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      Today’s youth has a completely different take on business and lifestyle compared to the previous generation; so there exists a huge generation, credibility and communication gaps.

      Despite all this, more than 50% of the next generation is hoping to manage their family business in the future, according to a report, titled Succession planning - family, legacy and you, by professional services firm PwC India. PwC surveyed 147 individuals in India and 2,939 people globally for the report.


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      “Clearly the starting point is to protect and grow family wealth as a generation change happens. Beyond this, we have seen that the youth are increasingly driven by the need for greater empowerment and purpose and hence have entrepreneurial leanings,” said Gaurav Lahiri, partner, Deloitte India, a professional services network.


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      This, however, is in stark contrast to how the senior generation expects to pass on their business. Only 35% of the current family business leaders plan to pass on the management to the next generation. Most leaders want to bring in professional management and 48% want to pass on only the ownership to the next generation.
      “It is very important to have faith in the younger generation who is fully equipped to handle their exposure to world-class business environment and practices which help them to perform better in real business situations,” said Seema Mahajan, director, NMIMS - Pravin Dalal School of Entrepreneurship and Family Business Management. “It just happens that at times the senior generation does not allow them to take the risk and hence does not see them perform.”


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      Despite all the efforts, ambition and positive outlook, only 12% family businesses make it to the third generation and as low as 3% make it to the fourth. “The fact remains that our family-run businesses do not scale up, they are content with their local, regional markets and do not spend too much on R&D, and design thinking,” added Mahajan. Family businesses today are facing dual challenges. On the exterior is the very competitive global economic environment, internally, the challenge of dealing with issues of managing the transition of the family business into the next generation, said the report.


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      Risk-taking ability between the current and the next generation lies at two extreme ends of the spectrum. Nearly 20% of the next generation feels that their vision is very different from the current generation. The next generation is more aggressive and open to new ideas, said the report.

      The current generation needs to be willing to give up their positions and open doors for young talent. The next generation to needs to pull up its socks. They need to be more focused, responsible and take an active interest in the management process instead of aiming only at end profits. “A strong business acumen andproblem-solving skills will take the next generation a long way. Being emotionally attuned and authentic in their leadership style is equally important,” said Lahiri.


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      1. Bill Gates and Paul Allen | Microsoft

      The prime supporters of apparently the greatest tech organization on the planet were cherished companions while experiencing childhood in Seattle, Washington. Their mutual fixation on PCs and a skill for business enterprise enlivened them to take a dive and make MicrosoftMicrosoftin 1975. Allen assumed a quintessential job at the beginning of the organizationorganization however viably left Microsoft in 1982 because of genuine disease. Their companionship turned severe, after Allen, in his 2011 diary, Ideal Man, claimed that Gates swindled him out of offers in the organizationorganization, and he didn't get enough acknowledgement for Microsoft's prosperityMicrosoft's prosperity. Notwithstanding, all appear to be well now after the two companions squashed the meat in 2013.


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      2. Gordon Moore and Bob Noyce | Intel

      The two worked for Shockley Semiconductor Laboratory but left the company together to open their own company, Intel company, Intel. While Noyce was the visionary, Moore was an astute technician. When their individual talents were juxtaposed, a laid-back company built on cutting-edge innovation was born.


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      3. Ben Cohen and Jerry Greenfield | Ben & Jerry's

      Like Paul Allen and Bill Gates, Cohen and Greenfield were cherished companions.companions. The two were close to the point that they even went on twofold dates. Their adoration for sustenance and a correspondence course in frozen yoghurtfrozen yoghurtmaking in 1977, helped the combine transform their fellowship into an effective business adventureeffective business adventure. The combine has been conveying grins to faces over the globe since 1978, and their concept of offering back to the network reverberates with their staunch client base.

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      4. Larry Page and Sergey Brin | Google

      The two met at Stanford's PhD program in 1995. Be that as it may, their first communication went poorly many would have envisioned. Amid a grounds sorted out visit, Brin was Page's guide and the two contended the whole time. In any case, their disdain for one another before long transformed into common regard once they began taking a shot at an exploration paper, "The Anatomy of a Large-Scale Hypertextual Web Search EngineLarge-Scale Hypertextual Web Search Engine." This paper, not just established the framework of their deep-rooted kinship yet, in addition, turned into the reason for Google Google. Brin and Page may have been conceived on inverse sides of the world (Page from Michigan and Brin from Russia), yet their energy for information digging and love for PCs has made the organization what it is today.

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      5. Bill Hewlett and Dave Packard | Hewlett-Packard

      Hewlett and Packard initially met amid a building course directed by Stanford. Following the summit of the program, the two imagined on a fourteen-day crusade tripfourteen-day crusade trip in the forested areas. Burning through about fourteen days in entire detachment with a similar individual would make the greater part of us crazycrazy, however, the two turned out for all intents and purposes indistinguishable. They before long opened what today has turned into a multi-billion dollar business realm.


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      6. Jerry Yang and David Filo | Yahoo!

      Yang and Filo, as Larry Page and Sergey Brin, met at Stanford's PhD program in 1994. They cooperated on a venture to outline PC chips. The couple was obviously exhausted with the coursework and routinely skipped classes to surf the web. They began keeping tabs of their most loved sites and sorted out them under various points, which eventually changed into YahooYahoo!. The college, in the long run, booted them out as their rundowns were always smashing the grounds' framework. Notwithstanding, the pair did not acknowledge their outcast from Stanford. Their enthusiasm for the web and financing from Sequoia Capital helped them stick together and grow a fruitful business.


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      7. Steve Jobs and Steve Wozniak | Apple

      The two Steves initially met at a mid-year work in 1970. Their organization was so fruitful as their work, regardless of being reciprocal, once in a while entwined. Wozniak was great at building PCs and Jobs knew how to offer them. Wozniak even conceded that he not even once thought of offering his manifestations and it was all Jobs. Wozniak's specialized abilities and Job's business prescience were the fixings that made the notorious tech organization an incredible achievement. Apple is presently a trillion-dollar element.

      8. Evan Williams and Biz Stone | Twitter

      Their organization began when Williams procured Stone for Google. Over a couple of years, the two built up a solid kinship and when Williams left (Google for Odeo.com), Stone chose to tail him. The match was drawn nearer by Jack Dorsey, who around then was a specialist at Odeo. Dorsey pitched them a thought and Twitter was conceived. As per All Things Digital, Williams understood Twitter's potential and depended on Stone with the small-scale blogging webpage as a side task. In the event that their organization was a motion picture, it would be about desire, kinship and shared regard.

      9. William Procter and James Gamble | P&G

      The biggest shopper merchandise organization on the planet was established by vagrants much before the expression, the American Dream, picked up cash. The brand was built up by Englishman Procter and Irishman Gamble, who moved to the US in 1832 and 1819, separately. Inevitably, Procter wedded Olivia Norris and Gamble wedded Ann Norris, the little girls of unmistakable Cincinnati light producer Alexander Norris. Alexander noticed that his children-in-law were viewing for similar crude materials, as Procter was likewise in the light business and Gamble was in the cleanser making business. He recommended that the two go into a joint endeavour, which the pair, at last, consented to in 1837. Procter and Gamble helped each other create mass amounts of their items and steadily went into an arrangement with the US armed force, which helped their business take off big.

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