Uttarakhand, INDIA. It is a cousin consortium owned by a group of cousins.
The problems faced in my family business are as follows;
family problems; The day to day impact on the family business is the physical and emotional faced among the members of the family
informal culture in my family business, a laid-back culture is a positive. However, the informal structure and culture found in my family businesses due to the lack of documentation, goals strategy and policies.
Pressure of hiring only family .It becomes difficult to resist the pressure that comes along with requests from family members who want to join the business. its especially complicated as they lack the basic skills and experience needed for the position.
Himalayan food park lacks training of it employees be it family members or not.
which famous Family business problems ,conflicts and issues you find most fascinating ?
ANS) in my family busies the conflicts mostly arise due to the lack of performance and also due to the lack of common set of values and beliefs which I find quite fascinating as it shows me how working as a team can be difficult in life.
what are the lessons learned from famous family business problems?
ANS) the lesson that I learned is that there is no easy business, also it is all about keeping healthy relationship.Its more important to build a culture than a company.
The conflict of performance in the family business is more complicated as the relationship with the members lacks authoritative power, this can be resolved with the help of counseling and meditation if seen at the higher level of management and the other solution can be the involvement of paradoxical conflict management via adaptation of practices such as more frequent meetings, selection of expertise in different areas and so on can help in the business as well.
Interesting but too descriptive to be of extra value to the community. At masters level @Tushika Chhabra,you are expected to pose questions rather than fall in to the undergrad routine of Q&A! You are required to demonstrate competences in understanding family business issues as paradoxes, with multiple options for action and intervention, rather than simply problems to solve! what thought provoking questions have you shared with the community?