Professionalism and Family Business Management the Synergy Leading Towards Business Excellence
Mayanka Sharma1, Manish Mundada2
1Dr. Mayanka Sharma, Professor and Research Head, SBIIMS, Pune, India.
2Prof. Manish Mundada, Founder President, SBIIMS, Pune, India.
Manuscript received on 20 March 2019 | Revised Manuscript received on 25 March 2019 | Manuscript published on 30 July 2019 | PP: 6549-6553 | Volume-8 Issue-2, July 2019 | Retrieval Number: B1098078219/19©BEIESP | DOI: 10.35940/ijrte.B1098.078219
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: If family businesses are praised for the expertise with technology and deeper knowledge about the markets, they are criticized for lack of professionalism in management. Business excellence models demand professionalism and strong leadership with a systematic analytical approach to business. This article posits that if family business owners can adopt professionalism they in fact would be in a commanding position in their business. They can forge a synergy, leveraging their domain expertise with the help of a professional approach and achieve sustained business excellence. The article evaluates this possibility of the family business owners-cum-managers adopting professionalism in order to achieve business excellence. It is based on a survey of 400 family business managers and this article presents the results of the survey that gathered relevant inputs in line with the objectives framed for the study.
Index words: Business Excellence, Family Business, Professionalism, Synergy
Scope of the Article: E-Business