Several textile unit owners in the region are second generation entrepreneurs, who have taken control of the family business in the recent years.
For them, there is a shift in the way businesses are being done. With Information and Communication technology, sharing of information on market and raw materials has gone up tremendously. There is a global connect in buying raw materials or selling products and this has thrown open several challenges.
Similarly, with advancement in technology, the operational efficiency of machinery has improved. So the focus has shifted to external risk factors. This requires involvement of experts and putting in place systems.
So, there is a change in mindset of the entrepreneurs. “They used to look inside the organisation. Now, it is look out,” says Prabhu Damodaran, secretary of Indian Texpreneurs Forum.
These entrepreneurs are looking at new markets, diversification, etc. They want to know more about systems that will take forward the family business. Open and structured discussion among business partners and family members is the need of the hour to avoid problems in the future, said one of the participants at a session organised by the forum recently on family business.
(reporting byM. Soundariya Preetha)
