While many of us have parents from a service sector background, many of us come from a family which has been into business for generations. This is a generational trait as well as distinctive of some communities in India, a country which ranks third globally for the number of family businesses. According to a Credit Suisse report, family businesses in India run into their third generations.
In some families it is not even questioned whether the young blood will continue the family tradition. But many of us should consider before taking a leap into the established family business.
It might seem the easiest thing to do, especially when we are at the start of the career. The business has everything going for it, with the elders having paid their dues. You just have to show up and take your role on a platter. But often, this could be the worst mistake to make, spending the most critical years of your career in a comfort zone, where you are protected.
Image Credit: Dil Chahta Hai
Some people thrive after choosing a career in their family business. But others wither, bitterly regretting their choices. So, while it may seem tough to begin things on your own, joining a family business is an even more complex decision.
Here are some things you should ask yourself before taking the leap into the direction of family business.
Are You Motivated To Join The Business?
Take some time to introspect whether you really would enjoy working for the family business or are you doing it because you are expected to do it? If you are not motivated by it, then it will become a drag after some time, and you will regret it. Instead, you could consider what about the business motivates you, or should you consider some other career option?
Roshan Nazareth, from Shankerpura in Karnataka, comes from a family of traditional flower weavers. Despite having a knowledge of the family business, he wanted to do something of his own and decided to get into computers during his engineering course. He says, “I felt that the family business would not help me grow as a person. So despite facing various issues, like staffing and funding, I decided to do something of my own. And today my company, HIProfile Consulting Group, has ventured into various consulting verticals, and is planning to set up state of the art auto units in Maharashtra.”
Do You Understand The Business?
Growing up surrounded by a family business should provide younger generations with unparalleled insights into its strengths and weaknesses, its potential, and a sense of how it might be possible to grow their careers there. But often the younger generation is given only a glimpse into the organization, the part that the senior generation wants them to see. So, look out for some red flags, to check whether you are really comfortable with the family business.
How Are Your Relations With The Elders?
In a family business, the family elders are often the mentors. You should be able to candidly speak to them about your career goals, and how they see your role in the company? It is essential that you understand and share their vision for the business. Else, there might some point when you would regret joining it. For this, it is important that you have relations of trust and good rapport with the family members.
These factors will help you consider whether you should join a family business or head out on your own to achieve your career goals.
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