Organization culture includes the shared (articulated, or not so articulated) values, beliefs and principles/norms that contribute to the unique social and psychological work environment of an organization. The shared values/beliefs/ principles enhance internal coordination and promote consistent organizational identity across its employees. It defines how people would interact, communicate, behave and make decisions in an organization setup.
Developing long-term strategy for an organization requires establishing views about the future and charting out coordinated actions and implementation plan to achieve desired goals. We are all, in general, heavily influenced by conditions in the present and our belief systems predisposed with what we have seen or read about in the past; so while articulating our views about future, majority of us as forecasters extrapolate from the past.
Family businesses have traditionally been the mainstay of the Indian economy. From corner-shops to some of the biggest listed organizations, family businesses impact the life of every Indian. Family businesses have been the growth engines of economic output and employment. Around 65% of India’s GDP in the organized sector comes from family business.