UNIT 5

CONCEPT OF FAMILY BUSINESS

The concept of a family business refers to a business organization in which
decision-making, ownership, and control are influenced or managed by a family.
Family businesses are prevalent across the globe and can range from small
enterprises to large multinational corporations. Several key characteristics define
the nature and dynamics of family businesses:
1. Ownership and Control: In a family business, ownership and control are often
concentrated within the family members. Family members may hold positions such
as founders, shareholders, and key decision-makers in the business.
2. Management: Family members may also play a significant role in the
management of the business. This involvement can extend to various levels, from
top-level executives to day-to-day operations.
3. Succession Planning: Succession planning is a critical aspect of family
businesses. It involves the process of passing the leadership and ownership of the
business from one generation to the next. Effective succession planning is essential
for the continuity and longevity of the family business.
4. Long-Term Perspective: Family businesses often have a long-term perspective,
focusing on generational sustainability rather than short-term gains. This can
contribute to the development of a strong company culture and values.
5. Values and Culture: Family businesses are often characterized by a strong set of
values and a unique company culture that reflects the family's beliefs and
principles. These values can influence decision-making, relationships with
employees, and the overall business strategy.
6. Emotional Attachment: Family members may have a deep emotional attachment
to the business, viewing it not only as an economic entity but also as part of their
identity and heritage. This emotional connection can impact decision-making and
commitment.
7. Flexibility and Adaptability: Family businesses can demonstrate flexibility and
adaptability, as family members may be more willing to experiment with new ideas
or adjust to changing market conditions. However, this can also pose challenges if
there are resistance and conflict within the family.
8. Challenges of Governance: Governance structures in family businesses may face
unique challenges. Striking a balance between family interests and professional
management is crucial for the success of the business.
9. Conflicts and Communication: Family businesses can experience conflicts
related to roles, responsibilities, and decision-making. Open and effective
communication is essential to address and resolve these conflicts constructively.
10.Social Responsibility: Family businesses often emphasize social responsibility
and community involvement. This can contribute to a positive public image and
the long-term sustainability of the business.

While family businesses have distinct advantages, such as a strong sense of

identity and commitment, they also face challenges related to succession,
governance, and potential conflicts. Successful family businesses often implement
 strategies to address these challenges and leverage the unique strengths associated
with being a family-owned enterprise.

ROLE / IMPORTANCE OF FAMILY BUSINESS

Family businesses play a significant role in economies worldwide and contribute in
various ways. Here are some key roles and importance of family businesses:

1. Economic Contribution: Family businesses are major contributors to the global

economy. They range from small local enterprises to large multinational
corporations, creating jobs, generating revenue, and driving economic growth.
2. Job Creation: Family businesses are often major employers within their
communities. They contribute to job creation and provide opportunities for
employment and career growth for family members and non-family employees
alike.
3. Long-Term Perspective: Family businesses often have a long-term perspective,
focusing on generational sustainability rather than short-term gains. This can
contribute to the stability and continuity of businesses, fostering a commitment to
quality and longevity.
4. Innovation and Adaptability: Family businesses can be agile and innovative. The
close-knit nature of family relationships can facilitate quick decision-making and
adaptability to changing market conditions, enabling them to stay competitive.
5. Community Involvement: Many family businesses are deeply rooted in their
communities and actively engage in social responsibility initiatives. They
contribute to local charities, sponsor community events, and support various social
causes, enhancing their reputation and relationships.
6. Unique Company Culture: Family businesses often cultivate a unique company
culture based on family values. This culture can contribute to a strong sense of
identity, employee loyalty, and a positive work environment.
7. Flexibility in Decision-Making: Family businesses may have more flexibility in
decision-making, as the owners are often closely involved in the day-to-day
operations. This agility can be an asset in responding to market changes and
making quick strategic decisions.
8. Generational Transfer of Knowledge: Family businesses provide an opportunity
for the transfer of knowledge and skills from one generation to the next. This
passing down of expertise can contribute to the continuity and success of the
business.
9. Emphasis on Relationships: Family businesses often prioritize relationships, both
within the family and with customers, suppliers, and employees. This emphasis on
personal connections can foster trust and loyalty.

Despite these advantages, family businesses also face unique challenges, such as
succession planning, governance issues, and potential conflicts among family
members. Addressing these challenges is crucial for sustaining the positive impact
of family businesses over time.
 STAGES OF FAMILY BUSINESS DEVELOPMENT
Family businesses typically go through different stages of development, each with
its own set of challenges and opportunities. While the specifics can vary, the
following are common stages in the life cycle of a family business:
1. Entrepreneurial Stage:
 Characteristics:
 Initiated by one or a few family members with an entrepreneurial
vision.
 Focus on survival, establishing the business, and building a customer
base.
 Decision-making is often centralized with the founder(s).
 Informal organizational structure and minimal formal processes.
 Challenges:
 Limited resources and capabilities.
 Dependency on the founder's vision and decision-making.
2. Functionally Specialized Stage:
 Characteristics:
 Business expands, leading to more defined roles and responsibilities.
 Family members take on specialized functions based on skills and
interests.
 Introduction of formal structures and basic processes.
 Decision-making begins to involve input from multiple family
members.
 Challenges:
 Clarifying roles and responsibilities.
 Balancing family dynamics with professional requirements.
3. Process Driven Stage:
 Characteristics:
 Emphasis on developing and implementing formalized processes.
 Introduction of professional management practices.
 Increased focus on efficiency, quality control, and consistency.
 Decision-making involves a combination of family members and
professional managers.
 Challenges:
 Resistance to formalization and change.
 Balancing family culture with the need for efficiency.
4. Market Driven Stage:
 Characteristics:
 External market orientation becomes a priority.
 Greater emphasis on innovation and adapting to market trends.
 Continued professionalization of management.
  Decision-making is informed by market analysis and strategic
planning.
 Challenges:
 Balancing market demands with family values.
 Managing growth and potentially diversifying business lines.

In each stage, family businesses encounter unique challenges related to

governance, succession planning, professionalization, and maintaining the balance
between family and business interests. Successful family businesses navigate these
challenges by implementing effective governance structures, fostering open
communication, and adapting their strategies to changing internal and external
dynamics.

FAMILY BUSINESS CULTURE

Family businesses often develop distinct organizational cultures based on the
values, leadership style, and relationships within the family. Four common types of
family business cultures are paternalistic culture, laissez-faire culture, participative
culture, and professional culture.
1. Paternalistic Culture:
 Characteristics: In a paternalistic culture, the family head or a dominant
family member plays a central role in decision-making. The leadership is
often autocratic, with a focus on maintaining a sense of family unity and
loyalty.
 Pros: Provides a clear chain of command, fosters a sense of family identity,
and may lead to quick decision-making.
 Cons: Can stifle innovation, discourage independent thinking, and may lead
to resentment among non-family employees.
2. Laissez-Faire Culture:
 Characteristics: In a laissez-faire culture, there is minimal interference
from the family in business operations. Non-family members may have
significant autonomy, and decision-making is decentralized.
 Pros: Allows for flexibility, encourages innovation, and can attract and
retain non-family talent.
 Cons: Lack of clear direction, potential for conflicts due to unclear roles,
and challenges in maintaining a cohesive organizational culture.
3. Participative Culture:
 Characteristics: A participative culture involves family members actively
engaging with non-family employees in decision-making processes.
Collaboration and open communication are emphasized.
 Pros: Fosters a sense of inclusivity, encourages diverse perspectives, and
can lead to better decision outcomes.
 Cons: Decision-making may be slower, and achieving consensus may be
challenging.
4. Professional Culture:
  Characteristics: In a professional culture, the business is run with a focus
on meritocracy, efficiency, and best business practices. Family members
may hold leadership positions based on their qualifications.
 Pros: Emphasizes competence and performance, attracts and retains skilled
professionals, and can contribute to long-term business sustainability.
 Cons: May lead to a potential lack of emotional connection among family
members and could face challenges in balancing family and business
priorities.

It's important to note that these cultures are not mutually exclusive, and many
family businesses may exhibit a combination of these elements. The success of a
family business often depends on finding a balance that aligns with the family's
values, the nature of the business, and the skills and preferences of family and non-
family employees.

CRITICAL FACTORS FOR STARTING FAMILY BUSINESS

Starting a family business involves unique challenges and considerations. Success
in a family business often depends on a combination of factors that address both
the business and family dynamics. Here are critical factors to consider when
starting a family business:

1. Clear Vision and Goals:

 Define the purpose and objectives of the family business.
 Establish a shared vision and mission that aligns with both family and
business values.
2. Communication:
 Foster open and transparent communication among family members.
 Establish clear channels for discussing business matters, roles, and
expectations.
3. Roles and Responsibilities:
 Clearly define roles and responsibilities for each family member involved.
 Differentiate between family and business roles to avoid conflicts and ensure
accountability.
4. Professionalism:
 Implement professional practices and standards in the business.
 Separate personal relationships from professional decisions to maintain a
professional work environment.
5. Succession Planning:
 Plan for the long term by establishing a clear succession plan.
 Train and mentor the next generation to ensure a smooth transition of
leadership.
6. Legal and Governance Structures:
 Establish legal structures for the business, such as partnerships, LLCs, or
corporations.
 Develop governance structures, including family councils or advisory
boards, to address decision-making and conflict resolution.
7. Financial Management:
 Set up robust financial systems and practices.
 Clearly define financial responsibilities and ensure transparency in financial
matters.
8. External Expertise:
 Seek advice from external professionals, such as accountants, lawyers, and
business consultants.
 Embrace outside perspectives to enhance business strategy and decision-
making.
 .
9. Work-Life Balance:
 Recognize the importance of maintaining a healthy work-life balance,
especially in a family business.
 Establish boundaries to prevent business matters from negatively impacting
family relationships.

By carefully considering these factors and addressing the complexities of both

family and business dynamics, you can increase the likelihood of building a
successful and sustainable family business. Regular reviews and adjustments to
these factors as the business evolves are also crucial for long-term success.

CONFLICT IN FAMILY BUSINESS

Conflict is a common challenge in family businesses, and managing it effectively
is crucial for the success and sustainability of the business. Conflicts in family
businesses can arise from a variety of sources, including differences in
management styles, unequal distribution of responsibilities, succession planning,
financial matters, and interpersonal relationships. Here are some common sources
of conflict and strategies for managing them:
1. Roles and Responsibilities:
 Source of Conflict: Ambiguity or disagreement about roles and
responsibilities among family members.
 Management Strategy: Clearly define roles and responsibilities for each
family member, and establish regular communication channels to address
concerns.
2. Succession Planning:
 Source of Conflict: Disagreements over the succession plan, including
issues related to the choice of a successor, timing, and the division of
leadership responsibilities.
 Management Strategy: Develop a comprehensive and transparent
succession plan, involve key stakeholders in the decision-making process,
and seek external advice if necessary.
3. Communication Breakdown:
 Source of Conflict: Poor communication or lack of communication
among family members can lead to misunderstandings and conflicts.
  Management Strategy: Foster open and transparent communication,
encourage regular family meetings and business updates, and establish
effective channels for resolving conflicts.
4. Financial Issues:
 Source of Conflict: Disputes over financial matters, such as
compensation, profit distribution, or investment decisions.
 Management Strategy: Establish clear financial policies,
communicate financial expectations openly, and involve external
financial advisors to provide objective insights.
5. Sibling Rivalry:
 Source of Conflict: Personal rivalries and competition among siblings or
family members can negatively impact business operations.
 Management Strategy: Address personal issues separately from business
matters, encourage collaboration, and implement conflict resolution
strategies.

ROLES AND RESPONSIBILITIES OF FAMILY MEMBERS IN FAMILY

BUSINESS
Roles and responsibilities within a family business are crucial for its success and
harmonious operation. Clearly defined roles help in avoiding conflicts, ensuring
accountability, and promoting a positive work environment. The specific roles
family members take on can vary based on the nature of the business, the skills and
interests of individual family members, and the family's overall goals. Here are
common roles that family members may assume in a family business:
1. Founder/Owner: Sets the overall vision, mission, and strategic direction of the
business. May also be responsible for major decision-making and long-term
planning.
2. CEO/President: Leads the day-to-day operations of the business. Implements the
strategic vision and ensures the business is moving toward its goals.
3. Chief Financial Officer (CFO): Manages the financial aspects of the business,
including budgeting, financial reporting, and overall fiscal responsibility.
4. Chief Operating Officer (COO): Oversees the day-to-day operations of the
company, ensuring that business processes are efficient and effective.
5. Chief Marketing Officer (CMO): Develops and implements marketing strategies
to promote the business and attract customers
6. Chief Human Resources Officer (CHRO): Manages human resources functions,
including hiring, training, and employee relations.

THREE CIRCLE MODEL OF FAMILY BUSINESS

This model provides a visual representation of the three primary systems that
intersect and interact in a family business: the Family Circle, the Business Circle,
and the Ownership Circle. Each circle represents a distinct system with its own
 dynamics and concerns, and the overlap of these circles illustrates the unique
challenges and opportunities that arise in a family-owned enterprise.
Family Circle: This circle represents the family relationships and dynamics. It
includes family members' personal relationships, emotions, values, and traditions.
Ownership Circle: The ownership circle pertains to the family's ownership of the
business. It involves issues related to shares, dividends, and the distribution of
ownership among family members.
Business Circle: This circle represents the operations and management of the
business itself. It includes issues related to strategy, day-to-day operations, and
business performance.

Intersections and Overlaps:

 Family-Business Overlap: The intersection between the family and business

circles represents the areas where family relationships and dynamics influence
business decisions and operations.
 Family-Ownership Overlap: This intersection reflects the influence of family
dynamics on ownership decisions, such as the transfer of shares or the allocation of
dividends.
 Ownership-Business Overlap: Here, the focus is on how ownership structures
and decisions impact the business, such as when family owners play a role in
strategic decision-making.

Key Principles of the Three-Circle Model:

 Balancing Act: Managing the intersections and overlaps requires a delicate

balance between family, ownership, and business considerations.
 Communication and Governance: Effective communication and governance
mechanisms are essential to address issues that arise at the intersections of the
circles.
 Professionalization: As the family business grows, there is often a need for
professionalization in the business circle, bringing in non-family members with
specific expertise.

Applications:

 The Three-Circle Model is widely used by family business advisors, consultants,

and researchers to analyze and address challenges unique to family businesses.
 It provides a framework for understanding the complexities that arise at the
intersections of family, ownership, and business, aiding in the development of
strategies for long-term success.

Overall, the Three-Circle Model serves as a valuable tool for family businesses to
navigate the intricate relationships and dynamics that characterize their unique
organizational structure.

SUCCESSION PLANNING IN FAMILY BUSINESS

 Succession planning in a family business is a critical process that involves
preparing for the transition of leadership and ownership from one generation to the
next. It encompasses a series of deliberate steps to ensure a smooth and effective
transfer of control while preserving the values and legacy of the family business.
Here are key considerations and steps for successful succession planning in a
family business:

1. Start Early:
 Begin the succession planning process well in advance. Early planning
allows for a more thoughtful and strategic approach, providing time to
address potential challenges and facilitate a smoother transition
2. Identify and Develop Successors:
 Identify potential successors within the family. Assess their skills,
qualifications, and readiness for leadership roles. Provide training and
development opportunities to prepare them for increased responsibilities.
3. Create a Succession Plan:
Develop a comprehensive succession plan outlining the steps and timeline
for the transition. Include details on leadership roles, ownership transfer, and
the integration of successors into key positions.
4. Open Communication:
 Foster open and transparent communication among family members.
Discuss the future of the business, individual aspirations, and expectations.
Encourage honest conversations about roles, responsibilities, and potential
leadership.
5. Governance and Decision-Making:
Establish or review governance structures to facilitate effective decision-
making during the succession process. Define how major decisions will be
made and how conflicts will be resolved.
6. Test the Plan:
Implement a phased approach to succession, allowing for testing and
refining the plan before full implementation. This could involve gradual
transfer of responsibilities and mentoring arrangements.
7. Monitor and Adjust:
Regularly review and adjust the succession plan as needed. Business
environments, family dynamics, and individual circumstances may change,
requiring flexibility in the planning process.

PROBLEMS OF FAMILY BUSINESS IN NEPAL

Family businesses in Nepal, like in many other parts of the world, face specific
challenges that arise from the intersection of family dynamics and business
operations. Some of the problems that family businesses in Nepal may encounter
include:
Limited Professionalization: Some family businesses struggle to adopt
professional management practices. The absence of formal processes and
professional development opportunities can hinder the business's growth and
competitiveness.
 Limited access to Finance: Family businesses, especially smaller ones, may face
challenges in obtaining financing for expansion or modernization. Limited access
to capital can constrain growth opportunities.
Conflict Resolution: Managing conflicts within the family and the business can be
complex. Emotional ties can sometimes hinder objective decision-making, and
conflicts may escalate without proper resolution mechanisms in place.
Succession Planning Challenges: Planning for the transition of leadership to the
next generation can be challenging. Deciding on a successor, preparing them for
leadership roles, and managing the transition process can create family conflicts.
Education and Training Gaps: Ensuring that family members are equipped with
the necessary skills and knowledge to contribute effectively to the business may be
a challenge. A lack of continuous education and training can impede professional
growth.
Market Competition: Family businesses may face intense competition from
larger and more established enterprises. Maintaining competitiveness requires
strategic planning and adaptability.

PROSPECTS OF FAMILY BUSINESS IN NEPAL

Family businesses play a significant role in the economic landscape of Nepal,
contributing to employment, economic growth, and community development. The
prospects of family businesses in Nepal are influenced by various factors, and there
are several potential opportunities for growth and success. Here are some key
prospects for family businesses in Nepal:
1. Cultural Resonance: Family businesses often have strong cultural ties and are
deeply rooted in the community. This cultural resonance can contribute to
customer loyalty and a positive brand image.
2. Flexibility and Adaptability: Family businesses, being relatively smaller and
flexible, can adapt quickly to changing market conditions. This adaptability is
crucial in a dynamic business environment.
3. Long-Term Orientation: Family businesses are often characterized by a long-
term perspective. This orientation can contribute to sustainable business practices
and a focus on building a legacy for future generations.
4. Commitment to Quality: Family businesses are often committed to
delivering quality products or services. This commitment can lead to
customer satisfaction, repeat business, and positive word-of-mouth
marketing.
5. Succession Planning Opportunities: Properly executed succession
planning can ensure a smooth transition to the next generation, providing
continuity and stability to the business.
6. Innovation and Adaptation: Family businesses in Nepal have the potential
to innovate and adapt to emerging trends, technologies, and market
demands. This can position them competitively in the market.
7. Community Engagement: Family businesses often engage actively with
local communities through philanthropy, social responsibility initiatives, and
community development projects.

BUSINESS ETHICS
CONCEPT OF ETHICAL ENTREPRENEURSHIP
Ethical entrepreneurship refers to the practice of conducting business in a morally
and socially responsible manner. Ethical entrepreneurs prioritize principles such as
integrity, fairness, transparency, and social responsibility in all aspects of their
business operations. The concept involves making decisions that not only benefit
the entrepreneur and the business but also contribute positively to society and the
environment.

CHARACTERISTICS OF ETHICAL ENTREPRENEURSHIP

Compliance with Laws and Regulations:
 Ethical entrepreneurs operate within the framework of laws and regulations.
They strive to comply with legal requirements and ethical standards in all
aspects of their business.
Social Responsibility:
 Ethical entrepreneurs recognize their responsibility to contribute positively
to society. This may involve supporting local communities, engaging in
philanthropy, and adopting environmentally sustainable practices.
Promote trust:
 Ethical entrepreneurs demonstrate trust and transparency in their actions.
They uphold strong moral principles and act with integrity in all business
dealings.
Fairness and Equity:
 Ethical entrepreneurs strive to treat all stakeholders fairly and equitably.
This includes employees, customers, suppliers, and competitors. Fair
business practices contribute to trust and long-term relationships.
Environmental Consciousness:
 Ethical entrepreneurs consider the environmental impact of their business
operations. They may implement eco-friendly practices, reduce waste, and
explore sustainable sourcing and production methods.
 Employee Well-Being:
 Ethical entrepreneurs prioritize the well-being of their employees.
This includes fair wages, safe working conditions, opportunities for
professional development, and a commitment to diversity and
inclusion.
 Customer Focus:
 Ethical entrepreneurs prioritize customer satisfaction and trust. They
provide accurate information about products or services, ensure
quality, and address customer concerns promptly and honestly.
 Long-Term Vision:
 Ethical entrepreneurs adopt a long-term perspective rather than
focusing solely on short-term gains. They consider the sustainable
impact of their decisions on the business, society, and the
environment.
 Ethical Supply Chain:
  Ethical entrepreneurs consider the entire supply chain and work
towards ensuring ethical practices among suppliers. This involves fair
treatment of workers, responsible sourcing, and transparency in the
supply chain.

ETHICAL ISSUES IN NEPALESE ENTREPRENEURSHIP

Nepalese entrepreneurship, like entrepreneurship in many parts of the world, faces
a range of ethical issues. Addressing these challenges is crucial for fostering a
sustainable and socially responsible business environment. Here are some common
ethical issues in Nepalese entrepreneurship:
1. Corruption: Corruption is a prevalent ethical concern in Nepal.
Entrepreneurs may encounter challenges related to bribery, kickbacks, and
unethical practices in dealings with government officials and agencies.
2. Bribery and Nepotism: The offering or acceptance of bribes and engaging in
nepotism can be common ethical issues in business transactions, affecting fair
competition and decision-making processes.
3. Fair Labor Practices: Some businesses may engage in unfair labor
practices, including low wages, poor working conditions, and inadequate
safety measures. Ethical concerns arise when employees are not treated
fairly.
4. Environmental Impact: Nepal faces environmental challenges, and
businesses may contribute to pollution and ecological degradation.
Entrepreneurs should consider the environmental impact of their operations
and adopt sustainable practices.
5. Supply Chain Ethics: Unethical practices in the supply chain, such as
exploitative labor conditions or irresponsible sourcing, can be a concern.
Entrepreneurs need to ensure fair and ethical practices throughout their
supply chains.
6. Product Safety and Quality: Providing substandard or unsafe products to
consumers raises ethical concerns. Entrepreneurs must prioritize product
safety, quality control, and accurate information to customers.
7. Tax Evasion: Engaging in tax evasion can impact government revenue and
public services. Ethical entrepreneurs should fulfill their tax obligations
responsibly.
8. Gender Discrimination: Gender discrimination is prevalent in various
sectors in Nepal. Ethical entrepreneurs should promote gender equality in
hiring, compensation, and opportunities within their organizations.

ROLE OF ENTREPRENEURS AND ENTREPRENEURIAL MANAGERS

IN PROMOTING AND SUSTAINING BUSINESS ETHICS

Entrepreneurs and entrepreneurial managers play a crucial role in promoting and

sustaining business ethics within their organizations. By fostering a culture of
integrity, transparency, and social responsibility, they contribute to the long-term
success and positive impact of their businesses. Here are key roles that
entrepreneurs and entrepreneurial managers play in promoting and sustaining
business ethics:
 1. Establishing Ethical Values: Entrepreneurs define and communicate the
core ethical values that the organization upholds. Clearly articulated ethical
values provide a foundation for ethical decision-making, guide employee
behavior, and shape the company's reputation.
2. Leading by Example: Entrepreneurs and entrepreneurial managers lead by
example through their own ethical behavior and decision-making. When
leaders model ethical conduct, employees are more likely to follow suit,
creating a culture of integrity throughout the organization.
3. Incorporating Ethics into Business Strategy: Entrepreneurs integrate
ethical considerations into the formulation of business strategies and goals.
Embedding ethics in business strategy ensures that ethical considerations are
not separate from business decisions but integral to achieving long-term
success.
4. Incorporating Ethics into Business Strategy: Entrepreneurs integrate
ethical considerations into the formulation of business strategies and goals.
Embedding ethics in business strategy ensures that ethical considerations are
not separate from business decisions but integral to achieving long-term
success.
Creating a Speak-Up Culture: Entrepreneurs encourage an open and transparent
culture where employees feel safe reporting unethical behavior without fear of
retaliation. A speak-up culture promotes early detection and resolution of ethical
issues, preventing potential harm to the organization.
Stakeholder Engagement: Entrepreneurs engage with various stakeholders,
including customers, suppliers, employees, and the community, to understand their
expectations and concerns. Proactive engagement with stakeholders helps build
trust, ensures that business practices align with societal expectations, and enhances
the company's reputation
Ethical Decision-Making: Entrepreneurs and managers emphasize the importance
of ethical decision-making processes, encouraging employees to consider ethical
implications in their choices. A systematic approach to ethical decision-making
promotes consistency and helps align individual actions with organizational values.
Social Responsibility Initiatives: Entrepreneurs lead social responsibility
initiatives, contributing to the well-being of the community and addressing broader
societal challenges. Social responsibility initiatives enhance the company's
reputation, build positive relationships with stakeholders, and create a positive
societal impact.