Leaderships Lessons from great family business

Isn't it quite common to hear in Indian families or culture that my son or grandson will carry forward my destiny however this is the case in the Business as well. Do you ever know that leadership from great family businesses ratio is declining. On average  30% businesses last into the second generation, 12% businesses last till third generation and only 3% businesses last to the fourth generation which is occurring due to a lot of reasons.

The first important reason that is found out by the professors is that these businesses don't last long because of the changing CEO. However, it affects the business because everyone has a different perspective for doing business which brought that Italian auto group have gone through five CEO and three chairmen in the last two before bringing the outsider to lead it. This shutdown of family businesses is that after one generation the market value of shares of the business start declining by the average of 60% which is drawn by a Professor of Hong Kong where he took the data for 214 businesses for Taiwan, Hong Kong and Singapore. 

It has been seen that family businesses have a great effect on the overall global economy where a study explained that on average if a family business hires 60% employees and on a global level this employment increases to 78%. 

The problem faced by the people is that before entering into family business many things need to be taken into consideration for instance uncertainty about levels of autonomy, hidden agendas, lack of dynamism, and the potential for nepotism and irrational decisions.

 Good governance is an obvious first hurdle for family businesses that want to hire and keep the best people and compete successfully over the long term. Committing to sound decision-making and management practices is thus essential, whether a company is publicly traded, partly owned by professional investors (such as private equity firms), or completely under family ownership.

But the family business has its own benefits and disadvantages as well. For instance, there are Flexibility in working hours, commitment, stability and decreased cost benefits as well but it lacks Nepotism, conflicts in the family and many more. However, there are key considerations that should be kept in mind. 

While making succession planning for the family no conflict of the family should be mind because it's the biggest hurdle that disturbs a lot of business. While making planning it should be noted which business will grow or not ( means will it last up to three generations or not ) and one should prepare the strategy for different period of time.

                                                         - By Pooja

                                                                       (WIB Member)

 How Blockchain empowers Women in the Middle East

Across the globe, women have been sidelined with regards to funds and innovations, and the Center East is no exemption. Fortunately, things are changing, and the web is giving new freedoms to learning and incorporation.

Blockchain offers a clean canvas in the Center East: another industry where the standards have not yet been completely characterized and where ladies can reach out and make it their own when given the right devices.

It's a well-known fact that in spaces of the Middle East, ladies have undeniably less monetary independence in the public eye than men. A 2020 McKinsey report on "ladies at work" in the Middle East observed high disparities continue, most strikingly in legitimate security and monetary incorporation with countless ladies in the area remaining unbanked.

The circulation of information is more populist these days, as anybody with admittance to the web can figure out how to code or exchange. Decentralized money (DeFi) can assist with evening the odds with regards to ladies' accounts, eliminating the requirement for delegates and dependence on unified foundations that frequently neglect to protect their cash. Advanced monetary forms have been making advances in the Center East, with Dubai's first crypto posting happening this year, just as the Bank of Israel's preliminary of a computerized shekel. In creating markets, crypto offers residents a method for controlling their cash without depending on the overall difficulty or flourishing of their public economy.

In numerous spaces, women are inconsistent in both the eyes of society and the law, which is compounded by obvious biases in daily existence. Association for Monetary Co-activity and Improvement (OECD) discoveries show ladies make up most of the laborers in medical care and social administrations areas in the Center East and frequently assume the part of homemakers and parental figures.

Coronavirus, especially in developing business sectors, has intensified a generally existing sex lopsidedness, with ladies undeniably bound to encounter financial aftermath from the emergency because of their monetary status and callings. It is irregular characteristics like this that mirror the need for elective income streams and instructive pathways for women.

  - By Diksha

WIB Member

INDIAN ARMED FORCES NEARING TO GENDER INCLUSIVITY

 Nowadays , women are moving forward shoulder to shoulder with men but can you imagine that this is the case in every field ???

No, it's not, however, a lot of steps and changes are made by the government so that we can be closer to gender inclusivity.

In this article, the main focus will be on the INDIAN ARMED FORCES NEARING TO GENDER INCLUSIVITY. Isn't it quite surprising that 1.4 million of the population serves the country where the share of women in this field is just 3%?  In earlier times 1988 women were allowed in just medical services in the armed forces but with the time passage and finally in the year 1992 women can also join the armed forces like men to serve their country. In 2015, this year is considered to be "YEAR OF CHANGE FOR WOMEN " because due to this change now women can also take charge as "FIGHTER PILOTS" earlier which was just a male-dominated field where in 2020, the SUPREME COURT also made the change that women are also eligible for NDA and they can sit for this exam if they want to as if they don't do this then it will be considered as "gender discrimination " and it will be a violation of the fundamental rights. Despite all changes and developments, the growth rate was not very great however there could be many reasons for this :-

The first reason is that men are not ready to accept women as their commanding officers however it is taught during the training time of soldiers that follow rules and orders according to the rank of a soldier not the gender of the soldier.

The other supporters claim that women are neither physically nor psychologically fit for the combat forces however the employment of women in combat forces is a paramount issue in the present times .But we can't deny the fact of women contribution to the wars. In the Kargil war, Captain Yashica Tyagi , was five months pregnant at that time and still fought in the war as an ordnance base head. Many women created history in the armed forces . In an interview she said "she feels that the objections to women joining in combat positions are ridiculous. “Women don’t need to be mollycoddled, and I don’t believe this theory that men will not accept a woman’s leadership. I know from experience that if you deliver on your job, you will be as respected as I was. Yes, we need infrastructure improvements, but more than that, we need a mindset change. We cannot be caught in a zero-error syndrome in the case of women in the forces.”

So in the nutshell we can that mindset change of public and combatting officers is much required if Indian wants to come closer to gender inclusivity.

                                                                                                   - By Pooja

                                                                                                     WIB Member

 Progress of women in the world of business

What will happen if most women enter the world of business? 

Whenever we hear the word 'business, we think about the men! However, nowadays the way women are excelling themselves in business and the corporate sectors clearly shows their enthusiasm and courage to become self-employed women. 

Women have different ways to go to achieve parity in terms of entrepreneurship and access to funding. Today, women entrepreneurs play a huge role in the Indian economy as well as in the whole world. We have seen many times in the news about women's business for instance Kylie cosmetics, PepsiCo, Unilever where the woman’s role is incredible. 

 But sometimes this scenario is not well fitted in the context of developing countries because there are a lot of hurdles, restrictions, and challenges for women to grow and set up their businesses.

Therefore, Here we're going to understand how women build their regime in the private sector by facing innumerable struggles in life. few points which can help us to understand women's growth in the business world:

WOMEN'S PARTICIPATION IN BUSINESS:  Biggest Threat To Patriarchy? 

The world economy has grown steadily over the last decade, and there has been a parallel surge in the number of startups and new businesses in the country. A majority of these have been founded by men. During the fourth world conference on women, in Beijing United Nations have created a global platform for action on gender equality and women empowerment for the development of women's potential within society. 

The most important point in the conference was equitable participation by women in the economic activities of their respective countries. The region’s commitment to the goals laid down for equitable participation by women in economic activities has been consolidated in the light of these programs and platforms for action. Thus, each country has amended its legal framework and created institutions oriented towards the development and promotion of gender equity.

MAJOR CHANGES OVER RECENT DECADES

Women’s participation in the public world and the labor market, in particular, brought profound transformations in the labour market and educational attainments, declining female fertility rates, alterations in family relationships, and improved access to decision-making.

The growth in women’s labour force participation has repercussions for a country’s economic development. There is likewise evidence from several countries that a rise in incomes controlled by women has a strong effect on their families, as their spending is largely for their children’s benefit (World Bank, 2012).

The gap between men and women held steady at the global level until 2008 when it widened 

because of the international financial crisis. 

In Latin America and the Caribbean, female participation in the labour force has increased 

progressively and steadily, rising from 43.5% in 1992 to 49.6% in 2002 and 52.6% in 2012, while male participation dropped from 82.5% in 1992 to 80.3% in 2002 and 79.5% in 2012 (ILO, 2012). 

AN INSPIRATIONAL STORY: A WONDERFUL WOMEN INDRA NOOYI

"I'm not here to tell you what to eat"... 

(INDRA NOOYI) 

In her traditional Brahmin family in India, education was everything. That prepared her to flourish in corporate America and rise to become chief executive of PepsiCo.When Indra Nooyi stepped down as chief executive of PepsiCo last year, she was replaced by a man — and the ranks of female C.E.O.s further dwindled.

Rebellious child Indra Nooyi moved to America in 1978 to study at Yale University. While in India, she worked as a product manager with a couple of reputable firms. She has always been very determined and strategic towards her work. 

She shattered gender stereotypes and played a key role in PepsiCo(1994). 

She has also been named as one of the most powerful executives by many magazines and business publications. She has also been honored with the Padma Bhusan in 2007 by the government of India. 

• Nooyi was 42 years old when she became the fifth Chairman & Chief Executive Officer (CEO) of PepsiCo. 

• She currently serves as a member of the board of directors of Amazon. 

STATISTICS: Progress of women in the 

world of business

According to the National Association of Women Business Owners, there are a total of 12.3 million women-owned businesses in the US. Businesses run by women produce $1.8 trillion a year according to the Women’s Business Enterprise National Council. Another woman in business statistic from WBENC points out that 4 of every 10 US businesses are women-owned. 64% of the businesses started last year by women were started by women of color.  So, the growth of women-run businesses was driven by a majority of women of color starting small businesses. Women entrepreneurs running businesses 20 years ago, the number of women entrepreneurs running businesses today shows over 114% growth. According to Forbes, when private tech companies are run by women, they render a 35% higher return on investment than those run by men. 

         Hence, things are certainly better than they used to be, but there's still plenty of room for improvement. When it comes to confidence, women are still facing a lack of it. So as a woman we should stand with other women. To succeed as an entrepreneur it's important to make it as a leader and "believe you can do it and believe you can do it- even if you don't know how".

- By Surangana and Diksha

WIB Members

The presence of imposter phenomena in the workplace.

 WHAT IS THE IMPOSTER PHENOMENON?

Imposter syndrome in a general way is defined as doubting your abilities and feeling like a fraud. It felt as penetrating self-doubt, insecurity and the belief that any of your achievements or successes are due to luck or anything but not your abilities. It excessively influences high achieving people, who find it hard to accept their attainments. It makes them doubt their potential, many wonder whether they are even deserving or not. People suffering from imposter syndrome often be afraid of being unveiled as artifice.

SO CONCISELY PEOPLE BELIEVE THAT THEY ARE GETTING LUCKY RATHER THAN WORKING HARD FOR THEIR SUCCESS.

WHAT IS THE CAUSE OF IMPOSTER SYNDROME?

This may sound complex but imposter syndrome is a very common and not at all abnormal syndrome it can affect anyone but high-achieving individuals often experience it according to a website - OVER 70% OF PEOPLE WILL EXPERIENCE IMPOSTER SYNDROME at some point in their lives. 

Still according to some professionals imposter syndrome is likely the result of various factors including personality traits such as professionalism and perfectionism and also your background and family status it is most likely to be rooted in the families that value achievement above all. Self-doubt, the pressure to work hard and long, overachieving and overthinking can also contribute vastly. The studies have shown that the phenomenon is experienced by both genders equally.

HOW TO DEAL WITH IMPOSTER SYNDROME?

Regardless of job or social status imposter syndrome can affect anyone. Many experience symptoms for a limited time, while for some people it can even last lifelong. But there are some ways which might help to stop feeling like an imposter in the workplace. 

• Firstly, controlling your ability to overthinking might help miraculously.
• Separating what you feel from what you know for a matter of fact it doesn't have to be what it seems to be.
• Draw attention to the positive.
• Don't resolute over routine tasks and let off yourself when the unavoidable mistake happens.
• Develop a healthy response to failure and mistake making. 
• Envisioning success might also help. 

 - AFTER ALL, FAILURE IS SUCCESS IN PROGRESS

                                                                                               -- by Aditi 

                                                                                                  WIB Member

HOW TO CRACK BUSINESS AND CONSULTING INTERVIEWS?

In the broad sense, interviewing is the process whereby individuals exchange information. The individuals may be concerned with a job opening, a promotion, a special assignment, a product sale, information for intelligence purposes, a proposed merger, or other questions. The information exchanged need not be limited to facts. In business, particularly, such products of an interview as meaning and understanding are oftentimes more significant than objective factual statements. Let’s look at some tips for doing well in a management consulting firm case interview

Let's approach this as if it was a consulting interview question in itself and let's understand 

a) What They’re looking for and 

b) How we get there.

a) As with any other job interview, interviewers in management consulting are asking themselves three questions:

Would I like to work with this person?

Does this person have / can this person learn the skills?

Can this person be placed in front of a client?

b) So let's address all 3 of these:

Would I like to work with this person?

This is where your people skills will come in. You can have the best case interview answers of all time.

Does this person have / can this person learn the skills?

There is a good saying: "Hire attitude, train skills" - This doesn't mean that you can completely lack skills and get an offer, but it does allude to the fact that your skills need not be perfect the day that they hire you. They, however, expect that you will want to learn and grow within the company, so that in a short amount of time after you begin working, you will indeed have the necessary skills.

Can this person be placed in front of a client?

As a junior consultant, you will often spend your days analyzing analysis. However, if you work in a small company you will very early on be expected to be able to carry out your meetings with the client. That means that you will be placed in rooms with executives who are more experienced and more knowledgeable than you are. If you can't handle your nerves during a case interview, They can be pretty certain that you won't be able to handle your nerves when the client asks you a question you have no answer for. This is why it is important to stay cool, calm, and collected during your interview.

Put emphasis on how you present yourself. The way that you present yourself and the way you present the answers is the key. In technical questions, it’s important to think about how you can bring your answer from a logical standpoint and walk through your thinking and show how you’re getting to that answer. Now let’s look at some of the classic errors to be avoided 

# Do not assume your immediate surroundings as a sample to make guesstimates, sometimes it may not be the representative sample.

# Don’t let your personal bias come in the way. Look at facts in isolation from your own emotion. 

#Look beyond your socio-economic background. Look at the world from far wider angles, think about all possible points of view.

Lastly, it’s crucial to be in the right mental headspace on the interview day. This will hopefully allow you to speak in that conversational way, ask good and smart questions as they come up, and do it all with confidence. Now keeping the tips and tricks in mind enjoy answering this question

How many people in India visit drama theatres? What is its market size.?

 

                                                                                                                 - By Aditi and Naina

                                                                                                                     WIB Members

Should India normalize students having part-time jobs?

A part-time job is a mode of employment that carries fewer hours per week than a full-time job. Employees commonly work in shifts, normally fewer than 30 hours per week. Part-time employees receive the same employment entitlements as full-time workers. In recent years, the demand for part-time jobs among students has risen tremendously. Part-time jobs provide exposure and bring about personality enhancement for those students who wish to explore the world.

 

Let us talk about the pros and cons that students might face while working.

 

One of the huge benefits of working part-time is that you end up with a little bit more money in your pocket than your usual allowance. But in addition to that, you begin to appreciate the value of money a little more. Now it so happens that rather than just being provided the money to buy things that you might want or need, you start earning that money for yourself, and then maybe those sunglasses that were a thousand bucks don't look quite so appealing anymore when you have become conscious of the hours of work it took for you to gain that.

If you have a part-time role while you are studying, you will find that you will acquire plenty of significant soft skills like teamwork and time management. You can offer your initiative or an opinion. You will be working with people and that will certainly hone your interpersonal communication skills. But most of all, you will gain the confidence that if you can engage in part-time work then you can give your future employers or universities that you are applying to, some real-life examples of how you have shown some of those key skills and competencies that we all know that they are looking for. These non-academic skills are crucially important to not only them but also for you and the rest of your future.

 

An inconvenience that often so arises is the lack of accessibility for suitable jobs. To find an appropriate job that would be an asset to your CV, a little rummaging around the web is a must. However, the main difficulty that young people face is that their time management skills are put under pressure while trying to create a balance between work and school. But studies have shown that students who successfully work part-time are the most organized and juggling between academics and work builds up a character beneficial for their careers ahead.

 

According to a survey conducted in India, only 45% of the students opt for part-time jobs and only one-third of them are able to accomplish the undertaking whereas, in the west, we can see that it's well over 75%. There are many reasons for the unpopularity of part-time employment among students in our country and the following lines account for some of them.

 

1.      Almost 60% of India is rural which narrows down the opportunities by a considerable amount.

2.      The remaining 40% brimming with opportunities believe that the students are not competent enough to be working for their firms.

3.      The psychological barrier from families to provide undivided attention to academics while they subsidize their teenager’s fees as well as provide a monthly allowance for all their needs makes students very dependent.

4.      Students themselves do not see the potential experience they can gain as their individualism is being deprived of when most of their decisions are taken by others in the family.

5.      Employers do not seek students and refuse to give them work as they look for someone who will be a future asset to their company and not an unstable part-time student who would always be looking for better pay.

6.      The unvarying unemployment in India is leading to a lot of part-time jobs being taken up full-time by unwaged people.

 

India doesn’t encompass a mushrooming retail sector. Most of these retail stores are family-run corporations where they employ their kids for no pay. The blooming urbanized cities that provide for jobs however are not usually taken up by students owing to the disparaging attitude inculcated in them, preventing them from taking up odd jobs. Menial work is thought of as something reserved for a certain class of people. Whereas, for the same people, flipping burgers or working as a barista in other countries like the US and Japan isn’t something to be looked down upon. We grow up learning that education is the only path to a respectable and well-paid job. As a result, doing a part-time job is considered to be a distraction or a burden over and above studies. Moreover, they don’t find it necessary for the child to take up a job as the parents are earning and in some cases, earning plenty. In our culture, the people of our society, neighbors and relatives play a part in influencing our lives. Hence, they tend to misjudge part-time jobs as parents failing to provide for their children.

 

It is the need of the hour for India to start evolving towards a progressive country by uprooting the deep-seated archaic norms and start acknowledging the importance of letting their youths be more independent by taking up jobs to pay their bills or any extra expenses, being financially aware, socialize and network with experienced people and learn the pre-requisite of multi-tasking. Society needs to start encouraging students to contribute and form communities of their own. This can be initiated by an authorized change in the education system by the Government to incentivize volunteering, training, and internships. Right upon activation, perhaps it won’t be paid or have a lot of work for students to do. But getting the ball rolling will still provide the encouragement for students to socialize, teach them the value of community and give them an insight into the workings of the real world.

                                                                       

                                                                                                       -By Dikshita and Pooja

                                                                                                             WIB Members