Pros and Cons of Joining a Family Business
Though you might think that it is easy to join your Dad’s business, yet it requires a lot of hard work, management skills and knowledge of the industry to make it big and carry forward the legacy of your Dad.
How to Reach your Goal
Step 1: Take up a stream of your choice but it is advisable to study commerce as subjects like accounting will help you understand your business better.
Step 2: Do your bachelor’s in a subject of your choice. You can do a B.Com but a BSc or Arts is equally good. You can do your MBA irrespective of the stream that you take in your graduation.
Step 3: Do your MBA. It is always good to do your MBA from a recognized institute than from any other B-school. What you learn in a good, reputed B-school, will help you implement when you join your family business. It is also advisable to work in a company and see how things function. Lean from scratch before joining the big league. This will help you with a picture of the real world.
Step 4: Alternatively, you can join the family business and instead of straight away heading it, you can work as an executive in your family business and learn the functioning of various departments. You can then study the operations and have hands on experience in areas that interest you. In this way you will learn the tricks of the trade.
Step 5: Like sons of many business tycoons, if you have a will, good grades and financial backing you can even do your MBA from a foreign university. You can also appear for GMAT for admission to any of the top business schools abroad. A degree from a good foreign B-School will equip you with necessary skills needed to run a successful business.
Do you have it in you
- Business acumen
- Strong understanding of the industry
- Technical expertise
- Leadership skills
- Good communication and interpersonal skills
Pros and Cons
- A ready set-up to start your career
- Fixed clients
- Working and learning at the same time
- Secured job
- Have to maintain relationship with existing clients and make new clients to take the business to new heights
- Might have differences with elders in the family on ways you might want to operate the business
- Have to look for new avenues to bring business
There isn't any fixed perk or salary, though you draw a salary at the end of each month. Perks will depend upon the profits that the business make and its annual turnover. As a member of the board, you will also be entitle to the company shares.