Business Quote by Jaggi Vasudev
“I think family businesses are still crucial for India's economy, but they need to professionalize. For young entrepreneurs, too, family should play a significant part.”
About This Quote
Source Speech: Economic Outlook, 2021
Family businesses remain vital for India, but must modernize; they should also involve young entrepreneurs.
In simple terms: Family firms need professionalization and youth involvement.
Key Takeaway
Modernize and mentor in family enterprises.
Themes
economy
family business
modernization
Mood
strategic
optimistic
Type
business
inspirational
When to use this quote
- entrepreneurship
- policy making
- business strategy
Key Concepts
professionalization
generational transition
Questions to Reflect On
- How can family firms adopt modern practices?
- What role should youth play in traditional businesses?
A Different Perspective
Resistance to change can stall growth.
![“[S]ometimes, when you are a food person, the possible irrelevance of what you are doing doesn’t cross your mind until it’s too late. (Once, for example, when I was just starting out in the food business, I was hired by the caper people to develop a lot of recipes using capers, and it was weeks of…” quote by Nora Ephron](https://sms4smile.com/quotes/img-quotes/d79/nora-ephron-1217_business_s-ometimes-when-you-are-a-food-person-th_980.jpg)
![“If the State does not acquire supremacy over [vast private] enterprises, it becomes their puppet, and they become the real State.” quote by Bertrand Russell](https://sms4smile.com/quotes/img-quotes/bad/bertrand-russell-69_acquire_if-the-state-does-not-acquire-supremacy_1379.jpg)
