Family Managed Businesses must cash on the present day opportunities

The past one and a half decades including the present times are the best ever for the ‘Family Managed Businesses’ said the management expert, Prof. Parimal Merchant. He spoke at the one-day management workshop, “Managing for Success – Understanding Business Reality”,organized by the Jaipur Chapter of FICCI Ladies Organization (FLO) along with the Economic Times and Kishori Sarees for the FLO members, students as well as others. Prof. Merchant categorically stated that if such businesses did not take the opportunities freely available currently they would miss the bus.

Dwelling further Prof. Merchant, who is also the Director of Centre of Family Managed Business in the S.P. Jain Institute of Management & Research in Mumbai, said that the 2003 book ‘The World is Flat’ by the economist Thomas L. Friedman changed the very concept of expansion of small time businesses to becoming multinational conglomerates. Earlier, the Prof. also threw light on how the management skills can be honed for their businesses. With majority of participants being women, he urged them to show their entrepreneurial skills by setting up their own businesses and managing them professionally. He also cited examples of success stories of small family businesses which had become big time multinationals.