Institute of Management, Nirma University
Business Development Strategies
Faculty: Dr. Shahir Bhatt
Group Project (20% Weightage)
Business Development Learnings from Family Business:
Summary: This assignment provides students with an opportunity to learn
business development strategies directly from family businesses through
interviews with business owners. Working in groups, students will study two
family businesses and analyze their growth journey, strategic decisions, and
business development practices. The report will synthesize insights across
ten key themes, including growth strategy, innovation, governance, finance,
technology, and succession. Students are expected to connect real-world
observations with strategic management concepts and develop a
comprehensive understanding of how family businesses achieve sustainable
growth. The exercise emphasizes experiential learning, critical analysis, and
the practical application of business development frameworks.
Submission by Session 15 (Date: 3rd August 2026)
Guidelines
Step 1: Group Formation by Session 2 (Same group)
Step 2: Finalizing two Family Businesses (within the group) and filling up
the sheet shared by the coordinator by Session 3.
Coordinators shall share the sheet with the following details
Grou Roll Name Family
p No Numb of the Businesses
er studen Identified (2
ts Businesses from
the group)
Step 3: Interview the family business owners. (Sample questions are
provided below). Report needs to be in 3500 words followed by Annexure
(comprising all questions and answers – no word limit)
Report Structure as per the following sub themes provided in the sample
questions - summarizing your findings and analysis on the business's growth
trajectory and strategy.
1. Origin, Values & Evolution (Foundations of Growth)
2. Growth Strategy & Planning
3. Market Penetration, Customer Development & Expansion
4. Diversification, Innovation & New Opportunities
5. Operational Excellence & Technology Adoption
6. People, Leadership, Governance & Professionalization
7. Finance, Investment & Resource Mobilization
8. Family Culture, Legacy & Next Generation Involvement
9. Challenges, Resilience & Strategic Adaptation
10. Future Outlook & Strategic Priorities
Step 4: Video and Report Submission by Session 14 and presentation
schedule shall be informed in advance. The interview should be recorded
(with permission) and supported by secondary research from company
websites, social media, news articles, industry reports, and other publicly
available sources.
Report Guidelines:
Tittle page/ Font: Times New Roman 12
Deliverables: Report and presentation of 15 minutes per group You
may show maximum 2-3 clips from the interview during the
presentation (of maximum 5 minutes)
The faculty shall maintain records of meetings and other
communication with each student for the project work. Marks will be
awarded to each student based on the frequency of meetings and
communication as well as contribution of the student to the activity.
The student shall be graded on presentation skills, content
(presentation/report), flow- logical sequence (presentation/report),
adhering time limit (presentation), regularity of meetings with the
faculty, format of the report.
Questions to be asked and added in the Annexure
A. Origin, Values & Evolution (Foundations of Growth)
What motivated the founder to start the business?
What problem or opportunity was the business initially trying to address?
Which family values have remained unchanged despite growth?
What were the most significant turning points in the business journey?
How has the business model evolved over different generations?
Which strategic decisions contributed most to the firm's growth?
How has customer behavior changed since the business was established?
Looking back, what early decisions had the greatest long-term impact?
B. Growth Strategy & Planning
How do you define growth beyond revenue and profits?
Has growth been deliberate, opportunistic, or a combination of both?
What criteria do you use when evaluating new opportunities?
What capabilities distinguish your business from competitors?
Have there been growth opportunities that you deliberately rejected?
How do you balance short-term performance with long-term growth
objectives?
What role does formal planning play in decision-making?
How do you assess whether a growth initiative has been successful?
C. Market Penetration, Customer Development & Expansion
What have been your most successful customer acquisition strategies?
How has your target market evolved over time?
Have you expanded into new customer segments or geographies? Why?
How has branding contributed to business growth?
What role does customer feedback play in strategic decisions?
How do you differentiate yourself from competitors?
Which marketing investments have generated the highest returns?
What customer trends are likely to influence future growth?
D. Diversification, Innovation & New Opportunities
What major innovations have contributed to growth?
Have you diversified into unrelated or related businesses? Why?
How do new ideas emerge within the organization?
What risks have you taken that significantly influenced growth?
How do you identify emerging trends and opportunities?
What innovations failed and what lessons were learned?
How receptive are customers and employees to change?
How do you decide whether a new opportunity deserves investment?
E. Operational Excellence & Technology Adoption
What operational capabilities support your growth ambitions?
What technology investments have had the greatest impact?
How has digitalization transformed the business?
How do you manage quality while scaling operations?
What operational bottlenecks have limited growth?
How do you manage supplier and channel relationships?
Which performance metrics are monitored regularly?
What future technologies do you believe will influence your industry
F. People, Leadership, Governance & Professionalization
How has leadership evolved as the business has grown?
What roles do family and non-family professionals play in management?
How are strategic decisions made?
What qualities do you look for in future leaders?
How do you manage disagreements among family members?
Have you professionalized any aspects of the business? Why?
What governance mechanisms support long-term sustainability?
How do you prepare the next generation for leadership responsibilities?
G. Finance, Investment & Resource Mobilization
What have been the major sources of funding throughout the growth
journey?
How do you evaluate large investment decisions?
What financial challenges have had the greatest impact on growth?
Have you ever considered external investors, private equity, or strategic
partners?
How do you balance growth aspirations with financial risk?
What key financial indicators drive decision-making?
How do you allocate resources across competing opportunities?
What financial lessons have been most valuable over the years?
H. Family Culture, Legacy & Next Generation Involvement
How does family culture influence business performance?
What traditions have been preserved despite growth and modernization?
How are younger family members encouraged to contribute?
What changes has the next generation introduced?
How do you manage differences in perspectives across generations?
What does succession mean to your family?
How do you preserve the founder's legacy while pursuing growth?
What role should the next generation play in shaping future strategy?
I. Challenges, Resilience & Strategic Adaptation
What has been the most difficult period in the firm's history?
How did the business respond to major disruptions or crises?
What strategic mistakes taught the most important lessons?
Have you ever had to reverse a major decision?
How do you maintain resilience during uncertainty?
What capabilities help the business adapt to change?
How do you manage stress, pressure, and decision fatigue?
What advice would you give to family businesses facing difficult transitions?
J. Future Outlook & Strategic Priorities
What are the three most important priorities for the next decade?
What growth opportunities are most exciting today?
Are you exploring exports, digital channels, strategic alliances, acquisitions,
or franchising?
What risks concern you the most for the future?
How do you define long-term sustainability and success?
What capabilities will be most critical for future growth?
What advice would you offer to future family business entrepreneurs?
If you were starting the business today, what would you do differently?
References
Family Business websites
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[Link] (Search for “family business”
articles)
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Family Business Reports
Global family business report 2025 - [Link]
insights/workforce/[Link]
2025 EY and University of [Link] Global 500 Family Business Index -
[Link]
Family Business Survey 2025
[Link]
survey-2025/
Global Family Business Report 2025 [Link]
family-business-report-2025
2024 Family Enterprise Survey
[Link]
[Link]
PwC’s 2023 US Family Business Survey Build trust to grow your brand:
Structuring your family business through innovation
[Link]
services/library/[Link]
How the largest family enterprises are outstripping global economic
growth [Link]
index
The North America Family Business Report 2023
[Link]
KPMG 2023 Global Family Business Report
[Link]
Family Business Survey 2023
[Link]
survey-2023/
PWC’s Global NextGen Survey 2022
[Link]
[Link]
PWC 10th Global FamilyBusiness Survey 2021
[Link]
survey-2021/[Link]
Mastering Comback Post Covid (2021)
[Link]
[Link]
Global family business survey 2019 (Deloitte)
[Link]
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