Running A Family - Owned Business? Tips For Success
July 15th 2008 09:38
There is an old saying : "The first generation builds the company. The second preserves it. The third squanders it." Some surveys show there are fewer than 5 percent of family-owned businesses that survive under control. Bestseller author Gurcharan Das, explains this phenomenom, "The first generation makes the money, and naturally and naturally wants to flaunt it. The second doesn't want more money, it wants power, the third generation dedicates itself to art, or more likely just squanders the fortune. The Kennedys, Rockefellers, and others illustrate this cycle," wrote the author of "India Unbound."
However, not all family in business is taking the same dismal route. Here's some tips from the book, "Managing Work And Career," by Josie O. Santamaria to couples who plan to start their own business or are running one :
* Be sure you are in business which both of you believe in, are enthusiastic about, and can do together.
* Plan together. Set goals and objectives and agree on priorities and action plans together. This will unite you and make you more along the same direction.
* Openness is very important in both marital and business relationships. If you disagree with your spouse, voice it out and deal with it face to face but not in front of other.
* Delineate roles. Clearly delineate your responsibilities and agree on the roles and accountability of each one. Practice mutual empowerment.
* Acknowledge the area of competence of your spouse in his or her area of expertise. Let him or her shine. Don't compete for the limelight.
* Respect each other. Respect your spouse's opinions, judgments and decisions.
However, not all family in business is taking the same dismal route. Here's some tips from the book, "Managing Work And Career," by Josie O. Santamaria to couples who plan to start their own business or are running one :
* Be sure you are in business which both of you believe in, are enthusiastic about, and can do together.
* Plan together. Set goals and objectives and agree on priorities and action plans together. This will unite you and make you more along the same direction.
* Openness is very important in both marital and business relationships. If you disagree with your spouse, voice it out and deal with it face to face but not in front of other.
* Delineate roles. Clearly delineate your responsibilities and agree on the roles and accountability of each one. Practice mutual empowerment.
* Acknowledge the area of competence of your spouse in his or her area of expertise. Let him or her shine. Don't compete for the limelight.
* Respect each other. Respect your spouse's opinions, judgments and decisions.
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