What is the attraction in becoming part of a family business , as compared to , going out and finding your own feet either via a full time job or starting your own business?
Re: FAmily business
The experts say it needs to be an obsession either way whether you want your own or be part of a running business, here is what Mr Mark Cuban says are the twelve rules to run any successful enterprise:
- It needs to be an Obsession or something you love
- If you have an exit strategy it is not an Obsession
- Hire people who you think or love working there 4 Sales will cure all, know how you will make money and how you will actually make sales.
- Know your core competency and focus on being great at them. pay up for people in your core competencies. get the Best.
- No espresso machines, leave it to employees to find ways to do their jobs
- No private offices, keep open office space to keep the energy level up.
- As for technology, go with what you know Apple, also let the employees choose etc.
- keep your org flat, if you have managers reporting to managers in start up it will fail.
- Never buy SWAG, a sure sign of failure for start up is when someone sends out logo-embroidered polo shirts.
- Never hire a PR firm, go directly to firms that are talking about your field directly.
- Make the Job fun for employees.
maybe this gave you direction to make your decision!
Re: FAmily business
These are generic business rules. My question is which one is better than the other. perhaps Pros and cons on each side.
Re: FAmily business
I think when starting a business its very important that you get a helping hand, whether in terms of financial support or guidance or accommodation etc. Family business is one way to get that. So yes its absolutely a great helping hand.
On the other hand a fresh startup with little or no support has more risks. But still doable and can be a successful venture. But it'll take longer for sure.
I know some people who started from family business and then parted their ways and had their venture which eventually became far more successful than the family ones. So their success stories either way. But i still think the family business does provide a solid foundation.
Re: FAmily business
Mine is a start-up with the support of my family/family business and I think it is a great help to have someone in your family with the know-how and technical efficacy to help you with your venture. It helps a lot, in my case it was my mum.