The changing facet of family businesses in Raipur city: A gateway for development

It is usually said “It doesn't make sense to let traditions stand in the way of progress and change as Traditions have themselves evolved and changed over time”. This saying is proved by one of the oldest form of Business organizations i.e. Family businesses. It is an unusual business entity due to their concern for the long term over generations, their commitment to quality and their relation to their own family brand name. Family Business Constitute a substantial part of the existing business class cities like Raipur, the capital of C.G adding glory to the strength and dynamism of this developing city. This paper tries to explore the role of Entrepreneurial traits present in the current family businesses. It also tries to understand the common challenges posed and tackled in family businesses due to Liberalization. The second and third generation of many businesses is professionally and technically qualified to manage the family business with a new perspective and an Innovative touch but this paper tries to explore the changing perspective of the senior members towards these advancements.

In Raipur city around 52% of the employment generation is managed by the family business firms. The sample taken for study is 90 respondents belonging to Business class families of Raipur City which had first, second and third generation of businessmen. A set of 20 structured Questionnaire was given to the respondents and their responses were measured through a 5 point Likert Scale. The Analysis of the results was done as per the cumulative scores of the respondents on the Likert Scale. The period of study was 3 months.