Study on family business in India

Abstract

A family business is said to be a business in which a family controls the company through acomprehensible majority of the ownership, this family leads the management team, and the council of thefamily perceives the business to be a family firm.There has to be the urge to risk running one?s own business, to undertake an entrepreneurial venture,manage it efficiently and paternalize it to be termed as a successful family business; the coexistence ofthese 3 ideologies summarizes the system. A balance between ties within and across the familyboundaries is mandatory if the business has to stay viable.