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What is the concept of family business in entrepreneurship?

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A family business is a business organisation in which  is controlled  and led by multiple generation of a family business. In india majority of business are in the dominant control of families. Huge corporate houses like Ambanis, Birla, bajaj, jindals, godrej, mahindra, etc. Are managed and controlled by family. Conflict is an unavoidable part of family business. Due to which many families separated and started their own business /branch and succeeded in growing it into a big one. And many business lead to failure due to such separations. Family business came to existence with idea to create their goodwill, name and wealth for the family. As the markets are rapidly  changing due to globalisation and increasing competition the family business started appointing professional experts to lead their business profitablely. Professional management of business is very important in today's time which will further lead to stability, growth and reputation. The knowledge of how to manage the conflicts and internal problems of family business is also equally important for the success of business. 

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