“Our work provide meaning to our existence and family provides meaning to our lives”
Nowadays younger generation is seeking for more independence and youngsters are taking up careers of their own choice, individuality is becoming an important issue.
Before few days I was very confused between two things. Weather to go for family business or self startup?
Youngsters who want to get into entrepreneurship are always confused that weather they should go jump into family business or they should go for a new startup?
Nowadays I am reading a book ‘Chains that Liberate’ Governance of Family Firms, a must read for all business people. Very beautifully analyzed summery of Indian family business firms and its dynamics.
Here are some inputs from this book:
Family:
• Divide the cake equally
• Don’t judge your children’
• Follow the tradition’ (roots)
• Father says respect me
• Lifelong membership
Business:
• Give the most competent one the largest piece
• Evaluate performance
• Embrace change (wings)
• Son says ‘I am your colleague’ consult with me
• Hire and fire
Above mention comparison between family and business tells us in a very simple way that family and business can not be run on the same governance structure. Both demands very different managing philosophy and structure.
Why family business is good:
• Families provide capital support
• They provide free and loyal labour and free advice
• Family members are available round the clock
• Families inculcate necessary values
• Family provide moral and psychological support
• They provide physical and emotional security
• Presence of family in the life of a person makes him more committed and focused
After reading this book my mindset has changed, now I am planning to jump in to my family business.
I suggest you all to read this book and I hope everybody will benefit from it and take your decision of your own.
Can you please help me out for designing entry processes into FMB?
ReplyDeleteYour father started the business with a vision, now if you are not going to join your FMB, then who will help him to achieve that vision. and also if you start any business and if your son or daughter won't join the business then what will you do? just think!
ReplyDeletealso your FMB employees have many expectations from you. it would be their motivation if you join the business.
ReplyDeletefinally We need to fuel the growth of FMB and our country.
thanks Alok for commenting so beautifully,
ReplyDeletei suggest you to take a full time experience in your FMB for at least one year, and then you should decide the position of your's in FMB.