Table of Contents
The study of this chapter will be helpful for reviewing of the literature focusing on the different aspects for understanding the differences among the motivating factors present within family business and commercial business in context with the real estate sector of India. Thus, the main emphasis of this chapter by the researcher will be provided towards understanding and gaining a clear understanding about the rates of financial literacy present within the family-led organization and the importance for obtaining appropriate training for the decision-making within this type of organizations of business. Followed by, emphasize would be given for understanding the various aspects especially in context with the financial aspects, which impacts the decision making of the family led business and the commercial business organizations in India. Therefore, India being a large and diversified country with numerous populations and individuals of different sections of the society resides despite their differences in religion, culture leading to affect the overall functioning of the country. Hence, the study will be discussing about the role played by emotion in business, the motivating factors of the business and the features of the family led organizations of business in context with India will be reviewed. The discussion will further include about the factors, which influences, motives and encourages the families in India for starting their own business. The presence of the4 column oriented organizational hierarchy, the presence of the real estate sectors of the country will be focused along with identification, and determining of the financial literacy and the SME of the non-family firms will be carried out. Thus, the completion of this literature review section is assumed to be providing relevant information for determining the differences present among the family led businesses and the commercial type business, which are functioning in India.
Decision making process is highly influenced by the presence of psychological aspects in an individual who in an employer of an organization and entrepreneur. The psychological aspects that are present in an individual that allows the decision making process to be carried out effective is based on emotions, past experiences, motivation, current condition, issues present and many others. These psychological aspects are important to be regulated and used effectively in rode to ensure productive development for the decision-making process especially in family led businesses or commercial businesses in real estate industry. According to Salzman and Zwinkels (2017), emotions plays a major role in the ways in which an individual is thinking and their behaviour is based on the identified psychological aspect. The emotions that are being felt based on the issue to the current situation is prevailing in an organisation leads to the intensity of the emotions to be maintained and influenced the decision making process.
The application or the role of emotion in the process of decision making especially in the financial decision making process is based on the three components is emotions. These components are subjective component based on the ways in which the emoticon gathered has been experienced in the past. There is a physiological component indicating the bodily reactions that are obtained from the emotion that has occurred and the expressive components that are based on the behaviour that is given as a response to the emotion that has been predicted for the developed situation or issue. As opined by Dunninget al. (2019), emotion of an employer in working in the real estate business is the most important factor that is being used in order to conduct the activities of effective marketing. Emotions are the key to many selling process that are used in the real estate industry irrespective of the type of real estate business it is. These employers or the customers gain effective experience based on the different types of emotions that are present in any human being. The emotions are mostly focused on hopefulness, interest of the customers, curiosity, excitement, inspiration obtained, low or high obsessive and dislocation. These emotions plays an important role in maintaining a positive outlook to the customer by the employers in order to ensure that they are being convinced effectively in making a certain purchase of real estate. The focus of the emotions is to bring in positivity in the decision making process that is to be taken into account while buying a property or selling it. The amount at which a property is bought or sold is based on the different past experiences that has been obtained by the individuals through the conduction of similar situations.
It has been noted that during the financial decision-making, the type of business is highly important to be noted in order to understand the impact of the emotion that would be caused on the business development process. In a family business, the emotions play a major role due to the involvement of most of the family members in the development of the business. The positive and the negative emotions create a major role in improving the current situation of the organisation through critical application of the emotion. On the other hand, Cheung et al.(2016)have stated that an emotion does not work effectively in making any decision in a commercial real estate business. This is because the major focus of the decision-making is to provide the company with productive strategies that would help in increasing the overall profit of the company and greater revenue generation.
Motivating factors refers to the criterion and the circumstances that are developed in an organisation or in an individual before the conduction of effective decision making especially in the financial structure. It has been noted that the motivational factors that influences the buying decision of any buyer or consumer is focused on the components like autonomy, personal growth, recognition, responsibility and the work or the situation that present. It has been noted that the motivation of an individual is highly influenced by the decision-making ability and vice-versa. According to Gliedt and Hoicka (2015), the role that is being played by a motivation in developing the decision making process is dwelled on the behaviour that has been projected by an individual during the course of the situation which is arriving in the organisations. One of the most important aspects that have been identified is the ways in which the employees of a real estate organisation are projecting the home or the property on the consumer. Whether the real estate organisations is a family business or any commercial organisations, the motto of the company is to bring in productivity through their productive decision making to be carried out by them in between any organisational activities that are to be carried out. It has been analysed that the motivation that is to be gained in order to conduct financial decision-making is based on the amount of profit that would be stationed for the decision to be made based on the financial implications present.
The major focus that should be maintained is the way in which the real estate property is being projected other customers. There are factors like storytelling, lifestyle that would be obtained for the property to be brought, the cultural preferences of the customers and the impression that is created by the property on the consumer through the sales person. However, in terms of developing decision-making process based on the motivation for the financial aspects of the organization, the role of the motivation factor differs from business to business as per the current stability that is present in the organizations productiveness. Previous experience with such radical decision-making also creates an impression on the motivation of the buyers to the employers to conduct any decision-making process. There is the requirement of maintaining the overall balance in between the company’s interest in the decision to be made and the interest of the customers at the same time needs to be served (Mera and Renaud, 2016).
Family business in India performs quite well if we consider the data for last 5 years. 74% growth in 12 months and 36% growth are aiming at an aggressive and quick way. Among the problematic areas to this development are, attract the right talent and skills, innovate, compliance with regulation, the requirement fornew technologies andretain key employees. In this context, we can discuss the impression of family businesses that have certain advantages overnon-family businesses. The advancement follows strong values, speed in effective decision making, motivation and right insight in the business (Weerakoon and Kodithuwakku, 2018). In India, the government recognizes the significance of family businesses; they have stated the involvement of finance. Along with that, provide incentives to the people for different start-ups become major aspect as well. It has seen that 70% of the family businesses in India have prerequisitemeasures in place to deal with family member conflict and issues. 4% of the businesses pass the appropriate ownership to further work to run the family work.
In India, the family businesses run from small mom and pop stores to large conglomerates with different interests. Many people have stepped outside their zone and start new businesses with innovation. It has also recognized that family businesses put a major contribution to the overall growth of the country. Following the geographical and economic aspect, the businesses in India take charge of the diverse innovative opinions of the family members and eventually run the business. The younger generation is quite attached to the new trends of technology along with social media communication so they can provide appropriate information about the market (Semrauet al. 2016). As the family members run the business so they maintain proper values and understanding in stating the perfect need of the business as well. Mitigating any kind of internal issues and manages to perform as a member of the family for the business effectively generates a major consideration for future work development. In India, the family businessescorrespond to the idea that hiring external people can be quite costly whereas the own family members can appropriate and do that work effectively (Janićijević, 2017). Appropriate freedom and decision making also help to provide major support in generating a substantial contribution to the development of the economy as a whole. The 2014’s business survey states that the family firms have taken a major forefront by engaging with successful and vibrant work procedure. Being highly entrepreneurial and ambitious, they are delivering fruitful result to the country’s overall progression (van Doornet al. 2017). Hence, the government is making more effort in these family businesses as well where the targeted support like access to capital, greater predictability, solving the tax issues and is being made. Furthermore, different families are learning about new skills to update their working plan and practices. They are also focusing on the publically listed corporations, to intake the idea of becoming more proactive, profitable and productive (Janićijević, 2017).
Indian family businesses are contributing largely to the development plan despite the current economic slowdown. The aggressive and quick development approaches and effectively process with the future goals state the effective foundation in this segment. The Indian families are quite optimistic about the mid and long run work prospect by finding relative advantage from the market (Broutheret al. 2015). The emerging-market along with its counterparts is creating major support in assessing the total sales growth for the business. From the report, it can be stated that over 90% of the family businesses are confident about their success and predicted growth in the future. The survey also reveals that about 56% of the family businesses continuously needinnovationin an effective business pathway so that large profitability can be gained. Keeping relevance with the changing business circumstances by formulating new strategies and goals also can generate supportive consideration in these criteria. Also, promote the culture through innovation and invest efficiently can permit great development and progression which is crucial to survival. In the family businesses, the different talents of people remain as a significant aspect for long term development (Goydke, 2017). Developing and monitoring of leaders and successors follows the high potential members for better development and growth of the business. The ability to survive in the market and generate major understanding related to business accuracy helps to mitigate several issues from the family businesses. With the advent of new technologies, family businesses concentrate on enhancing products and services for the customers through R&D. Focusing on the external market and incorporate government policies and procedures help to generate sustained work approaches for the domestic macroeconomic environment (Mani and Durand, 2019). In this aspect, the family businesses need to concentrate on the entry of the new business along with increased market competition, so that they can measure their performance. Family businesses by measuring its market can be extremely successful. The business encounters need to be appropriate so that they can be a trusted advisor, effectively deal with the solutions and create tailored ideas for the customers.
Family firms’ decision-making process is based on working towards the achievement of the same goals by the members of a family, which is owning the business. Family decision-making process helps in the provision of an environment that is based on the proper start turn of the family meeting carried out considering the framework used to structure the business. The decision making process that can be used or followed by the family business in real estate industry can be based on developing focus on the following:
In autocratic process of decision-making, the head member of the family business makes the final decision that is to be abided by the entire family and the employees who are working in the business firms. This is the form of decision-making that is carried out when there is lack of time present for the decision to be made. In this form of decision- making there is no sense of ownership present for the decisions being made if the individual lacks any saying or putting views on the decisions that has been made. This form of decision-making is more effective in order to get an instant decision to be present for the current situation that is arriving.
According to Barlett (2016), the process of democratic decision-making is more productive due to the involvement of views opened by all the individuals who are present in the organisation in the real estate industry. The decision making in such family firms are based on the consent of all the family members in terms of the financial decisions that are to be made. However, the decision making process is more effective in terms of the presence of minority groups and majority groups which are not agreeing to the views of one another. The decision that is made from the use of such process will be involving the decision of all the employees who are collectively working in the family firms besides the family members who are running the organisations.
This is the form of decision-making that is focused on the usage of effective information, which would allow successful development of the decisions based on the correct information obtained. As opined by (), the consensus decision-making is based on the knowledge that is being given to the employees and other individuals by enlightening them with both the negatives and the positive impact of the decision that is to be made. This form of decision-making is highly based on the fact that has been outlined in the current issues that is to be solved or the current situation that requires an instant decision to be made.
This is the form of decision-making that is carried out in the family firms in the real estate industry, which follows constructive exploring for the different solutions that are present for the current situation that is prevailing. It has been analyzed that there are different set of activities that might tend to be the complex form of decision to be made. This form of decision-making process is thus, obtained from the joint collaboration.
Various factors are present in any family firm that influences the overall productivity for the family firms, especially the ones that are present in the real estate industry. It has been analyzed that the organizations under family business structure would be influenced by the following factors effectively. The function that is being made by the stated factors is based on the amount of focus that has been given the factors so that the organization is influenced positively by the development procedures being used in the organizations to meet the required needs.
In any family firm, there is the combination of both the employees who does not belong to the family as a member and who does. This leads to various changes and dissimilarities in the overall processing of decision-making, the activities to be taken into account, and differences in the opinion of the employees. These factors influence the workplace environment and decision making process. It has been analysed that the management of the employees tend to become difficult due to the dissimilarities in the thought process. However, it has been noted that the difference in the employees helps in bringing innovation and creativity in the process of working due to the presence of employees who belongs to different background and culture in comparison to the family members. This allows the development and acquiring of new skills leading to higher performance level in comparison to the employees who belong to the family because of the laid back behaviours present in them.
According to Chrisman et al. (2015), the management practices that are taken into account by businesses that family owned firms are based on the opinion that has been set up by the family members. This includes the overall workplace environment and the process of carrying out different tasks based on the work culture that is prevalent in the organisation. It has been analysed that the type of management practice and leadership strategy that is being used influences the decisions that are to be taken in terms of the financial implications to be carried out in the company. Most of the management practices that are being taken are based on emotions and personal relationship that is present among the family members working in the organisations leading to difficulty for the non-family employees to agree upon the decisions that are to be made.
Salaries and compensations
According to Shepherd et al. (2015), there has been various cases which indicated that the employees who belong to the family of the organisation are biased with more profit to be obtained in comparison to the other individuals who are the stakeholders of the company. This creates tension and effective work performance being given by the other employees who are working in the organisation. On the other hand, it has been noted that some of the small family businesses in the real estate industry are focused more on the development of the organisations. This influences them to invest the amount of profit gained in the organisations in the form of incentives to the employees who does not belong to the family or rewarding the employees with effective resources.
Another most important factor that influences the family businesses is the process of succession applied in the organisation based on the relationship that is being maintained among the leaders of the organisations. It has been analysed that the family members or the deserving employees who has been providing with effective performance in the company base the major issue on the ownership that would be attained.
According to Chrisman et al. (2015), the family businesses that are present in the real estate industry are mostly focused on the organizational culture or environment that is focused on the consensus and the commonality in the goals of the family towards the business and the other employees who are working in an organization other than the family members. It is important to note that the idea behind the clan culture is the structure or the setup of the workplace environment that is focused on collaboration, impactful competitive environment with effective mentoring, commitment from the employer and the employee at the same time. It is important to note that the norms of following a clan culture in the organizational hierarchy is based on the empowerment that is being promoted along with the maintenance of loyalty to drive the success of the organization. However, there have been various indications that the clan culture that is being followed by the organisations leads to the lack of diverse culture in the organisations. Diversity is one of the most important aspects that to be maintained in the current world of business associations and in order to gain effective competitive advantage from the strategies that are to be developed (Cherchem, 2017).
The organizational hierarchy is focused on the development of the organisational balance in terms of the position or the job role that would be given to the employees who belong to the family of the company. The designation is also focused on the family role that is being attained by the employees and the higher their position in the family roles, the higher is the position in the workplace. This form of hierarchical structure based on the clan culture is somehow ineffective if there are other employees who are working in the company and bringing high rate of performance towards the organisation. On the other hand, it has been analyzed that the clan culture is highly effective in bringing clear communication in the organization that would allow the productive sharing of information required to maintain the operational activities on its terms and reaching the desired goals. However, the decision making process tends to be become one sided due to the presence of hierarchical structure in the organisation (Felipe et al. 2017).
In India the real estate sector is highly blooming considering both the family owned real estate businesses and the commercial real estate businesses, the sector in India is segmented into the four divisions, which are housing, retail, hospitality and commercial. It has been noted that the growth of the given sector is focused on the growth that has been attained based on the amount of investment being carried out in the given sector. The increasing focus of the Non-residents of India to make investments based on both short-term and long term goals that are to be attained is initiates the suggestion that Bangalore would be the most favoured location for property based investment that is to be conducted by the NRIs (Mukherjee et al. 2019).
Currently the real estate sector of India is almost about to reach a market size of US$ 1 trillion by the year 2030. The shift that is to be expected to occur is from an amount of US$ 120 billion by contributing around thirteen percentage of the ital GDP of the country that would be formed by the year 2025. The increase in the segment divisions of the real estate business is increasing the hope for the increment to be occurring in the overall India’s needs of growing through productive real estate market globally (Shatkin, 2016). The increase in the focus of providing effective outcome in the given industry is based on the large number of investments and the development process that has been taken by the family businesses and the other commercial businesses. In the southern regions of India, it has been noted that the family owned real estate businesses are mostly focused on providing hospitality services.
The initiatives that has been taken into account by the government in order to allow the family based real estate firms being able to grow their businesses productive has been productively effective. The Indian government is taking the initiative with the help of the commercial real estate that are allowing the development of smart city projects. These projects are based on the services that would be given to the homeless individuals leading to the creation of societal changes in the country (Ganesan and Gajendranayagam, 2017). Considering the initiative that has been taken by the government and the amount of support that has been attained by the organisations, which are family, owned, there has been successful development for the organisational strategies that allowed the accurate functioning of the different departments and the management process to be used. It has been analysed that the decision making process which is to be carried out in the organisations which are family owned is focused on the amount of financial support that has been gained by them from the required investors.
Thus, the decision making process that is being taken into account based on the motivating factors present in the family owned business and the commercial businesses are not similar mostly. The family owned businesses are more inclined towards the personal emotional and considerations that are to be obtained while the commercial businesses are more focused on the profit gain appetites, which influences their overall decision-making process.
Understanding and education in different financial areas are related to money, investing, managing personal finance and effective planning. The ability to manage and direct personal finance while concentrating on family business is an important aspect. The financial literacy helps to generate major support in accessing future budget-related concerns and make things appropriate for the business as well. The effective decision related to the business by considering tax planning, real estate, insurance, and overall budgeting focuses on the appropriate work culture in this procedure (Allgood and Walstad 2016).
The proficiency incorporating financial concepts and principles can generate major idea based on suitable work planning. This planning also focuses majorly on managing the debt, compound interest, and cost-saving technique and time value perspective. The lack of financial literacy can generate different poor financial choices. The financial well-being and management concerns also help to specify the development and growth-related aspect systematically. The resources of the family and non-family related business also can construct appropriately by taking the support of the effective budget consideration. The learning and information regarding budget can provide the idea of tracking the overall spending, effectively planning the market and customer requirement along with the calculation of pay off debt (Calcagno and Monticone, 2015). Understanding how the money works in business planning and gaining profitability from the same initiates majorly future growth.
The importance of financial education thus follows effective financial stability for the business. When an individual learns to concentrate on the overall financial aspect then it becomes easy to focus on the future planning and implementation approach. The appropriate decision making approaches also proactively generate the major pathway developing better work projection. It is essential that the proper financial approach can also provide major help to economic stability and growth. Financial literacy while doing business thus positively affects the socioeconomic levels. Financial illiteracy, on the other hand, makes people sufferer of the predatory lending, high-interest rates, fraud, and subprime mortgages. It also develops bad credit structure, forecloses and bankruptcy (Von Gaudecker, 2015). Lack of financial literacy thus can generate a poor financial structure for the business along with the concentration in development also fails. The family-run business or the non-family business, by not having appropriate financial literacy can face major issues concerning efficient decision making. The fixed and variable interest rates also face some of the major changes in this aspect. It lacks the basic skill of understanding bank accounts and the market condition for that matter. Furthermore, financial literacy incorporates the idea of the attention to detail, technology, and global economic and organizational skills. The business gets hugely affected if the financial aspect and its calculation do not meet with the level of working planning segment (Bianchi, 2018). The financial services and the inherent work formulation help to generate the untapped business opportunity in this aspect. The business opportunity concentrates on the idea of appropriate future investment so that remittance facilities, variable recurring deposit, and KCC can face effective transaction approaches. Maintaining the business account and supporting the future gain with profitability manages to system major interest with viable proportion. In the competitive market, it is essential to generate the proper background that is supportive of the idea of future progression and guide suitable planning indication structure. The significance of savings and appropriate financial inclusion can suggest the appropriate guidance for close monitoring and future work indication. Identifying future work approaches and concentrating on the strategy of the business can generate a major idea to inhibit the different accounts. In this context, the approach regarding operational guidance connecting with financial indication can associate the key support that comprises long term progression. The requirement of future advancement and processing systematically helps to customize financially (Lusardi and Mitchell, 2017). In all circumstances, the business owner and the associated key people need to be aware of financial aspects so that they can stay aware of market-related financial concepts and their involvement.
Small and medium enterprises reflect the major entrepreneurial growth and development for the economy of India. The socioeconomic progression and providence of livelihood of the people also managed in this aspect. It has seen that in India, more than 100 million people leading to future growth and economic prosperity has connected with this industry. Keeping the same in mind, it has can be discussed that the SME sector is taking the major initiative to generate employment and overall development of the economy. The platform and appropriate spirit to structure the SME business process needs proper support from the government as well (Zaefarian et al. 2016). The well-instructed and demonstrated work approach concentrates on the idea of long term progression and growth that also connects with innovative management.
The several stakeholders are also connected with the business as well that can generate major business ecosystem as well. The growth of small and medium enterprise also competitive in nature and formulates the major idea to engage people from different corners. The positive approaches have included the appropriate measure for globally competitive approaches as well. The SMEs in India grew by 18% and the employment rate is nearly 28%. The SMEs are generating major support for employment and it indicates the different development in the coming future. The active and creative steps in managing the work approaches can also generate effective support in enhancing the performance growth systematically, for the different start-ups. The achievement of these small-medium enterprise helps to deliver appropriate encouragement for innovative business idea and creating a new benchmark for the same. The active participation of the people and leading the different necessary work also can structure future engagement systematically. Various reports have understood the approaches considering the potential of the sector and effectively generate major support for the people (Chrisman et al. 2017). Moreover, the directive work follow-up segment and concentrating of the comprehensive market analysis can support the long term work planning. Some of the short and medium outlooks focused on the future work approaches that benefit the market as well as to the particular business.
The foreign trade growth-related scenario and demand-supply drivers initially put an impact on the overall benefits of SMEs. The growth forecast and the financial analysis concentrates majorly on future progression and development. The financial analysis for the SMEs further takes care of the macroeconomic scenario for future development. Analyzing the financial risk and correspond with the idea of future development and growth can progress with systematic work approaches that authenticate and validate the long term work engagement is significant in these criteria. The non-family firms are taking care of the different planning that supports the long term work essentiality while managing the current business approaches systematically. Business excellence follows the market competitors while keeping the proper idea about the current market. Having proper market knowledge and starting with particular expertise can follow future work direction. Considering the different factors of excellence and initiating major growth system helps to formulate success for the organizations. The non-family business has managed its business profiles and makes it innovative so that the suitable work potentiality can able to structure (Eddleston et al. 2019). The featured SMEs also taking support from the technological aspect so that it can support the unique work-related aspect that drives overall growth. The active participation helps to generate the proper market support so that the valuable feedback and work approaches can able to measure. To create effective market involvement, it is necessary to drive growth systematically by initiating innovative portfolio management and concentrating on the research and development prospect. The overall analysis also helps to structure the actionable insight that tracks the entire work. The customers’ engagement and overall SMEs performance also aggregate at this level. The accurate pinpoint and delivering proper results become significant so that the credit allocation process can systematically happen within time (Megaravalli and Sampagnaro, 2019).
In this approach, strategic planning plays a major role so that the risk mitigation criteria can able to the system across the portfolio. Managing the dynamic platform and engaging with the customers in this prospect can bring the work into the light. The understanding and knowledge association construct the effective work pathway that supports in creating proper work for the people and manage risk intelligence. Further to this, the insightful responses, benchmark portfolio, and red flag alerts system coordinate with the overall approaches that can bring success for the SMEs in India. The non-family organizations are taking an overview of the market and engaging with the customer portfolio to reach out to the customers’ desirability level (Roed, 2016). The graphs and market survey also provide key support in this process so that the portfolio management and immediate development of the organizations can able to happen. The enriched data and information can necessarily follow the sectorial analysis and based on that the constant changes that are the market is facing. The operational efficiency and marketing adjustment follow the suitable framework that correlates with the idea of serving better products and services to the customers.
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