The culture of my family and family business is quite traditional and is enriched with Indian values. The decision-making goes according to age and is not based on capabilities or knowledge. The stakeholder theory can be used to understand the working of the business here as the wealth from the business goes under the owner, who in this case is the eldest capable member of the household. The language used in conversations both official and unofficial is Hindi, with a touch of English and other regional languages depending on the situation.
The purpose and value of my family business can be observed in the assessment of experience, values, respect, and integrity. As mentioned by R&D, in output innovation that the main source of innovation in the family business is the experience which leads to its respect and obedience towards elders of the family resulting in them being at top of the power index. The value of being respectful towards all workers belonging to any region or state as well plays an integral role in our business as it creates unity and a system working on trust, respect, and faith. In the future when the business will be transferred to me I believe I will adhere to the same sentiments and values with a touch of modernization and a few operational changes.
I do think that some of the management changes I envision are not acceptable to my father which can be a reason for conflict (attachment to legacy), but I believe I will handle the conflict with clear communication, acceptance, and love eliminating it at the very beginning.
The degree of trust between every relative is plainly appeared through the fruitful advancement of the business thought and its procedure arrangement. In addition the qualities are reflected in the business culture by the administration of contention between the representatives of the business .