INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1.Family business is not common in the Indian economy like elsewhere in the world
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2. Family business is a firm that is not closely identified with at least two generations of a family
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3. Family business in India never has had a mutual influence on company policy and on the interests and objectives of the family
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4. Family exercises control over family business in the form of ownership or in the form of management of the firm where family members are employed on key positions in India.
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Detailed explanation-1: -Ans: The distinct characteristics of family business include a major percentage of ownership, power over strategic decisions, voting control, participation of multiple generations and active management by family members.
Detailed explanation-2: -Since business families vary greatly in size and configuration, we need a way of categorizing them. Family businesses are often classified as (1) first generation or founder firms, (2) sibling ownership or partnership, or (3) family dynasty or cousin consortium.
Detailed explanation-3: -Real and visible owners. This means that the owners are not anonymous, and they tend to accept that this means greater accountability. The pursuit of both financial and non-financial goals. A concentrated governance structure. Innovative and entrepreneurial. 07-Jul-2020
Detailed explanation-4: -Tata Group – Founded in 1868 by Jamsetji Tata. TVS Group – Founded in 1911 by T V Sundaram Iyengar. Aditya Birla Group – Founded in 1857 by Shiv Narayan Birla. Kiroloskar Group – Founded in 1911 by Laxmanrao Kirloskar. Godrej Group – Founded in 1897 by Ardeshir Godrej and Pirojsha Burjorji Godrej. More items •03-Nov-2020