Family Business Vs. Own Career - 5 Questions To Help You Decide | Part 2 of 2
A Difficult Life Choice For A Youngster
Joining a family business might not seem like an exciting or glamourous career choice, especially for the young who might dream of becoming the next entrepreneur billionaires! However, inheriting a family business ownership can be a very similar experience to becoming an independent entrepreneur. You will find yourself doing most of the management of the business, as well as providing the technical knowledge and managerial skills. Young business graduates will be required to do most of the financial and managerial tasks that is usually done by experienced professionals. Managing cashflow, raising capital, integrating new technologies, pivoting business models with innovation... exactly the stuff entrepreneurs do.
In a family firm, the tendency is for you to step aside and delegate responsibility, especially when you get married, have children or when one of your siblings is the next generation ready to take over. While most careers require thinking 1, 2 or 5 years ahead, family businesses tend to have in place much longer-term planning - sometimes, even decades ahead.
Ask yourself these 5 questions to decide if joining your family business is right for You:
Here are common scenarios and some advice from experts and leaders in the field about whether joining or starting your own career is the right decision. If you are considering joining a family business, you should be aware of some of the risks that you might face. It's vital that you look carefully at the work environment and learn about the challenges you might be facing if you join a family business. Remember, there are no guarantees. While starting such a career is easy, family businesses are by no means the most stable of businesses. Every new generation has to deal with many changes and challenges. Ask yourself the following questions:.
1. How Qualified am I?:
When preparing to embark on any new venture, it's important to know where you currently stand in terms of qualifications and skills. Are you excited or scared to take risks given your current skillset? Do you feel you are ready to take on the opportunity, or you need more time to discover yourself? Do you believe you are right for the role in the business you have in front of you?
2. Are Relationships at Risk?:
It's important to ask yourself if your family and personal relationships are at risk of being harmed by mixing personal and business life. Your chances to succeed in any career are high when you are working in a positive and nurturing atmosphere, rather than one with bitterness or resentment.
3. Seek advice from a trusted Mentor:
When in doubt, ask for advice. In most cases, family would be a good place to turn to for advice. But in case of family businesses, there might be biases or conflict of interests when seeking advice from family members. Look for an experienced Mentor among friends or extended family. Read my other blog on the importance of seeking guidance from a trusted Mentor when taking major life decisions.
4. Be open, be direct, and know your options:
Don't keep your doubts bottled up. Know what you are getting into. Discuss with your family scenarios at work which you might face few years down the line - what would be your options then? Do you have an exit plan? Can you choose to change your career if you are not happy or getting too stressed at work? It is your life, after all, and you need to make informed decisions.
5. Financial Position:
Sometimes, joining the family business might be the only option available due to financial constraints or other circumstances. In such cases, the mature thing to do might be to join and give it your best shot to make it a success. Always keep in mind that you are not alone in times of struggle - every individual faces their own challenges and unique compulsions in life. Using your education and intelligence to turn hardships into opportunities is the mark of a true business leader. (Watch my video interview with Mrs. Roshini Jaiswal, CRO of Jagatjit Industries Ltd - for an inspiring leadership story of how she pivoted her business model to overcome adversities)
To Conclude:
If you really need a job, if you need to bring in the salary, then one safe option is to join the family business. If that sounds like a boring idea for you, then consider joining a corporate business. It might seem like going corporate all by yourself is more of a risk, but the best time to take career risks might be when we're young and fresh. Whatever you decide, do remember that nothing comes easy in life. Once you have decided on a career path, the only thing between you and success is your own work hard and consistently making smart decisions along the way.
"The best time to take career risks might be when we're young and fresh. So whatever you decide, do remember that nothing comes easy in life."
Sunil Vachani of Dixon Technologies is an inspiring example of the successful use of family capital to create an independent startup that he grew to a multi-billion dollar giant.
In his early 20's, Mr.Vachani borrowed Rs.20 lakh from his father to setup Dixon Technologies and manufacture TV sets on contract - This was an un-tested business idea at that time and was considered a risky bet. After several years of ups and downs, Dixon Technologies is today India's top Electronics manufacturer worth +2.8 billion dollars.
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