FICCI FLO organises a virtual panel discussion 'New Guard: Revamping Legacy Businesses'

LUCKNOW: FICCI FLO Lucknow organised a virtual panel discussion - New Guard: Revamping Legacy Businesses on 19th of January, 2021. Traditionally it was a given for children to walk the path set out by their parents and it was especially mandatory for the younger generation of business families to join the established family enterprise.

However, there are several changes that are taking place in family-run businesses globally and especially in India, affecting leadership, ownership, new venture creation, education levels and the nature and extent of involvement of women in the business.

A lot of these changes in family businesses stems from the aspirations, outlook and thinking of the next generation. Today, when scions of business families have access to the best of education worldwide and have international exposure and experience within their reach, this question of children returning to the fold and joining the family business has taken on phenomenal relevance. The eternal debate of working for someone else vs working for yourself and your family rages on in the minds of all parents and children belonging to a business background.

Young blood is crucial for a family business to keep abreast with changing times and dynamics.

However, being in business with your family as a second or third generation entrepreneur has its pros and cons and its unique set of challenges much of which was covered by the three speakers.

Virtual Panel Discussion:

Mr. Abhishek Mohan Gupta who joined his family business in 2008 after completing his education and holds the position of Joint Secretary at Jagran Social Welfare Society. As an additional responsibility, he is also the Pro Chancellor of Jagran Lakecity University, which is a State Private University promoted by the Society, and established in 2013.

He was conferred with the honour, ‘Edupreneur of the Year 2020’ at the National Summit on Women & Education Empowerment 2020. AsiaOne & PwC declared him one of the ‘50 Most Influential Indians Under 50 in Asia’ in 2017.

Mannan Bansal:

Mr. Mannan Bansal, who has transformed the supply chain management of the Liberty Shoes Ltd. Bringing it from 67% to approximately 97% efficiency to deliver the products Pan-India.

He is referred to as the Supply Chain Youth Icon Awardee. Also, he won the Demand Driven Supply Chain Application award by CNBC. He has also won the Young Entrepreneur Award among several others.

Ms. Vinati Saraf Mutreja is the CEO and Managing Director of Vinati Organic Limited.

Ms. Mutreja has been featured in Forbes Asia’s Businesswomen 2020 list. The World Economic Forum (WEF) named Ms. Mutreja as a Young Global Leader for 2020. Ms. Mutreja was also recently listed in The Economic Times annual “India’s Top 40 under 40” for 2019. She is also been awarded with the Outstanding Woman Business Leader of the Year by The Economic Times Family Business Awards 2019.

These stalwarts who have come back to the fold and transformed their age old family business spoke candidly with the Moderator, Mr Vinamra Agarwal, about the pros and cons and the challenges of being a second or third generation entrepreneur, about the life choices, their individual journeys and their future plans.

FICCI FLO Lucknow Chairperson

Talking about the event FICCI FLO Lucknow Chairperson, Mrs. Puja Garg said, " Given that a majority of our members belong to business families. This topic was especially relevant for us. We hope through this panel discussion we have been able to help many parents and even young students facing this dilemma".

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This event was attended by FLO members from all across the country and was aired live on facebook. It even saw participation from several colleges from Lucknow and Madhya Pradesh.

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