Merits of family-run businesses discussed
“Spiritual and Social capitals are the foundation for the success of family-run businesses,” M.V. Subbiah, Chairman, National Skill Development Corporation and former Chairman of Murugappa Group said.
Speaking on the topic “Family Business – Enlarging the Circle of Trust,” at a meeting organised by the Salem Chapter of Confederation of Indian Industry (CII), here recently, Mr. Subbiah said that like everything in life there were two sides for every coin.
“The common perception of a family-controlled business was it is outdated, sluggish, beset by nepotism, family feuds and too little money.” But the other side was that family businesses were more profitable than the peers, more professional, more resilient and more apt to survive than their rivals.
He also highlighted the policies and processes that were needed to tackle different stages of the ownership in such business ventures.
He pointed out that the entrepreneur was the inventor, the developer and the promoter. “The man who initiates and recognises technical improvements and who succeeds in getting them introduced is the dynamic actor of capitalism and breaks away from tradition of creating an empire for his family members and capturing a paragraph in history books,” he said.
He mentioned that CII was the best organisation to help grow industry and was useful to enhance knowledge of creativity and innovation.
C. Valliappa, Chairman, Sona Group of Institutions said that there was no CII branch in Salem till recently even though it was one of the Tier-II cities in Tamil Nadu.
He said that the involvement of members was important to improve the development of the city with the help of CII.
Source: The Hindu