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What Makes The Current Times So Great For Family Businesses ?


wealthymattersA commonly cited statistic is that only 30% of family businesses make it through the second generation, 10-15% through the third, and 3-5% through the fourth.

Now for some perspective : How many businesses of any kind are still around after the equivalent of three or four generations? A study of 25,000 publicly traded companies from 1950 to 2009 found that, on average, they lasted around 15 years, or not even through one generation!  In this context, family businesses look pretty enduring,don’t they?

In the hyper competition of the Fourth Industrial Age, family businesses have innate strengths over others forms of ownership, especially public companies. In the Second and Third Industrial Age, businesses had access to vast opportunities, which meant that winning strategies revolved primarily around size. Public companies had a clear advantage while raising massive capital. But firms today are no longer looking at endless opportunities. Instead, they have to struggle for their very survival in an intensely competitive world of slower growth and more frequent economic crises. Read more of this post

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Ratan Tata On Talent


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The Best Areas To Make Money


Wealthymatters,comWhen you are next on the lookout for a new way to make money,fetch a paper and draw the Venn Diagram to the left.

Next introspect to fill up the various sets and subsets.

Talk to family,friends,colleagues and mentors,if possible, to fill in what you might have missed.

Then pick what looks like the most productive avenues to focus your effort on.

Rank them as per your preference and start on the first.

Persist till you have a sustainable break.

Continue to work in this line till you want to  try something new.

 

The Perfect Guru


Mentors and gurus,we all need them to shine.But picking the right teacher is really very important.The Indian Cricket Team has not always been fortunate in its coaches.To have followed their history, is to know how a bad teacher can squish the best talent in the world.Teaching is oh so much more than imparting knowledge,instilling discipline and creating perfection.In fact, trying to mould every student to fit some abstract idea of “perfect” is probably the best recipe for killing talent.I hope this article from the the ‘Mumbai Mirror’ helps you pick a good mentor.The red ink is all mine.

There’s only one way to coach

Ashish Magotra

wealthymatters.com

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