Continuing to build a multi-generation family business, discovering where your passions and talents lie, or simply leveraging the wealth of unrecognised experience – if you happen to be a next-gen. person, the opportunities to excel are endless.
Active Knowledge Question:
For the next generation: have you explored the possibilities to craft the future you want by leveraging the opportunities the family business offers?
Over the past five weeks, we have explored family businesses and the next generation, and how both their futures may be nurtured and optimised. Here is a recap of those articles before we move on:
One of the greatest challenges for new generation family members entering a family business is gaining a feeling of success. The family is successful, and the business is successful, but what about them, in what may lie their success. This need to be successful is often discounted or ignored by established family members, but it is real and if not addressed, can result in failed succession processes and broken family relationships.
If you are fortunate enough to have grown up in a family that owns and operates its own business, then you have gained a wealth of experience and knowledge whether you recognise it yet or not. This head start is a material advantage if you use it wisely.
There is a right business and a wrong business for you, and it is important that you understand what makes that difference. And through this understanding, your ability to work effectively in the family business will be enhanced manyfold.
You may come from a family that has been successful in business for many years, and you are searching to find your place. No doubt, existing family members will have their thoughts on what jobs you may take on in the family business. But discovering where you fit will be key to your enduring success.
One of the most valuable benefits that a family business can provide to the entire family, and especially the children, are life lessons. There is no greater learning environment than commencing, building and growing a business. Moreover, the benefits do not stop at the practical experiences but extend into the opportunity to explore and discover one’s life passions.
One of the most important ROIs that a family business can deliver is ‘prosperity’ in many forms for the current and future generations. Don’t allow this benefit to be lost or wasted.
An entirely new level of performance.
Want to become a part of the Entrepreneurs+ Community and learn how to make your business competitively fit? Join now.
All the best in the success of your business,