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Family Business: The Purpose and Spirit behind a Family Business......

1. A 'Family Business' is about Entrepreneurship, more than about 'Employment' in the Family Business. 2. To a Family in Business, growing the Family Business, and keeping it alive and kicking, is the "be all and the end all" of why the Family Business exists. 3. The benefits of the Family Business, the reputation arising thereof, are the rewards of Entrepreneurship, of Commitment through good and bad times, of Learning to cope successfully, of the courage of conviction to set matters right, of not being Individually Selfish, in the larger interest of building 'greatness' into the Family Business, into its perpetuation for future generations, to be remembered for having contributed.....to the Family, and to the Larger World............If one does not see the Family Business as an asset, and as a Gift of God, riding on adventure, and chasing the pot of gold at the end of the rainbow, not out of greed, but as a mission to accomplish......, a Family Business is nothing but a disguised avenue for employment, and therefore not a Family Business at all. Where is the excitement in Employment vs the excitement in the great adventure of pursuing Entrepreneurship? 4. A 'Family Business' will not survive without effort, and without the determination to succeed, and without Family Unity in all matters related to Business. 5. The 'UNITY', in today's competitive, and 'democratic' times, has to necessarily supported by: 5.1. VISION: How does it help trying to find your way with your 'trial and error stick' and some luck, and being only able to 'feel' upto your next step?? 5.2. VALUES: Only commitment to SHARED VALUES will build TRUST, and provide the strength of TEAMWORK to face ups and downs, and emerge stronger each time. 5.3. OPPORTUNITIES: Without VISION, OPPORTUNITIES are invisible, and are lost, because you are always struggling to just 'feel' your next step! 5.4. 'INTERNAL POLICY' Statement: With VISION, and therefore with OPPORTUNITIES, the 'VALUES' Statement must translate into practical 'Family Management Code (Dos & Donts) that commits Family Members in the Family Business to mutual support and into ensuring the success of every entity in the Family Business to grow and to be successful, without being responsible for multiplying obstacles in each other's path. The Family Management Code will build safeguards and processes to protect the Family Business and its Entities from possible negative actions and/or events that pose a threat to the Family Business and its Entities, before the 'worst' can happen. 5.5. PROFESSIONAL MANAGEMENT: Attitude and Practices of Family Members in the Family Business must move to 'Management' from 'Ownership', must be accountable for making results happen, must be accountable for making each Family Business Entity Profitable, and the Family Business a Successful Business House with a VISIONARY FUTURE. 6. Finally, an understanding of the above guidelines, and the individual exercises that support them, can lead to the writing of Family Business Constitution for Families in Business.
Raju Swamy Advisor to Entrepreneurs & Family Business PROMAG Consultancy Services Bangalore - 560004 INDIA Tel. +91-80-26676298/ Cell: 9845271498 Email: rajupromag@hotmail.com

Promoting Management Action for Growth. since 1985

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