Family possessed organizations contribute 70% to 80% of the worldwide Gross Domestic Product (GDP). In India, around 85% of organizations are family-run organizations. India has a long drawn history of privately-owned companies, Tata, Birla, Reliance and Mahindra are the best models in this field. What are family-run organizations? This is essentially characterized as the business wherein at least two relatives are included and the responsibility for lies with the family.
The organizations have their own difficulties, one being the trouble in moving from the one-individual general administration way to deal with expert administration approach. A main magazine, The Economist, also has featured this issue. To address this, numerous B-schools in India are offering MBA/PGDM/BBA courses in Family Business which will prepare the future privately-owned company owners.
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