Ever felt overwhelmed about joining the family business?
Thought that maybe you’re not good enough as an entrepreneur?
Or had completely different business ideas than the rest of your family?
This lack of confidence may keep you from success. You could end up doing something you don’t like for the rest of your life. You might also lose your interest in joining the business. And what about disappointing your entire family?
These are very common thoughts among family business members. Almost 90% of new generation entrepreneurs go through these questions. We have gone through them too. That is why we would like to help you solve them. By the end of this article, you will have a fair idea about why you are essential to your family business and how you can contribute to the growth and success of it.
Important Traits that will help grow your family business:
Confidence and willingness to take risks to ensure growth:
The older generations had to start the business from scratch and slowly succeed. So we can justify their unwillingness to take risks. You on the other hand have nothing to be afraid of. You are already confident.
You are okay with taking risks. You know ideas might fail, but sometimes risks are necessary for the growth of the business. You are more ambitious, focussed and achievement oriented than anyone in your previous generation. You know you will succeed, you’re just slightly nervous, that’s all.
Ability to relate to everyone successfully:
Maybe you’ve seen your father sit in his suit and tie in a separate room in the office. But is that what you see when you picture yourself in his place?
The new generation entrepreneurs have the natural ability to be available to everyone. You want to make yourself accessible to each and every person in the workplace. This quality will help create a feeling of belongingness and keep everyone content.
Greater knowledge of recent technology:
With new times comes new technology. What the previous generation did on paper, you do on the laptop. You might be the only person who has any access to social media marketing. You’re the only person who can operate on this effortlessly and effectively. They need you to help the family business grow. Just like people, businesses need to evolve to keep up with the times successfully.
You are a part of the new target group:
The older generation in any family business can only guess what the new generation wants. But you are the new generation. You belong to the group of people which is the new target audience or will be in a couple of years.
You are already acquainted with what this group wants, what appeals to them and how to influence them. Help the older generation to know about the new trends, likes and dislikes. This knowledge will help improve and grow your business to succeed.
Difference in mentality:
You already know your thought, ideas and beliefs differ from those of the previous generation. Maybe your family never questioned their elders or challenged them when it came to new ideas and potential problems in the business.
But as an entrepreneur, given the same position, you would always question what you think is wrong. You would point out the problems even if it meant challenging a family member.
You do not feel shy in pointing out “why” or “how”. This helps in progression, success and critical thinking at each and every step.
Thus, you could say you already have the abilities and traits needed to make your family business successful. If you know you want to be a part of the business, never doubt your capabilities. Here is a recap of all the qualities and traits you possess:
1. Confidence and willingness to take risks
2. Ability to relate to everyone in the workspace
3. Greater knowledge of recent technology
4. You are a part of the new target group
5. Difference in mentality
If you think as the new generation you have many other such traits, do let us know in the comments.
A small note would help inspire thousands of others just like you.