Most of the businesses operating in India and the world are family-owned. After completing their education, many individuals turn to family businesses for better prospects. They abandon a career in the corporate world to take their family businesses forward into a more successful enterprise.
Working in a family business comes at its own cost though we will find that the advantages of working in family businesses outweigh the disadvantages. There are reasons why some individuals like to work in a family business.
The corporate sector does not offer a healthy work-life balance. Most of the employees are overworked and do not like to work in such unhealthy environments. Contrarily, the family business model provides its members with the right work-life balance.
In times of personal crises, the members in a family business can rely on each other and the workload is adjusted accordingly. Moreover, there are plenty of resources in the form of family business management courses that can be helpful to strike just the right balance of work and life.
In a family business, a member has to stay familiar with all operations from finance to logistics. Even though the roles are designated even in a family business, members get the opportunity to learn multiple job roles. The organizational structure in a family business is not as rigid as a corporate firm; thus, it allows people to learn and acquire different sets of skills.
For instance, in an emergency, members can switch roles and perform each other's duties giving them space to learn and grow. Even if switching roles seem difficult, members of a family business have the opportunity to learn through various family business courses.
The family business structures are not only professional relationships but account for personal relationships as well. The members in a family business are related by blood that makes them more committed to their work as it involves the family. In a family business dynamic, the concern of 'how to grow my business' is shared by everyone as a long-term vision.
This commitment leads to numerous family businesses that have lasted for centuries and generations. The oldest surviving family business, Hoshi Ryokan, a Japanese-style inn hotel, illustrates commitment, being managed by the same family for 46 generations!
A family business survives economic slowdowns and depressions. When the economy hits, the corporate sector cannot do much to cut down costs. Many of these firms vanish in times of economic crisis due to the increased financial burden. Family business owners and members are dedicated to longevity as it involves the financial well-being of the family. That makes them prioritize the family business and its survival.
That is why during the economic crises, the members are ready to give up their dividends and shares and even contribute financially from their savings and incomes. The commitment towards the family business helps decrease business costs and take the family business beyond generations.
The job roles and designations in a family business are defined formally. Even the leadership is long-term in a family business as only death and illness can terminate the leadership positions. This ensures stability in the structures of a family business. Members can maintain their position in a family business for a lifetime and their successors can fill in their space.
A family business has multiple advantages over a non-family business. The members enjoy benefits and gain exposure to various opportunities that lead to business growth. Due to these opportunities, graduates and young people choose to join their family businesses after pursuing an MBA in family business or family business courses in India to provide formal expertise.
You can realize the benefits of working in a family business only with the required skills and expertise and, for that, you have Kin & Kith. With many advantages, there is also a possibility of conflicts in a family business. To minimize such risks, you would want to explore tailor-made courses for family businesses focusing on family business management dealing in Family Communication and Harmony. Such specialized family business courses can even put you way ahead concerning a traditional MBA in family business management.