Mumbai, 28th February 2022: SKVM NMIMs organized a thought-provoking book talk on the 24th of February, titled “The 10 commandments of Family Business” with Dr. Kavil Ramachandran, Author, and Professor of Entrepreneurship (Practice) Senior Advisor, Thomas Schmidheiny Centre for Family Enterprise Indian School of Business.
A teacher by profession and an author by passion, Dr. Ravi has immaculately penned down the dynamics of the family business and the conflicts and competition one faces to sustain a small to medium sized self-managed business. The author drew anecdotal references from his past experience with the SME sector to explain why family businesses are known to have a low success rate and struggle to sustain in the long run. He then explains the fundamentals one must adhere, in order to create a profitable and sustainable business.
The session was moderated by Professor Seema Mahajan, Director, and Professor Mehek Kapoor, Assistant Professor (Business Environment & Strategy), Pravin Dalal School of Entrepreneurship & Management, who deep-dived into the current challenges that students and entrepreneurs face and ways to cope up.
Dr. Ravi not only addressed the overlooked and interlinked dimensions at small businesses but also touch based upon the local forces operating and dominating in a family-controlled environment. Throughout the session, the emphasis was on creating a fundamental distinction to drive business and to have a more hands-on approach vs the one leading with emotions.
When asked about the gender biasness that prevails in this sector, the author explains how slowly yet steadily the glass ceiling is breaking and that the world may soon start to witness the much-awaited diversity in the family run business.
About the Book:
The 10 commandments of Family Business is a book written on virtues that will enable self-managed businesses to grow and flourish. The author talks about 10 key commandments one must emphasise and apply while dealing in a family-controlled environment in lieu to establish and sustain their organizations. A distinct comparison has been drawn between a family and a non-family professional member and ways to overcome challenges by offering a variety of checklists and templates to deal with tough circumstances. The book ends with a conclusion note stating that the key to create a sustainable business is to ensure strong communication, corporate governance & performance. And these can only be achieved if the business commandments are well placed!
About SVKM’s NMIMS University:
Established in 1981, NMIMS is today recognized as a globally reputed university with strong industry linkages. It offers multiple disciplines across 8 campuses that consist of 17 specialized schools, more than 17000 full time students, and about 750 full-time faculty members, 10 faculty members with Fulbright Scholarship and Humboldt International Scholarship for post-doctoral researchers. The Shri Vile Parle Kelavani Mandal (SVKM) led the foundation stone of this esteemed university, with the aim to cater to the rising demand of management institutes in the country. It is known for its consistent academic quality and research-focused approach towards holistic education. SVKM’s NMIMS has been granted Category-I Deemed University status by Graded Autonomy Regulation 2018 by MHRD/UGC and NMIMS Mumbai Campus is NAAC accredited with a CGPA of 3.59.