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Questions To Ask Before Joining The Family Business

July 6, 2019 Leave a comment

wealthymatters Even as there are plenty of people who effortlessly slide into satisfying roles in the family business and go onto growing it and successfully passing it down yet another generation,there are plenty of people who have regrets.Regrets about joining the family business or regrets about inducting a family member into the family business. In the worst case scenario,family businesses have to be split,forsaking the synergies that were taken for granted when the consequent parts were one whole or worse yet,families themselves have acrimonious splinters and end up losing everything they had.

A way to avoid unnecessary pain,is simply to reflect deeply before adding a business angle to family relationships and having the necessary conversations in an open manner instead of avoiding them,only to find oneself in the midst of bigger problems. Read more of this post

Filed under Entrepreneurship, Theory, Tool Kit Tagged with career in family business, control, family business, joining the family business, ownership, postaday

Careful What You Do With The Keys

August 1, 2017 Leave a comment

Freedom comes with choice and choice comes with responsibility.

Why do people willingly give up their freedom to a boss, a method or even a despot?

Why do successful entrepreneurs who start a new company take on investors even when they don’t need the cash?

Why do so many choose to go into debt when they might be able to avoid it?

Sometimes, we willingly sacrifice our freedom because it creates an other, someone to blame. It gives us hard boundaries and eliminates potential choices. And mostly, it lets us off the hook, because someone else is driving the bus.

Trying to drive from the back of the bus might feel less risky, but it rarely leads to much agency, influence or control as to where the bus actually goes.

Careful what you do with the keys. -Seth Godin

Filed under Entrepreneurship, Theory Tagged with advive from entrepreneurs, agency, control, Entrepreneurship, postaday, Seth Godin

Why Bootstrap Your Business ?

June 13, 2014 Leave a comment

wealthymatters These days, it’s very fashionable to have a business “funded” by an investor or venture capital firm.But this is almost always a bad idea. Bootstrapping your business is usually the better alternative.

Bootstrapping is starting and growing a business using your existing resources.

Bootstrapping doesn’t mean you’re excluded from investing any of your own cash. It also doesn’t mean that you must remain a one-person company for eternity, or that you have to settle for meager revenues and profits.It simply means growing your business using your existing resources instead of going out and raising a bunch of money from other people. It means growing organically.

If your #1 goal is to build something enormous and world-changing as quickly as possible, bootstrapping may not be a good choice. But if your primary goal is to build a profitable business that you will ultimately control, bootstrapping is almost always your best option. Here’s why:

Cash Alone Rarely Solves Problems Read more of this post