Shri Ajay Kumar Aggrawal from DIGJAM, Shri Arvindbhai Patel from Hibond Cement, Shri Rahilbhai Pujara from Poojara Telecom, Shri Sureshbhai Sompura from Aristone Ceramic also graced the event and shared their views.
Shri Ajay Thakur, Head, MSME and Start-up, Bombay Stock Exchange, Mumbai elucidated that the focus should always be on value creation. "A business should be given to a person who has abilities and capabilities, and sometimes few employers should also be given some equity after knowing their skills. A business should be focused on sustainability. Family should have a mechanism of transparency so that the business goes smoothly," Mr. Thakur said.
In concluding reflections from media, Mr. Onkareshwar Pandey, Founder, Commonwealth Thought Leaders Forum, quoted “Write something worth reading, or do something worth writing." He said that the time calls for Family businesses to adopt Data-Driven Digital Leadership and corporate governance culture with family feelings.
The conference consisted of two plenary sessions in addition to inaugural and valedictory sessions.
The Plenary session I on 'Leading Family Business for Generational Success & Sustainability' was chaired by Prof. Pankaj Gupta (online) and moderated by Dr. Vishal Khasgiwala.
Dr. Ernst Von Kimakowitz, Co-founder, Humanistic Management Network, Switzerland, explained the principle of having the right rationality between profit and loss. He also explained the need for long term orientation in terms of what a business will be doing in the next 30 years.
Dr. Sheenu Jain (Head of Entrepreneurship and Innovation at IIHMR University, Jaipur emphasized the topic of women’s role growing through the prism of a family business.
Dr. Baisali Mitra, Entrepreneurship Development Institute of India, Ahmedabad unfolded the context of sustainable business rooted in mindset and attitude, women in a family business, the digital divide of the country, and language activism.
Shri Bharatbhai Vaghela, a well known Builder & Hotelier, said that business should be done with the purpose to generate employment. He mentioned that a large business can also start with humble beginning.
Shri Sureshbhai Sompura, owner of Aristone Ceramics (Anchor Sanitaryware), suggested being flexible when doing something new.
Dr. Nilesh Kalani said that transparency should be followed in a family business.
The second Plenary Session continued with the same topic, 'Leading Family Business for Generational Success & Sustainability'.
Moderating the session, Shri Pooran Chandra Pandey, Board Member, UN Food program India, mentioned Japanese ethics regarding family businesses "One has to combine both intelligence and ability and take it to the next generation's business mindsets," Mr. Pandey added.
Ambassador Anup K Mudgal, India's former High Commissioner to Mauritius, who joined online, in his keynote address said that family businesses have proven successful globally in all business verticals including agriculture, manufacturing, hospitality, transport, construction, or even health care.
Prof Christian Hauser, University of Applied Sciences, Chur, Switzerland shared his experience of family business. He touched upon a sensitive idea of nepotism in the context of merit-driven leadership promotion in family businesses.
Shri Grinij Haria from Impetus prolific Pvt Ltd., and Prof Rajeev Sharma from Entrepreneurship Development Institute of India-Ahmedabad discussed the ongoing scenario of the family businesses.
Dr. Pallavi Aggarwal, Incubation and Entrepreneurship consultant, Shri Grinij Haria from Impetus prolific Pvt ltd., and Prof Rajeev Sharma from Entrepreneurship Development Institute of India- Ahmedabad discussed the ongoing scenario of the family businesses.
The Valedictory Session of the conference was presided by Dr. Sheela Ramachandran, Pro-Chancellor, Atmiya University. Prof Sheela Ramachandran thanked everyone for participating and encouraged the conference team to take next steps in driving the family businesses linked sustainability interventions in the regions.
"Sustained family businesses have indicated that most of them have demonstrated charity and service to society. Family business should be promoted for the betterment of society," added Prof. Sheela Ramachandran.
Chief-Guest Prof. (Dr.) Mette Morsing, Head, Principles for Responsible Management Education (PRME) Secretariat, UN Global Compact, New York quoted, “if you want to change a business, you must change how business is taught. The environment should be preserved with the help of SDGs, and business should be taken care of by keeping these all things in mind."
She further said, "Management education should also be emphasized for greater sustainability performance of businesses. Action is superior to talk, talk drives action. A family business develops cultures of high trust with familiarity with co-workers and a much more strong culture."
Dr. Divyang Vyas (Dean, Transformative Academics, Atmiya University) welcomed the guests at Valedictory Session. Dr Vyas emphasized that being in a region with a strong entrepreneur intent, one can see the strong roots of a family business, their good practices and their contribution to society.
Prof. Divyang Tivari, Conference Secretary, presented the Conference Report. Dr. Ashish Kothari, Dy. Registrar, Atmiya University thanked everyone for their valuable presentations.