enterprenuership(amity)

7/28/2019 enterprenuership(amity)

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AIBS

The NATURE and IMPORTANCE of ENTREPRENEUR


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AIBS

Entreprendre

(derived from French word)

which means to initiate or undertake

The word entrepreneur is approx. 180 years old, having come into English from French in 1828


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AIBSEntrepreneur is a Person, who is IPS

I - Ability to initiate and Innovate

P - Can generate Profit and

S - Total work is dedicated to Society

Businessman

Politician

Director of any Institute

Employees

You


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AIBSEntrepreneurship: A Mindset

Entrepreneurship is more than the mere creation of business:

Seeking opportunities

Taking risks beyond security

Having the tenacity to push an idea through to reality

Entrepreneurship is an integrated concept that permeates an

individuals business in an innovative manner.


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AIBS

Its a development by which aPerson

can be converted to an

Entrepreneur

May be by their own by others or both

Most complex phenomenon (Not a set of rules)

with many factors like

i) psychological, ii) family imbibes,iii) qualification, iv) parental occupation,

v) his standing etc.

It reflects; how to work?

What is Entrepreneurial Development?


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AIBSWhat is Entrepreneurship?

Socio-economical activities;

how an entrepreneurtakes things (qualities & characteristics) in his

nature, team and organization i.e. enterprise.

It is a process; how he works?

That means it is in between an Entrepreneur and Enterprise

and if we combine all,,,


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AIBS

Person

Entrepreneur

Enterprise

Entrepreneurial

Development

Entrepreneurship

Any Human Being

(but human are

unique and critical)Has own thinking,

working style and

reaction after

receiving.

Ability to initiate

and innovate for

profit concernwith optimism,

hardwork, analysis

and

administration.

Work is dedicated

to the society.

An object, to be

achieved by a team

(for the growth of

all) in Growth,

Development and

Support phases.

Led by

Entrepreneur with

Clear and StableVision.

Most complex

phenomenon (Not a

set of rules) with

many factors like

psychological,

family imbibes,

qualification,

parental

occupation. Itreflects; how to

work?

Socio-economical

activities; how an

entrepreneur takes

things in his nature,

team andorganization. It is a

process; how he

works?


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AIBS

An Integrative Model of Entrepreneurial Inputs

and Outcomes


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Traditional Definition of Entrepreneurship

Risk Taker Founder

Innovator

Capitalist

Scoundrel

Born not Learned

Some Views of Entrepreneurship

Francis A. Walker (1876) - the new captains of industry as the principals agents ofproduction and industrial process.

Joseph Schumpter (1934) - the entrepreneur is the man who gets new thingsdone.

Peter F. Drucker (1964) - maximization of opportunities is a meaningful, indeed aprecise, definition of the entrepreneurial job. It implies that effectiveness rather

than efficiency is essential in business. The pertinent question is not how to dothings right but how to find the right things to do, and to concentrate resources andefforts on them.

William Baumol (1968) - he is the individual who exercises what in the businessliterature is called leadership

Albert Shapero (1975) - a kind of behavior that includes: 1) initiative taking, 2) theorganizing or reorganizing of social / economic mechanisms to turn resources andsituations to practical account, 3) the acceptance of risk of failure. A major resourceutilized by the entrepreneur is himself.

Note 1


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Myth 1: Entrepreneurs Are Doers (who does something), Not Thinkers

Myth 2: Entrepreneurs Are Born, Not Made

Myth 3: Entrepreneurs Are Always Inventors

Myth 4: Entrepreneurs Are Academic and Social Misfits

Myth 5: Entrepreneurs Must Fit the Profile Myth 6: All Entrepreneurs Need Is Money

Myth 7: All Entrepreneurs Need Is Luck

Myth 8: Ignorance Is Bliss For Entrepreneurs

Myth 9: Entrepreneurs Seek Success But Experience High Failure Rates

Myth 10: Entrepreneurs Are Extreme Risk Takers (Gamblers)

Note 2: The Myths of Entrepreneurship


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AIBSThe INDIVIDUAL ENTREPRENEUR


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AIBS

Why Entrepreneurship

YOU

Your Family

SOCIETY

Country

Why to become Entrepreneur?


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AIBSFor You

own organization work for yourself total satisfactionhigh motivation secured future charm for life

family business support to family social attribute

For Society

employment opportunities in India

develop the entrepreneurial culture among the business community

augment national GDP and improve BOP

migration of qualified people to other country for employment.Prevent people to indulge in anti social activities and thereby lead to crime.


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AIBS

THINK ABOUT

YOU

Your Family

SOCIETY

Country

MOTIVATION

Employee

PromotionIncrement

Facility

Entrepreneur

SuccessCharm

Self Actualization

Reality

Dream


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AIBSBefore We Proceed further

Know About

How He/She has to MOVE

How His/Her Business has to MOVE


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AIBS

IdentifyingEntrepreneurial Opportunity

Turning Idea into action

Feasibility study

Resourcing

Setting up an Enterprise

Manage the Enterprise

Growth and Development

Regular Feedback

Functions

of

Entrepreneur

How He/She has to MOVE


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Introduction Stage Growth Stage Maturity Stage Decline stage

Sales

Profit

Environmental

Law Regulations Competitive forces

Economic Condition Technological Changes

Organizational

Objectives Purchase Policy

Resources Centre Buying Structure

Individual

Age Income Personality

Job Status Education Level

Interpersonal

Co-operation Emotional

Conflict Power Relationships

How His/Her Business has to MOVE


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AIBSQualities of Entrepreneur

What do YOU think!!!

Remember At-least THREE

Which All NEXT


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AIBSQualities All Together

Clear Vision

Optimistic Proactive

Ability to take work Stable Well Informed

Love of Success Hardworking Risk Taker

General Awareness Determinant Decision Maker

Administrative Ability Public Relation Flexible

Analytical Leadership Ability to diverse

Innovative Realistic

Good Memory


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AIBS

In the

beginning

Innovative

Love of Success

Hardworking

Risk Taker

General

Awareness

Optimistic

Proactive

Ability to

take work

Stable

Well Informed

Determinant

Decision Maker

Administrative

Ability

Clear Vision

Public Relation

Analytical

Flexible

Leadership

Ability to

diverse

Good Memory

Long Long

Time

Long

Time

In Middle

Stage

Business

Qualities of an Entrepreneur


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AIBSVideo Case and Discussion

Next

Entrepreneurship: Evolutionary DevelopmentRevolutionary Impact

Online Marketing at Travelocity

http://college.hmco.com/business/video/travelocity.wmv


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AIBS

Case Study and Discussion


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AIBS

The ENTREPRENEURIAL and INTRAPRENEURIAL MIND


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AIBS

Entrepreneur Vs Intrapreneur Vs Manager


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AIBS

Entrepreneur You know!!!

Who is Intrapreneur?

Entrepreneur within an existing organization is INTRAPRENEUR

??? in a non-intraprenerial oriented organization is MANAGER

Who is Manager???


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Intrapreneur(counter part of entrepreneur), meaning

"a person within a large corporation who takes direct responsibilityfor turning an idea into a profitable finished product

through assertive risk-taking and innovation."

Manager(first step into management career), meaning

a person responsible forplanning and directing the work

of a group of individuals, monitoring theirwork, and taking

corrective actionwhen necessary.


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AIBSManager Entrepreneur Intrapreneur

Primary motives Promotion and other traditional

corporate rewards, such as office,

staff and power

Independence,

opportunity to create,

and money

Independence and ability

to advance in the

corporate rewards.

Time orientation Short term meeting quotes andbudgets, weekly, monthly,

quarterly, and the annual planning

horizon.

Survival and achieving 5to 10 years growth of

business.

Between entrepreneurialand traditional managers.

Activity Delegates and supervises more

than direct involvement

Direct involvement Direct involvement more

than delegation

Risk Careful Moderate risk taker Moderate risk taker

Status Concerned about status symbols Not concerned aboutstatus symbols

Not concerned abouttraditional status symbols

desires independence

Failure and

mistakes

Tries to avoid mistakes and

surprises

Deals with mistakes and

failures

Attempts to hide risky

projects from view until

ready

Decisions Usually agrees with those in upper

management positions

Follows dream with

decisions

Able to get others to

agree to help achieve

dream

Who serves Others Self and customers Self, customers, and

sponsors

Family history Family members worked for large

organizations

Entrepreneurial small

business, professional,

or farm background

Entrepreneurial small

business, professional, or

farm background

Relation with

others

Hierarchy as basic relationship Transactions and deal

making as basicrelationship

Transactions within

hierarchy


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AIBS

Mindset / Thinking of 1. Entrepreneur 2. Intrapreneur 3. Manager

Yes Man

Yes Man

Entrepreneur Leader (Prime)

Intrapreneur (Asset to Prime)

Manager (Employee)

Above illustration is only for Gap Understanding


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AIBS

Entrepreneur Creativity

Intrapreneur Creativity (with limitation) and Efficiency

Manager Efficiency

Thinking

Entrepreneur Designing a new dishes with ingredients already in hand

Intrapreneur Cooking a dishes with some innovative change

Manager Cooking a dishes with pre-specified ingredients and methods


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AIBSEntrepreneur - X

Entrepreneur Thinking

Creativity

Innovation

Plan your Business

Entrepreneur -Y

Generation of IDEA


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AIBS

CREATIVITY and the BUSINESS IDEA


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AIBSEntrepreneur - X

Entrepreneur Thinking

Creativity

Innovation

Plan your Business

Entrepreneur -Y

Generation of IDEA

Repeat


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AIBSEntrepreneurial Thinking

Individual Thinking

(critical)

Entrepreneurial Thinking

(focused)

Group Thinking


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AIBS

Individual Thinking

Egoistic

Optimistic Pessimistic

Emotional Realistic

Vicious & Aggressive

Dominating

Depending upon various factors


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AIBS

Individual

Thinking

Parallel

Thinking

You Alone You in a Group


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Unstructured thinking process is unfocussed without structure or strategy.

As individuals we are used to this and develop our own habits unconsciously.

Sometimes these are effective, other times not.

What is certain is that when thinking in a group these

individual strategies will not tend to converge.

As a result, discussion will tend not to converge

due to the factors and reasons discussed in previous slides.

Parallel thinking is associated with a means for groups to think

together more effectively, and a means to plan thinking processes

in a detailed and cohesive way.

Individual Vs Parallel thinking


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Neutrality (White)

considering purely what information is available, what are the facts?

Feeling (Red)

instinctive gut reaction or statements of emotional feeling (but not any justification)

Negative Judgment (Black)

logic applied to identifying flaws or barriers, seeking mismatch

Positive Judgment (Yellow)

logic applied to identifying benefits, seeking harmony

Creative thinking (Green)

statements of provocation and investigation, seeing where a thought goes

Process control (Blue)

thinking about thinking


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AIBS


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AIBS

Blue Hat - The Agenda of the Meeting is ABC.

- What are your submissions

White Hat - Total sales of this product is XYZ p.a.

- Our sales data is two years old

Red Hat - Promotion of this product doesn't appeal to me.- I'd like to do that but I feel uncertain about it.

- I'm frustrated that we have let the situation get this bad!

Black Hat - We will be facing strong competition in that market- We might not be able to make it cheaply enough

for our customers to buy it

- There is a risk that new legislation will make this

market unattractive


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Yellow Hat - That would be useful in market X

- This approach will make our operations more efficient

- We could use our existing distribution channels for thisproduct

Green Hat - What if we provided it for free?

- Could we achieve it using technology X instead?

- How would someone from profession X view this

Blue Hat - We'll follow this program of thinking to start the day

does everyone agree?

- OK time to move on to some yellow hat thinking

- Stop there - you are getting into debate. lets do some

- I think we need to revisit our objectives, I'm not sure

that they are right in light of our work so far


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AIBS

Problem Solving

Something happens which creates a problem. For eg. performance drops.

We need to find out what caused the problem

and then figure out ways to fix the problem.

The objective is to get performance back to where it should be.

For Example: A production line has an established run rate of 1000

books per hour. All of a sudden the run rate drops to 839 books per hour.

Something happened, we don't know what problem caused the production

rate to drop

by 161 books per hour. We need to find out and fix the problemso we can get back to producing 1000 books per hour.

Problem solving is focused on closing this performance gap.


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AIBS

Creative Problem Solving

The objective is to find ways to create new levels of performance

that we haven't reached before.

For Example: We routinely produce 1000 books per hour on ourproduction line. In this example creative problem solving could be directed at:

finding ways to produce 1500 books per hour;

finding other ways to use the production line;

finding ways to reduce the cost to run the production line, etc.


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AIBSWhat is Creativity

It is an essential part of innovation and invention and is important in professions

such as business, economics, architecture, industrial design, graphic design,advertising, mathematics, music, art, science and engineering, and teaching.

Creativity is a mental and social process involving the generation of

new ideas or concepts.


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AIBS

Innovation is the process of both generatingand

applying such creative ideas in some specific context.

Then what is Innovation???

creativity by individuals and teams is a starting pointforinnovation;but innovation is the entire process by which an organization generates

new ideas and convert them usefully in

commercial products, services and business practices.

It results

Introduction of a Product/ services in the Market


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AIBS

Case Study and Discussion


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AIBS

Business Idea

Innovation,

which is feasible to apply or practice and

through which profit can be generated.

Business Idea is to be adapted only if it is feasible.

Feasible means, feasibility in all directions

Financial Economical TechnicalMarketing Man Power Socially

Legally Industrial Value Chain


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AIBS

Sources of New Idea

1. Consumers

2. Existing Product and Services

3. Distribution Channels

4. Government

5. Research and Development


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AIBSMethods of Generating Ideas

Focus Groups

Group of individuals providing information in a structured format

Brain Storming

A group method for obtaining new ideas and solutions

Problem Inventory Analysis

A method for obtaining new idea and solution by

focusing in problem (s)


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AIBS

BUSINESS PLAN


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AIBS

Idea Generation

Feasibility Study

Business Plan

Final Project Report


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AIBSWhat is a Feasibility Study?

A feasibility study is an analysis of the viability of an IDEA through a

disciplined and documented process of thinking through the idea from its

logical beginning to its logical end.

A feasibility study provides an INVESTIGATING function that helps answer

Should we proceed with the proposed project idea? Is it a viable business

venture?

A feasibility study should be conducted to determine the viability of an ideaBEFORE proceeding with the development of a business.


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AIBSWhat is a Business Plan?

A Business Plan summarizes the PLAN OF ACTION after a course of

action has been determined through the Feasibility Study

A Business Plan provides a Planning function

A Business Plan outlines the actions needed to take the proposal

from idea to reality

A Business Plan tells How your business will be created and Why it

will be successful

A Business Plan provides a road map for strategic planning


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AIBSWhy do a Feasibility Study?

Provide a thorough examination of all issues and assessment ofprobability of business success

Give focus to the project and outline alternatives

Narrow business alternatives

Surface new opportunities through the investigative process

Identify reasons NOT to proceed

Enhance the probability of success by addressing and mitigating

factors early on that could affect the project

Provide quality information for decision making

Help to increase investment in the company

Provide documentation that the business venture was thoroughly

investigated

Help in securing funding from lending institutions and other monetary

sources


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AIBSWhat is included in a Feasibility Study Report?

A feasibility study report should be completed in all respectivemanners, containing detailed analysis of all best possible factors ondate.

Operational Feasibility

Will it work? how?

Technical Feasibility

Can it be built? how?

Marketing Feasibility

Can we market the product? how?

Economic Feasibility

Will it make economic sense if it works and is built? how?

Will it generate profits? how?

Financial Feasibility

How to arrange required fund?


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AIBSWhat is included in a Business Plan?

A Business Plan should be brief, concise & straight to the point. Main

Requirements May Include

Industry Description

Market Size

Customer Base

Competitive Advantage

Business Location

Three years of Financial Projections

Monthly Tracking of First Year Financials

Management Experience and Profile

Personal Statement of Affairs

Other Sources of Cash, if any


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AIBSFeasibility Study Vs. Business Plan

Feasibility study (after idea generation) answers the bottom linequestionIs this venture going to make money?

Feasibility study outlines and analyzes several alternatives or methods of

achieving business success.

Feasibility study is conducted before a business plan.

Business plan is prepared only after the venture has been deemed to be

feasible.

Business plan deals with only one alternative or scenario that is

determined to be the best alternative.

Business plan considers the management sidegoals and objectives of

the planned business venture.


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AIBS

Contents of Business Plan


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AIBS

Feasibility Study

Business Plan

Starting the Venture

Success Failure

Quality work of

feasibility study and

business plan

PoorGood


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AIBS

ENTREPRENEURIAL FINANCE


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AIBS

Venture capital

Long term equity finance

Investing as opposed to banks who lend

Looking for high gains

Accepting high risks

Can be involved in management of the invested firm

Venture capital investment is illiquid

Str ct re of VCs


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AIBSStructure of VCs

Mostly funds

Charge about 2% + success fee

Also companies

Limited partnerships


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AIBSVC : Advantages

Entrepreneurs point of view

No fixed expense of debt servicing

Financial flexibility

Sharing of risk

Value added investing

Attracting talent

Networking with service providers/suppliers

Accessing markets

Enhanced credibility with lenders


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AIBS

VC : DisadvantagesEntrepreneurs point of view

Dilution of shareholding

Increased 3rd

party governance Increased controls

Increased commitment to stated strategy


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AIBS

Types of VC

Early stage financing

Seed capital or pre-start up or R&D

Start up financing

Second round financing

Later stage financing

Expansion

Replacement

Turnaround


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AIBS

Valuation exerciseEntrepreneur Vs Venture capitalist

1. Get rid of scamsters

2. Hygiene factors beware of things that can shut down a business

3. Growth & industry considerations4. Due diligence

- Physical evaluation

- Calling in the experts

5. Monetize value


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AIBS

Agreement particulars(between Entrepreneur and VC)

Amount and terms of investment.

Dividend policy.

Composition of the board of directors.

Reporting - management reports, monthly accounts, annual budgets. Liquidity (exit) plans.

Rights of sale

Warranties.

Matters requiring venture capitalist approval


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AIBS

Problems

Locating players

Concerns regarding exchange of info

Larger companies look equally attractive with lesser risk

Even listed securities are giving great returns

AIBS


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AIBS

Financial Institutes

Banks

AIBS


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AIBS

Note 1: How Banks cover risks

Collateral (Security/ Guarantee)

Internal incl. a/c receivable

External

Personal guarantees Debt covenants (Agreement/ Contract)

Short maturity debt


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AIBS


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AIBS

Remember !!! Cash is king

Can result form unplanned success

Is usually due to lack of planning or tardiness incollections

Dissatisfaction among suppliers Higher costs

Lower quality

Dissatisfied (worried) employees

High bad debts migration of customers

AIBS


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AIBS

Discussion in the Class Room/ Assignments

1. Break-Even Analysis

2. RGUMY

3. Credit Guarantee Scheme

4. Credit Guarantee Fund Trust for Micro and Small Enterprises

5. Financing through Banks to Entrepreneurs


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AIBS


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AIBSNetworking How to maintain?

1. Diary (Most Important)

2. Electronic Diary3. Software with PC/ Laptop

4. Social Websites

5. Phone Contacts

6. Emails Addresses

Categories

1. Business Wise

2. Alphabetically

3. Place/ City

4. Closeness5. Utilities


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AIBSDisadvantages


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AIBSDisadvantages

Existing bad reputation is now yours

Equipment may be outdated

You may end up paying high

Location may stink

Contractual relationships may be unfavourable

You inherit bad employees

The business / industry may be dying

AIBSH t P d???


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AIBSHow to Proceed???

Visit the business

Visit again

Find out why is the owner selling

Go to competitors, customers, suppliers


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AIBS

Valuation


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AIBS

Asset appraisal Replacement value

Market value

Book value

Future earning capitalization

Adding a continuing value of the firm to it

Purchase could be by Assets purchasing or Stocks purchasing

AIBS


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AIBS

Buying a Franchise

AIBS

Advantages


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AIBS

Reduction of risk

Turnkey operations

Standardized products and systems Standardized finance & a/c systems

Collective buying power

Supervision & consulting readily available

National & local advertising

Point-of-sale advertising Uniform packaging

Ongoing R & D

Financial assistance??????

Site selection guidance

Obviously.an established Brand

Sales and marketing assistance

Training

Assistance to acquire certifications

AIBSIt t i ti t


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AIBSItems to investigate

Is the product / industry growing, stable or on the decline

Local demographics

Traffic / city planning variables (in case of retail outlets)

AIBSInvestigate the franchisor


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Investigate the franchisor

Market share of franchisor

Market share growth

Reputation of franchisor

How long has it been in business

Lawsuits (particularly from franchisees)

Structure of company

AIBSN t 1 A k b t th f hi


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Note 1: Ask about other franchisees

How many are there

Where are they located

What is the average topline /

bottomline Failure rate

Current expansion plans

Any guaranteed territories

Master franchisees

AIBSNote 2: Ask other franchisees


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Note 2: Ask other franchisees

Is it a good deal? Why / why not?

What is the real profit

Relationship with franchisor

Are you happy with the support What is lacking

Competition

Seasonality of business

AIBS

What to keep in mind


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What goods & services are to be bought from franchisor - optional?alternatives?

Training and its costs On-site management help and its cost

Franchise fee fixed / floating / installments

Royalty payments

Ongoing charges for advertising

Other fees (site location fee, accounting fee, upgrade fee)

What fees are refundable and when (while opting out)

Legal / arbitration clauses

Actual cost of starting operations

Can you sell your franchise

Will the franchisor repurchase it

Renewal rights after franchise expires Options on new franchises being offered

Right to transfer to children etc

Restrictions on setting up competing businesses now or later

AIBS


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EXITING a BUSINESS

AIBS


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Discussion in the Class Room

1. PLC

2. ILC

3. BCG Matrix

AIBS


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Retrenchment Strategies

May be required when,,,

Poor Management

Fund ProblemsMaking

Obsolescence

Unfeasible improvements

Level of Competition

Local Environment

AIBS


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1. Turnaround

Contraction Stop the Bleeding

Consolidation Minimize Overheads(Admin, Factory, WH, SR and Transportation)

2. Captive

to become captive company to other profit making companies

3. Sellout/ Divestment

Fully/ Partially

4. Bankruptcy/ Liquidation

Role of SICA/ BIFR

AIBSNote: SICA (Sick Industrial Companies Act)


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Committee of Experts (Chairman: Shri T. Tiwari),

Objective to examine and recommend about remedies for industrial sickness.

Based upon the recommendations, GOI introduced special legislation,

Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986)

commonly known as the SICA.

Main objective of SICA is to determine sickness and expedite

the revival of potentially viable units or closure of unviable units

In continuation,The Board of experts named the

Board for Industrial and Financial Reconstruction (BIFR)

was set up in January, 1987 and functional

with effect from 15th May 1987.

Appellate Authority for Industrial and Financial Reconstruction

(AAIRFR) was constituted in April 1987.

Besides public and private sectors,

Government companies were brought under the purview of SICA in 1991

AIBS


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FAMILY BUSINESS

AIBSEntrepreneur - Professional


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Entrepreneur Professional

Entrepreneurship Professionalism

AIBS

L ki f ? P i i i !


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Entrepreneur Professional

Skill Money

Quality

Time

Looking for? Priorities!

AIBSMajor Need to go for consultants and outside professionals


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Major Need to go for consultants and outside professionals

1. Clients educational foundation is inadequate

2. Focusing on board-related issues only

3. Failure to manage expectations

4. Difficulties in driving the process5. Lacking skills to manage client resistance

6. Dual relationships (Family and Business)

7. Lacking in Various business needs

8. Lagging achievements

AIBSChallenge to Professionals


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Promotion of new identity and character

What actions professionals take? What people care about?

What we offer them? What breakdowns we resolve?

social responsibility, user centered, avoiding responsibility

Exchange of knowledge

Developing certification criteria, codes of ethics, accreditation standardsand disciplinary actions.

Introducing guides such as codifying teaching method and providing

guide on safe and reliable software.

Ensuring professional practice along side conceptual principles

Providing standards of professional competence at various levels

Learning and connecting professionals with customers

AIBSImportance of Professionals


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It is specially in family business.

It is more in demand in medium to large scale organization.

Time is much important.

Only expert domain is required.

Most competitive and intense environment.

AIBS


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Elements of Family Business

1. Family

2. Ownership

3. Management

A. What is a family?

B. What do you mean by ownership?

C. Who are the people in management?

AIBSThese three elements are related as,


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Ownership

FamilyManagement

AIBS

Life Cycle in Family Business


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Ownership

FamilyManagement

Owners Life Cycle

Families Life CycleFirms Life Cycle

Industry Life CycleEmployees Life Cycle

AIBSWith Goals of these elements,

Core in between


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Corporate Goals Personal Goals(owners)

Family Goals

Leadership

CultureBoards of Directors

Life Cycles

Processes

Ethics

AIBS

Board of Directors


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Ownership

FamilyManagement

Board

of

Directors

Selection and Authority

Potential Participation

AIBSNote 1. Requirement in family business


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Understanding and respect for leadership: a willingness to be led; aproblem-solving mentality.

A respect for individual differences and for freedom of choice.

A willingness to seek help outside the family.

A sense of responsibility for family matters.

A respect for different generations without either needing the approval of theother.

A strong tradition of moral and ethical values.

A shared vision.

AIBSNote 2. Requirement of family success


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A Family Community -- a roundtable to be seen and heard.

Understanding that maintaining a family is hard work, and a commitment toall family members to do it.

Straightforward communication.

Consensus.

A sense of responsibility for family matters.

A respect for different generations without either needing the approval of theother.

A strong tradition of moral and ethical values.

A shared vision.

AIBS


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Thank You

AIBS


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enterprenuership(amity)

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