WHY WOMEN WANT TO ENTRE INTO FAMILY BUSINESS?
Dr. Babli Dhiman*, **Ms. Harvinder Kaur**,
* Assistant Professor, Dept. of Management, Lovely Professional University, Phagwara. **Student MPhil, Lovely Professional University, Phagwara.
ABSTRACT The rate of women entry in family businesses is increasing in recent years. Therefore this paper is an attempt to know the motivating and influencing factors behind the rapid entry of women in family business. Keeping this aspect in mind this paper is divided into three parts. Part one represents introduction, review of literature, research methodology and objectives of the study. Part two review the reasons behind the women entry into family business. This paper includes qualitative analysis and convenient sampling technique has been used. This study is based on information obtained from primary sources which includes 125 female respondents working in their family businesses which are taken from the selected cities of Punjab state in Northern India. Final analysis includes ranking for the factors which motivates women to enter into family business and the topmost factors are that today’s women want decision making freedom (76%), feeling of proud while telling others that, they are part of family business (72.8%) and upliftment of their family status (72%) due to their skills. Final and third part includes conclusion of the study. Key words: Entry, Family business, Women, Reasons
INTRODUCTION Family firms are the most common form of business structure; they employ many millions of people and generate a considerable amount of the world‟s wealth. A family business is a company owned, controlled, and operated by members of one or several families. Many companies that are now publicly held were founded as family businesses. Many family businesses have non-family members as employees, but, particularly in smaller companies, the top positions may be allocated to family members. The story of every successful family business starts with someone who has the passion, confidence and courage to put his money where his mouth is. Entrepreneurs are typically creative over-achievers; they can see opportunities where others might not. They are incredibly hard, make things happen, are positive without being unrealistic and possess the resourcefulness to overcome all sorts of hurdles. They are socially adept, capable of communicating effectively and good at inspiring others. The most important areas of concern for the success of family businesses appear to be the ten dimensions as listed in Figure 1. These are all interrelated, such as between succession planning and conflict resolution and ownership structure. It is the synergy created by the interactions and reinforcements of these dimensions that help family businesses to perpetuate. While this needs empirical validation as the most important of many dimensions there does not seem to be any dispute on their relevance. These could be called them the Ten Commandments of Family Business.
ZENITH International Journal of Business Economics & Management Research Vol.1 Issue 1, Oct 2011, ISSN 2249 8826 Online available at http://zenithresearch.org.in/
Compensation & Rewards for family
Recruitment and reward of non-family professionals
Retirement and Estate planning Business Induction & Grooming
Family vision, strategy & governance Business vision, strategy & governance
Preserving wealth Conflict Resolution mechanism
Figure 1: Ten Commandments of Family Business
Family business part discusses about what family business is. Many different definitions about family business were provided but main idea is remain similar. According to John L. Ward (1987) the company...