During our Academic meetings and deliberations at one juncture I mentioned to all our Directors that we need to be aware of our economy around. In order to ensure that our students are adept at the conditions and business scenario in the country, I strongly recommend that we introduce a course on Family Constitution to all students. This thought also stemmed from the fact that almost 20% of our students during placements choose to opt for Entrepreneurship and take over their family business. Hence an awareness and Education in Family Constitution would certainly enable students succeed in this arena too.
Studying a few facts, the proportion of Family owned business are increasing year on year and account for a major portion of the GDP. Family controlled business have been thriving in Asia. However, it is important to also note that these Family Business face unique challenges. The challenges faced by the new generation in these businesses stems right from their attitude to value systems. But then it is inevitable that they join the business and grow if forward. Keeping the family together and also keeping the business together thus is a challenge. Right from an understanding of strategies and governance structures to strategic planning to roles and responsibilities to reinforcing bonding; Family Constitution as a course must cover all aspects.
The current economy is witness to so many cases of concern and challenges and could be used as case studies. The emerging generation will need to professionalize the family business and also sensitize themselves to the need of the business. At REVA we need to introduce this programme starting from creating road maps for entrepreneurial families to building awareness of business strategies to study of governance structure and understanding legacy. The course must focus on operational environments, capturing and retaining of uniqueness of a family business or organization to using case studies to ensuring best practices are shared.
Our Nextgen entrepreneurs need to be nurtured, groomed and educated and this onus lies on us. We need to instil in them a sense of confidence, cooperation and adaptation. Their creativity no doubt needs to be unleashed but at the same time they should be given the space to innovate and this is what REVA Family Constitution programme should envisage. I am sure with an academic team that is as strong as you, this cannot remain a dream, but will be reality in the months to come.
Dr. P Shyama Raju
Chancellor
REVA University
