Sustainability Model of Transgenerational Entrepreneurship in India: A Case Study

Abstract

In any economy, family owned businesses play an important role and the same applies to India as well. Around 80% of the businesses in India are family owned and thus the need to research more on transgenerational entrepreneurship. In business legacies, changes occur at all aspects of business from one generation to another and new value is added at every point without compromising on the family business ethos. The paper is a case study to understand the various aspects or dimensions of transgenerational entrepreneurship from strategy to innovation, from technology to AI, from marketing to expansion through deliberate changes in business approach of a leading food business house in India. Chitale Bandhu Mithaiwale, a leading business in the food arena with a global presence is now being efficiently managed by the third and fourth generations of the Chitale family by a perfect mix of conservativeness and dynamism. The case study presents the sustainability model of their business which is a result of adaptation and innovation without compromising the core value of Quality. The most important value by the young baton is the promotion of entrepreneurship and innovative use of automation and the perfect mélange of agricultural heritage and modern professionalism.