Many people believe those in the “Family Business” have it made in the shade but I don’t believe these individuals truly evaluate all the parameters that go into running such an enterprise. It is true that those in a family business have a place to go to after their schooling but is that truly a place for everyone? I have discovered not only from my own personal journey but the journey of many of my friends and colleagues that this trip is only for a few and many people jump off before they even start traveling. Here are a few difficulties you might encounter going into such a venture.
(1) EXPECTATIONS – It is hard to live up to your “old man” once in awhile but in a family business your expected to live up to those demanding terms everyday
(2) GRATITUDE- Don’t expect to get a tap on the back when you complete a great task because this is what is expected of you.
(3) HOURS- In a family business you are expected to put in any hours needed to complete the task and of course without any immediate incentive package.
(4) OTHERS- No matter how far you take this business many will discount your success because of the “unfair” starting place that you have. By the way most family businesses fail after the 2nd generation takes over.
(5) FAMILY- In an ordinary business when your work is done you get a break from your business associates but of course that doesn’t occur in the family business. “Christmas” is just around the corner so don’t let your family business interfere with gift giving.
(6) SCREW UPS- When you make a make mistake in your normal course of business that is known to a few colleagues but when it is in a family business it spreads through the entire family. The good and the bad can leave a lasting impression on those you love the most.
In conclusion there are many benefits being in a family business but if you don’t have the right family it’s best to look for a job elsewhere.