Harmony in family business

Abstract

Family business is India’s proudest institution, symbolizing courage and common sense, energy and enterprise, aspiration, and adventurousness(Business Today, 1998). In India, with its historic spiritual and cultural value system, they play a hugely important role – it is estimated that up to 90 per cent of Indian Businesses are Family Controlled. With Indians benefitting from a centuries-old innate sense of the enduring worth of the family business sector, a good starting point for this section is to examine some important early sources of Indian trade & commerce. There are many family businesses worldwide but Indian Family Businesses are irreplaceable and have their peculiar governing characteristics. With this notion, an attempt has been made to identify the level of harmony in family business. For this purpose, primary data has been collected through structured questionnaire using snow-ball sampling technique. A sample of 750 family business owners has been selected. The collected data have been analysed by employing simple percentage analysis, Correlation, Regression, Factor analysis. The results of the study indicate that, harmony in family business, prominently influence the level of satisfaction of the owners. Furthermore, there is definitely a relationship between the demographic variables and harmony in family business.