Dilemma of Family Businesses in Pakistan

Family Businesses in Pakistan are the real success story, where most of the Businesses are run by Entrepreneurs' children & then their children and so on. There are very few cases where the torch has been handed over to Professionals. It seems that Entrepreneurs have little trust in professionals to run their businesses or there is something entirely different.

What this translates into?

The business growth is limited by the number and interest of Seth's children. 

I came across a story by Asad Umar speaking about the dilemma. He was traveling with a well known successful entrepreneur in Pakistan, during the discussion the Entrepreneur talked about the vast array of facilities offered by Bangladesh for the textile sectors in Pakistan and that many Pakistani Businesses are moving there.

That is where things get interesting, when Asad queried on the reason why he hadn't moved his Business there. The answer was

None of my children want to live in Bangladesh

 
If this is whats limiting the growth of businesses in Pakistan then there is an urgent need for the Business Schools to come up with research of those organization who have successfully handed over their business to professionals. Also, work should be done to change the mindset of the Seth's in Pakistan.

Serial Enterpreneurs

There is a lot of buzz about serial entrepreneurs in the written media, who are these people. Just like serial killers they are continuous in what they do, one after another. They have a lust for starting new businesses, establishing them but not necessarily managing them in the long run and they are really good at it.

For a country's growth, these people are a light shining brighter than anything else, these people should be identified and be given all the facilities (financing etc.) to start businesses. A program like TEDx should specially focus on these people.

More profiling and research should be done to identify them from their early stages, not to waste their crucial time. Babson College (Bostan, USA) and its sister concern IBA-CED (Karachi, Pakistan)
are among the many universities involved in entrepreneurial research, their focus is building not business managers rather entrepreneurs. These establishments should be supported, nurtured and  facilitated with everything they need and in time they can be expected to yield extraordinary results.