“Power is a result of competence and performance. The competitive and tough environment demands it. Family businesses, therefore, have to evolve. Many break out into smaller groups, bound by the desire to carry forward the legacy but also to develop their own business models and methods. Research demonstrates that less than 30% of family-run businesses survive into the third generation. I am generation number 5 of a 150-year-old business conglomerate. However, it is important to remain relevant at all times. Business models, strategies, processes, and ventures will continue to evolve with time. Carrying forward a legacy is important but disrupting legacy is vital”, says Manasi Kirloskar, Executive Director & CEO, Kirloskar Systems Ltd.
She was speaking at the BW Businessworld Young Entrepreneur Summit 2017 held in New Delhi last week. The dynamic young biz icon, Manasi Kirloskar had been invited as a key speaker at the prestigious summit and spoke eloquently on the subject “How difficult/easy it is to drive a successful family enterprise?”
The summit elicited an overwhelming response with stalwarts from various industries, members, and guests attending the daylong session.