People who are born in families with established family businesses are considered the lucky ones by the ones who are not born in such families. According to the outsiders, children with a business background do not need to work hard and toil like other people. Even though this could be partially true, not everyone is born with good business acumen.
If your father and forefathers were successful in a line of business does not mean that you will also achieve such milestones easily. The skill of doing business and trade is not in everyone’s blood but it can be learnt if the young family members are trained at an early age. There are certain tips and tricks that one needs to be aware of in order to take the family business to the next generation. Let us look at some of these tips that could help you in achieving success in your family business.
1. Start with Hard Jobs:
Many young members upon entering a family business consider getting involved in easier and menial tasks only. Since they do not have experience, they are reluctant to take up difficult jobs in the operations of the business. In addition t this, some members are lazy to take up difficult tasks.
When you enter a business as a young member of the family, always take the initiative to do the difficult tasks. This will help you in learning difficult things at an early stage and you can gain an important position n the business operations.
2. Listen more speak less:
When you are new to the workings of the family business, remember that your senior partners and family members have more experience than you have. Instead of giving your opinions in the initial phase, always listen to the advice and views of the senior members of the business. Once you are settled and have acquired a good knowledge about the business, you can provide your opinions for the dealings of the business.
3. Get familiar with the customers:
Every business operates due to its customers. This makes them an integral part of the business. As a young member of the family business, you should try to familiarise yourself with the customers. You might not have the skills to deal with customers yet but you can build a good rapport with them. Always try to accompany the senior members on business trips and sales meetings in order to get to know your customers better., This will help you in future dealings.
4. Get paid:
Young members upon entering the family business lose their interest easily. One of the major factors behind this phenomenon is the lack of pay. When young members are treated like unpaid apprentices in the family business, they tend to drift away from the workings of the business. Always ensure that you get paid for whatever work you do for the business. This will help in retaining your interests.
5. Learn to lead:
As a young member of a family business, you must learn and train to lead and not follow. Always make sure that you are developing leadership skills while working and not limiting yourself to skill-based roles and managerial positions.
Not all family businesses are successful beyond the second generation. Only the young generation that is entering the business can ensure the success of the business beyond generations. Young members must be trained in the right way to make a family business successful. Kin & Kith offers courses for young members of the family business to learn and get trained in the best family business practices making them ready to take the family business to new heights.
Want to understand about the challenges you might face when you join your family business? Learn here