An Economic Study on Different Types of Family Business and Livelihood Pattern Analysis in Urban Context, Madurai, Tamil Nadu

India takes a big part in family business. Socially and economically both needs are fully controlled and managed by all members of the family. Though it seems very easy but in reality it become difficult when talks about earning more profit, because in family business while taking any decision there is a chance of giving same importance to all members so sometimes it can be against on taking right decision in right time. This study reveals the different livelihood pattern of urban area people in Madurai dist. in terms of family business along with economic transaction. Food sector and shops are the two main sectors as part of this study. Out of total 8 family business including both food and shop sector, 7 are running in profit, but 2nd pretty shop is going in loss because of whatever they earn they just spend it and when they fall in deficit situation without thinking about permanent solution just go for additional livelihood for few days and when again situation become normal they forget everything and dealing life as usual without thinking about future. Another side though other 7 families are running in profit but still more improvement is needed to increase the profit margin and make it sustainable. Taking credit and fulfilling current deficit can't be a permanent solution, what are the ways of using money and managing livelihood is the main key factor of increasing the growth of family business, which can be increased through awareness programme. Another side it can says that family business is a place where people can share their opinion for stretching their business, collaboration and unity among members and work distribution will also be present here that is very much important to keep the house financially and mentally in higher position and along with this family will get enough time for social recreation also which is very much needed to maintain a healthy relationship with society. Aditi Khan | Saravana Kumar | Bhukya Jitender Kumar "An Economic Study on Different Types of Family Business and Livelihood Pattern Analysis in Urban Context, Madurai, Tamil Nadu" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29790.pdf Paper URL: https://www.ijtsrd.com/management/business-economics/29790/an-economic-study-on-different-types-of-family-business-and-livelihood-pattern-analysis-in-urban-context-madurai-tamil-nadu/aditi-khan