Have You Ever Been Involved In A Family Business?

[Good-Guy]

Business is a kind of financial activity that generates money. This is how I define business. However, you must be the owner of the business in order to truly call your "Business" as a business. This is because even having a job could also generate you money, but you basically do not own the company, rather you work for it. When it comes to running a business, you usually get engaged in something that you find appealing or you engage in a business about which you are passionate. However, I have also come across the concept of "Family Business". It is a kind of a concept that involved a group of family members running a specific only.

They might not engage in any other business and many different members of the same family might run many branches or shops where they carry out a specific business only. Many family members also help each other to establish that specific business. This is also one of the main reasons why such kind of business might run for many generations. As the business might get old and children might inherit the business from their forefathers. So, have you ever been into family business?

 

[eenya00]

sometime last year, we decided to enter into transport business as a family, so we purchased a truck for haulage purpose, but the turnout of event was really depressing as we lost the truck and every other money we invested on the business. it was a down moment for us as a family because we had big plans for the business.

 

[Etini]

My experience with family business has not been palatabke. It was a battle of the egos. My mom is kind of autocratic and it is difficult for an autocratic person to acknowledge suggestions from other people. What did I do? I steered nmydekf clear of anything that had to do with the business. In the long run, the things I predicted came to pass and the business closed down.

For members of a family to run a business together, it requires oneneess of mind and purpose. It requires that everyone drops his / her ego and work for the success of the business. Sometimes as family members, you would have to some how forget your status and act in a professional way for the good of the business. You might need to go to work early just to set example for others who o follow. Overall, it takes another level of maturity to be part of a family business.

 

[Kobeta75]

No, but I think it is always best for one should not always involve a family members when running a business. Business always involves a lot of risks which involves making profit or loses. To me, I don’t want to involve a family member into my business because there will not be any one to blame when losses occurs and correcting business mistakes will always seen to be difficult

 

[King bell]

There's nothing quite like being involved in a family business. Whether you're the one running the show or you're helping out in some capacity, being a part of a family business can be a truly unique and rewarding experience.

For me, being involved in my family's business has been an incredible journey. I've been able to learn so much about what it takes to run a successful business, and I've also had the opportunity to forge some incredibly strong bonds with my loved ones.

Of course, being involved in a family business also comes with its fair share of challenges. There can be a lot of pressure to perform well, and there can also be a lot of conflict when it comes to making decisions.

But overall, I wouldn't trade my experience for anything. Being involved in a family business has made me a better person, and I'm grateful for all that I've learned.

 

[Axis]

Although I have not been in a family business but I can personally give advice to those who find themselves to be successors to family businesses possibly sometime in the future. First and foremost you need to understand that managing and operating a family business is the same as operating any other business but the only common difference between a family business and that of running your own business is basically that family members and relatives might from time to time pressure you or give you unnecessary remarks possibly on areas you are not doing well. First and foremost you need to come down and you need to understand that running and managing a business up to the state of substance cannot be achieved by pressure from others so it is best, to be confident in your actions by carrying out your own research to make sure that your own thoughts and actions are the best first of all.

Family relatives and families themselves can only give you suggestions and opinions but not actually making decisions for you. There is absolutely no difference from running a family business from running a normal business apart from the difference explained above. You may have to renumerate to each family member some allowance possibly at the end of a particular working a year or month but for more advice you need to document each allowance you compensate each family member so as to keep track and not lose control.

 

[Miki1]

I've never been involved in any family business in my life. Though growing up I've seen other families businesses and have even worked for a family business before. I think family business is a good initiative every family must try out. Because family members benefits from it and can live in decades.