Tips for a Successful Family Business | Guides for Living
24 Myths of Working in a Family Business
Millionaire's Corner | Biblical Business Tips | Rules to Live By
Tips for a Successful Family Business
- Family disagreements will affect business decisions.
- Often family conflicts remain unresolved and are ignored. Following the same route in the family business can spell the end of the business.
- Sometimes family members should be paid to stay away. Don't risk your business success to meet an emotional family commitment.
- Research confirms that stronger family relationships are not a frequent reward of being involved in the family business.
- In-laws have to deal with a credibility issue as much as family members. They should be viewed the same as the blood relatives because they'll have to overcome many of the same obstacles.
- Don't let a little dispute injure a great friendship.
- When you realize you've made a mistake, take immediate steps to correct it.
- Spend some time alone every day.
- Open your arms to change, but don't let go of your values.
- Remember that silence is sometimes the best answer.
24 Myths of Working in a Family Business
by Mike O'Malley
Myth #16: "Of course that will stay between you and me."
- If it was difficult to grow and develop in the family, it will be impossible to do so in the family business.
- To keep peace in the family people often do not tell the truth. Business is not about keeping the peace.
- The Business of Family: If you haven't had a family picnic yet, start contacting people for the one you'll be having over Labor Day weekend.
- It's absolutely impossible to change your position within your family's birth order. It's merely unlikely that you can change your position within the family's business order.
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Honesty & Discipline vs. High IQ. More than half of the millionaire respondents (57%) indicated, "being honest with all people" and "being well disciplined" as very important success components in explaining economic success. Furthermore, these two factors tied for number one in a list of thirty other success factors, outranking a high IQ/superior intellect, which was ranked twenty-first. Winner: Honesty and Discipline.
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Some millionaires scored under 1000 on the SAT, yet became millionaires. What school and college experiences influenced them in becoming economically productive adults? Fully 72% sai dit was learning to fight for goals because someone labeled them as having "average or less ability."
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One millionaire coached his daughter's softball team, and although it was not premeditated, he met many successful parents as a result. Some of these people ultimately became his clients.
- A man's security is not in his savings, but in his giving.
- Remember this-if you give a little, you will get a little.
- The seeds you sew in your present determine your future.
- Those who do not increase you will inevitably decrease you.
- God offers a pathway to a better life!
"When people are made to feel secure and important and appreciated, it will no longer be necessary for them to whittle down others in order to seem bigger by comparison." --Virginia Arcastle
"Live and let live is not enough; live and help live is not too much." --Orion E. Madison
"Today the most useful person in the world is the man or woman who knows how to get along with other people. Human relations is the most important science in the broad curriculum of living." --Stanley C. Allyn