Emergnce Of Indian Family Businesses:
India has age old tradition and glorious history of family owned businesses. Infact, Indian Family owned businesses practice had flourished throughout different era’s, but slowly and gradually changing its nature and structure over the period. During the early days, barter of commodities in exchange of commodities / services, trading and money lending was done in bazaars through shops, madies (markets), owned and confined to a few communities across India regions, perceived to be money minded. They were also called Seth’s or Sahukaars (the rich). Certain community specialised in trade activities and known since ages to be super perfect in business were Baniyas / Marwaries and they are found in nearly every business across the length and breadth of Indian Territory.
Such families still dominantly control majority of the businesses. Almost 90% of the businesses in India – whether SMEs or large conglomerates, are still owned, controlled and managed by families. India ranks third in terms of the numbers of the family owned businesses. More than 50% of the top performing businesses in Asia, excluding Japan is from India. Large corporate business houses like TATAs, Ambanis, Godrej, Bajaj, Hindujas, Ruias, Mittlas, Thapars, Adanis, Birlas, Jindals, Mahindras, Wadia’s and many more are still controlled by the respective families, where the role of family patriarch is very important and respected, which is quite similar to the Emperor Model in a family business.