Succession Planning By First Generation Entrepreneurs In South India
S.Prassana 1, Dr. P. Sureshkumar 2
1. Research Scholar, School of management sciences, Bannari Amman Institute of Technology, Alathukombai Post, Sathyamangalam-638 401, Erode District, Tamil Nadu, India
2. Director, School of management sciences, Bannari Amman Institute of Technology, Alathukombai Post,
Sathyamangalam-638 401, Erode District, Tamil Nadu, India
Abstract: Entrepreneurial succession planning encompasses ownership transitions from existing entrepreneur to next generation entrepreneur. Succession Planning is about building of entrepreneurial talent and competencies needed to manage the entire operational functions of the business enterprises. This study has been carried out in Erode and Coimbatore districts of Tamilnadu. Both the districts are predominant industrial hubs in the state and the study covers a sample of 42 first generation entrepreneurs. Simple random sampling has been administered and data is collected through both primary and secondary sources. Kruskal Wallis test, Mann Whitney ‘U’ test, Wilcoxon test and Friedman test are the major statistical tools used in the study. The data collected were fed into SPSS and Cronbach Alpha was used to check the reliability and consistency of data. The paper explores theoretical, conceptual and logical ways of exploring succession planning of first generation entrepreneurs. This study suggests that the development of professional management may solve the problem of succession planning.
[S. Prassana, P. suresh kumar. Succession Planning by First generation Entrepreneurs in south India Life Sci J 2013;10(1):2793-2800] (ISSN:1097-8135). http://www.lifesciencesite.com. 6
Keywords: Species Succession Planning, First Generation Entrepreneurs, Entrepreneurship, Successors, Family Business.