Family business is the oldest surviving economic system: President
Updated: Oct 30, 2015 01:02:14pm
New Delhi, Oct 30 (KNN) President Pranab Mukherjee at the presentation of a copy of the book, ‘Indian Family Business Mantras’ on Thursday said family and business have been interconnected since time immemorial.
While family is one of the oldest surviving social systems, family business is the oldest surviving economic system, he said.
On receiving the first copy of the book which has been co-authored by Peter Leach and Tatwamasi Dixit, the president appreciated their sincere attempt to educate and empower the community at large on how Indian family businesses function.
He said business history is witness to the fact that most countries have family businesses playing significant roles in the development of the economies in their respective countries.
Stressing that that Indian industry is largely dominated by family businesses, Mukherjee said family businesses have always been a matter of great curiosity as they are distinctively different from non-family businesses in their entrepreneurial, managerial and organisational structures, behaviours and styles, though they possess the fundamental qualities of growth which are inclusiveness, resilience, and sustainability.
Whether in India or elsewhere, there are no general remedies: every family business is unique, shaped by its own set of distinctive personalities, their concerns, objectives and relationships, as well as by a host of other personal and commercial characteristics, he added. (KNN Bureau)
While family is one of the oldest surviving social systems, family business is the oldest surviving economic system, he said.
On receiving the first copy of the book which has been co-authored by Peter Leach and Tatwamasi Dixit, the president appreciated their sincere attempt to educate and empower the community at large on how Indian family businesses function.
He said business history is witness to the fact that most countries have family businesses playing significant roles in the development of the economies in their respective countries.
Stressing that that Indian industry is largely dominated by family businesses, Mukherjee said family businesses have always been a matter of great curiosity as they are distinctively different from non-family businesses in their entrepreneurial, managerial and organisational structures, behaviours and styles, though they possess the fundamental qualities of growth which are inclusiveness, resilience, and sustainability.
Whether in India or elsewhere, there are no general remedies: every family business is unique, shaped by its own set of distinctive personalities, their concerns, objectives and relationships, as well as by a host of other personal and commercial characteristics, he added. (KNN Bureau)
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