Rana Kapoor, founder and CMD, Yes Bank
Generation Next-scions should spend time in all aspects of line management, at all levels of organisational pyramid, functioning before they gravitate to the CEO office.
They should be involved in expansion plans as early as possible because that stimulates strategic initiatives so that the entrepreneurial skills are developed. Detail is very important, because when people inherit businesses, they do not get into details. Detailing helps develop grasping ability, which is critical because unless one understands the mechanics of organisation, problem-solving and decision making become difficult.
Nobody has become a great industrialist or an entrepreneur without knowing the nitty-gritty of the business. Before you get into the sales, service and marketing it is important to understand the 360 degree functioning.
Niranjan Hiranandani, MD, Hiranandani Group
I think it is not up to the old generation to decide when the next generation should join the family business. Rather, it should be asked whether the next generation wants to join the business or do something else. If they want to join the business then there are two important things.
First is the capability of an individual. Secondly, there is no particular age to join a business. While it was unthinkable for a youngster to join the business at an age of 22-23 when I started business, but it is possible now as youngsters now are more mature, they have better exposure and better education opportunities. However, I feel that the older generation should give full freedom to the youngsters and provide them with the best platform. Thereafter, let their imagination take wings.