Topic: family

: day3 278 wordsIn the development of the world’s enterprises, family business always has a very important role and the succession problem is also related with the development of the family business deeply. So the succession problem is always the hot topic among the management scholars. How to deal with succession in family business issues will be directly related to the continuing operations of organizations. Nowadays, Indian family businesses enter the peak time of succession. Analysis of the current economic environment and companies’ situation, and making a suitable model for Indian family business is very useful.Even though succession in family business is understood to have influence on long term performance, many family businesses lack clear design and systematic procedure for implementation (Fang, 2015), which is the reason few family business survive beyond first generation. According to some data it is found that only 30% of family business makes to second generation while 10-15% makes it to the third generation. Not only succession but family business faces other major problems like sibling rivalry, internal family conflicts, biased decision making, imbalance between family and business issues. This thesis will consist of five parts. The first part will introduce the main objectives of the thesis. The second part tries to introduce and define the family business. The third part will compare between foreign family business and Indian family business. The last part will define succession and discuss the succession situation and problem in India, then will give a suitable succession model and my own suggestions.This study will try fill to the gap by collecting and analyzing data and make suggestions as most of the Indian family business have less experience on succession.Research methodology:day4 490 wordsBusiness research method can be defined as a systematic process of data collection, compilation, analysis and implication related to organizational problems (Bajpai, 2011). According to Herbst and Coldwell (2004), the two types of research methods are: the quantitative research method and the qualitative research method. Quantitative research method is systematic process of noticeable phenomena through statistical, computational and mathematical techniques. Quantitative data is data which is in numerical form i.e. statistics, percentage, etc. In other words, quantitative research mainly examines relationship between numerically measured factors with use of statistical techniques. The researcher examines the data with help of statistics and expects that number will yield an unbiased result which can be applied to general population. Results can be compared to other data as the outcome is straight forward. Findings of quantitative research are usually easy to present, summarize, compare and generalize as compare to qualitative research method. Although quantitative research gives people fast and simple way to test large group, it also has drawbacks. While researcher has to sample large population, he has to gain access to that population which is costly as well as time consuming. Apart from that data recorded is difficult to put into structure and some useful information may be disregarded while utilizing that data. Sometimes individual wants to share more information, but quantitative research does not allow in-depth study of behavior and attitude, so researcher may not be able to ask detailed question and get hand on that information.Qualitative data collection comes from open-ended question. It collects data in a different way. While quantitative research lies on statistics, qualitative research refers to meaning, characteristics, definition, symbols, metaphor and description. Qualitative research method allows individual to be themselves by asking open-ended questions rather than asking question with specific answers. The main advantage that qualitative data has is it incorporates human experience, as human experience causes to see same event in two different ways it becomes possible to incorporate the complexity of this type of data into conclusion. Qualitative research method is flexible as it seeks authentic data and emotional response as it does not follow any rigid structure and it is cost efficient. However, there are some limitations to qualitative research method. Qualitative research creates data with questionable value as the data collected is based on different perspectives which sometimes even lead researcher to disagree. It is difficult to replicate the result as it based on individual perspective which my change from time to time. And it is time consuming.This thesis will be using mix methodology as the topic requires deep research and accurate data analysis. For the primary data, research strategy chosen is survey method as it fastest and economical way of data collection. Open ended question as well as specific answer based question will be used in questionnaire. For secondary data we will mostly rely on articles, journals and online sources. By using these methods we can make full advantage of resource. Research techniques: day5 259 wordsAs we need to gather all relevant data on our topic we will be using mix method for data collection. For primary data we will use survey method for collecting data as it can be used in both quantitative as well as qualitative studies. We will be collecting data by forwarding questionnaire to individual who are already part of family business and individuals who are planning to join family business in future. Our focus will be on world’s two major economies i.e. USA and China, and Indian economy, as author belongs from India. This data collection method is beneficial as it will help us to collect detailed and appropriate data, from the individuals already part of family business and get reflection of individuals who are planning to join family business. By comparing data from countries with diverse culture we will get more useful information which can be useful for Indian family business as it still lack knowledge in succession planning. However, it might be a little difficult task to collect data from different countries as there will be no physical presence while collecting data and it may take more time than expected.For further research we will depend on secondary data as it can help with to gain more knowledge and make familiar about topic. Secondary data will be obtained from different sources like business journals, books, internet, etc. This data can be considered as a reliable source as it is based on research already done. Gathering of this data is simple and economical as compared to primary data. Data description: day6Validity and reliability:day7 Difficulties: day 8Timescale: day9Budgetary issues:day 10 Appendix:day11