Small scale family business has been an integral part of the Indian culture and tradition. It is a major contributor to the Indian economy for growth and development. Family businesses are the core of the Indian economy. Without family businesses, there will be an adverse impact on economy because it not only contributes to the GDP, it is also the biggest creator of employment generation. Inheriting a family business and running it successfully is a double-edged sword. Irrespective of the inheritance; talent, knowledge and acumen play a very important role. One of the major characteristics of an entrepreneur is good Human Relations ability. Incompatibility in first generation and second-generation entrepreneurs lead to inappropriate leadership, brain drain, lack of motivation, improper change management and hinders the sustainability of the business. Lot of prejudices and fixed mindsets (stereotyping) leading to misunderstanding and conflicts among the first generation and second generation puts an end to the sustainability of the business. The amalgamation of HR skills can enrich, retain talent, carry forward legacy and come out with a model or chronicle to help budding entrepreneurs develop right type of motivation and HR skills. The objectives of the study are- 1. To identify and compare leadership traits on the basis of Need of Achievement in the first generation and the second-generation entrepreneurs. 2. To come up with a viable and feasible solutions for consensus development between both the generations of entrepreneurs. The Research Paper is based on Secondary data. With help of this comparative analysis on leadership traits and Need of Achievement, we can come up with a model for second generation entrepreneurs which will help us to know whether they are capable to run the family business. This study will also help to achieve National objectives of Make in India and Atmanirbhar Bharat. This will contribute significantly to economic development of the society and nation.

KEYWORDS: Entrepreneurs, Generations, Leadership, Sustainability.