Dr Subhash Chandra Show: Do family-run businesses work better than professionally-run enterprises?

This edition of The Dr Subhash Chandra Show discusses the pros and cons of both family-run and professionally-run businesses. Several medium and small industry entrepreneurs shared their experiences about starting a business and the ways in which they took it forward.

Those who owned a family business expressed concerns about taking risks, wondering if a person outside the family would be able to carry their vision forward and the apprehension of handing over your own baby to someone else. 

The counter arguments included those that pointed out that if one wanted to climb new heights, your business had to be professionally run and managed. 

Encouraging the concept of taking risks, Dr Chandra talked about getting rid of the fear of losing. "Fear is what keeps dragging a person back," he said. He added that expanding one's business requires a lot of help from people. "If you employ experts, and people who have a good grasp and knowledge about the field, you will be able to expand faster," he said. 

If it's a family-run enterprise, it is important that there is a good conflict resolution mechanism system in place, Dr Chandra said.

Watch the full episode here: