January 9, 2020

Want To Be An Entrepreneur? Evaluate Yourself Before You Take The Plunge – Series 3

General Money   || Personal Finance   || Stock Markets  ||  Real Estate ||

Continued..    

3. Business sense that prevails in the family, with background into family business.

–  Knowing the nitty grits of business, which runs in the family is certainly a value adds to an individual to start up an entrepreneurial journey. But that alone doesn’t guarantee you success, as there is a lot of brain dumping that needs to be done – meaning an individual needs to ‘learn to unlearn’ to learn something new. Having said that, its reasonable to expect a balance in psychological emotional quotient of a person from business families with regards to – judgment of expectations out of situations, they easily understand the math behind business revenue & primarily they would have a certain social skill sets that acts as a ‘X’ factor which determines their business success.

Tips for building successful entrepreneurial mindset to get the best out of your business sense derived from family business:

  1. There is fair degree of difference between knowing things & doing things. Knowing what to do, How to do – can only get you a good start, to sustain in business one needs to build a personal identity with his/her own ways of doing things. This will help you to ‘learn to unlearn’ & avoid doing same business mistakes which was inherited along with your business. This often becomes weakness of decision making approach if it is not rectified in the earlier stages of business life.
  2. It pays rich dividends – to get some experience into Corporate / MNC world which is totally unrelated to your line of family business. There is a sense of discipline that is present in most companies & that shapes your fundamental approach to the way how ‘work’ & ‘time’ needs to be managed.
  3. Develop curiosity as one of your strong character traits. Prepare business cases from what you have noticed within the family businesses & learn the elementaries of key decision making. Don’t go just after successful business decisions, learn the bad ones as well – this will avoid you from known pitfalls in business.
  4. Reading about mindsets of people is important for everybody across all stages, but its primarily very important for you – as there are lot of preconceived notions that you will be exposed to & that is part of every family business. A first hand approach to ‘newer experiences’ & ‘your own analyses’ will certainly help in your approach to a problem.
  5. There are times when independent assessment of issues solves a certain problem & there are times when issues requires to be discussed with your other contemporaries – exercising a right balancing act, in the best interest of ‘time’ & ‘money’ is a very good skill set that comes with experience. Learning this early, can definitely place you in best of unconquered business leagues.

 

          

 

–    Article by Suman Adithya Rao (SEBI Certified Research Analyst, Management Graduate in Entrepreneurship & Small Business Management)
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