I’m in college and thinking about entering a family business, it would be interesting. But I think there are other opportunities. Is it a good idea to enter a family business? Or should I get experience from elsewhere? (Male, 20s)
The benefits of entering a family business include that you gain in-depth knowledge from listening to family discussions, it will support your loyalty and responsibility to your parents and elders, and it is a ready-made job, and you are (probably) the only candidate people.
However, assuming you have the skills and experience needed for this position, how much freedom do you have? Do emotional bonds constrain you when you make difficult but necessary decisions?
When you consider where to go after college, you will want to conduct due diligence on any potential employer, no matter how much you already know about the employer. As a caveat, family businesses are not always the most secure organization. In a 2012 article by Harvard Business Review, George Stalk Jr and Henry Foley noted that 70% of family businesses took over in the second generation It has been closed or sold before. Only 10% of family businesses are still active in the hands of third-generation operators.
If you decide to join a family business, you need to make sure that you can separate work from other activities, that is, treat it as a business, communicate clearly, preferably in writing, and that you need to be outside the family business Discover mentors.
The skills needed for your job and the appeal of the job depend on what type of family business it is. For example, street corner stores, farms, or large multinational family businesses such as BMW, Samsung or Walmart will have very different challenges and responsibilities. And, fundamentally, are you interested in the products or services of the family business?
You do have a choice, both in the past and the present, which is better than some others. If you were born in the royal family, you will have little choice unless you choose to abdicate publicly.
In college, you still have the desire to learn. If you don’t join a family business now, but continue to upgrade your skills and gain experience, you will have more choices in the long run, no matter what you choose to do.
You can work for another organization for 10 years before entering the family business. Maybe you can get further related qualifications, such as MBA.
So for yourself and the boss who provided you with this job, the final answer is: “Yes, someday in the future.”
Reader’s advice
Check the company’s accounts to see if this company is profitable. Do you think you can add value to it? ——Steve
Do something else first. There is nothing better than starting a career working for someone who doesn’t feel obligated to feed you. You will have to do things you don’t want to do, and you will meet people who treat you rudely. All of this is part of life education. When you prove your ability elsewhere, you can still join the family business. By that time, you will be a professional, not a child eligible for inheritance. Your life will be better for it. ——Stefan17
When you join a family business, you want to make sure that your relatives have higher expectations of you than their average employees. You don’t want to be seen as a lazy person on a ride. —- ITU
If someone expects you to run a mature business at the age of 21, they are all lunatics and you should avoid them. If this family business is big enough to give you different experiences in different fields, then go for it.
Denvers Business Organization 