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Family Business – Why Some Work and Others Fail

Running a business with members of your family is a desirable prospect for a lot of people. I have found out Five (5) key tasks you need to consider and plan on completing. These tasks must be well on their way to completion before you get to a point of no return in you endeavor because any shortfall may influence the chances of you business being successful and possibly straining your family relationships.

Today more than ever, home based and centralized businesses have become a traceable place in many peoples mind, for families and extended family members to begin their entrepreneurship expedition. As in the world of business, each family member should contribute a different skill set for the successful start of a business. However, extensive deliberation and pre-planning must go into the business plan before you launch full force or extend any money into your business project.

Five (5) tasks you need to review and ideally complete prior to committing to your *Family Business*
1. Develop a Business Plan. The business plan as a minimum should describe the Mission and Vision of the business, product or service to be provided, long and short term goals (include financial expectations), roles and responsibilities. This needs to be completed independent as possible of family member role allocation. Why, because you do not want the beginning of your business to get bogged down because you are still in the planning phase.

*Note: The plan can of course evolve as you get farther and further into the process, my point is to have a structured way to start planning and discussion, especially if you are going to seek institutional funding, they will require a very formal business plan. You may seek out professional help in this area.

2. Define Financial Commitment and Goals. How much money is going to be required to start the business, maintain overheads (standard recurring expenses) and of course expected salaries. Where is this money coming from? There needs to be some real sole searching done in this area, benchmarking of other similar companies and a careful look so you do not impoverish your family if things don’t start as fast as expected. The financial plan should extend a minimum of two years, with a goal to break even the first year. Seek out financial professionals to help you with this if there is any doubt what amount of money it may take to start your business, better safe than broke!

3. Schedule Major Milestones you expect to achieve during the first two years. You can be as detailed as your personality allows. The Milestone chart needs to be a large visual reminder to every one of expectations and what you all are working towards. The milestone chart will also serve to keep everyone focused in the event *new ideas* and innovations crop up for discussion that may take peoples focus off the original plan.

4. Identify and Define the Roles and Tasks a family member may fill. This is critical for you as the business *leader* and each family member to clearly help each other and not have overlapping tasks being confounded or duplicated. You want to be as efficient and productive at the start of a business as possible. You can not afford to have any wasted effort or the potential internal conflict of who does what and when. Have a discussion on how conflicts and problems will be addressed and who will be the final decision maker. Everyone must buy into and agree to this process at the beginning because you do not want infighting to carryover into the family side of your life.

5. Disconnect Business and Family. My experience is you must leave the business out of family get together or events as much as you can. Of course there is going to be a discussion or two, but every member of the family must continue to put for the effort into maintaining the separate business & family structure. Minimize the carryover from the business to the family and deal with any conflicts when they occur. What happens a lot is the tensions of the business begin to creep into family events; you must recognize and deal with these situations immediately. I know I’m repeating this point, but it is a backbreaker of many families and small businesses.

A family can have enough of normal stresses in there day to day activities raising children, maintaining a household, paying bills, getting the kids to their sporting events…on and on the list goes let alone starting a business, give your situation careful consideration.

Planning and communication are the keys, as well as a good product or service!

A good resource for personal development is Success University, because the resources are plentiful, and the people supportive. Check it out here:
http://start.successuniversity.com/specialoffer.aspx

Your entrepreneurship and desire to be independent are great personal traits, I wish you all the success and support I can provide.

A Good Teacher Never Stops Learning!

Think about the phrase; a good teacher never stops learning. What does that phrase mean to you? Recognize that everyone is a teacher through our actions and sharing of knowledge. As a parent, from the moment you wake your children up each day you begin the teaching process. Our children are continuously receiving learning stimulus and seeking knowledge from you and the environment around them. As a manager, coach, teacher, professor, consultant or athlete, your actions are observed, often imitated and directly reflected in your span of influence. The aspect of never stop learning should be taught to your children, workforce personnel, students, players and peers.

Be aware, the decisions you make influence and teach those around you. The phrase, a good teacher never stops learning is grounded in the belief you consciously maintain an open minded approach to situations that arise daily. Keeping an open mind allows the cycle of learning to be part of all phases of your personal and professional life.

If by profession you are a teacher, you realize the interactive nature of teaching and learning directly or indirectly imprinted to your peers, students, children and grandchildren. By keeping an open mind, you have recognized one of the most fundamentally important aspects of the teaching process. I know there are professional teachers out in the world today with many more great lessons to share; I encourage you to do so. Do you remember the favorite teachers of you past and what made them so good? I'll tell you ... they kept an open mind to your inputs, presented choices to you, explored your ideas and shared their knowledge in a fun and interactive way. Good teachers offer two or three suggestions as a way to influence a choice. This technique is a terrific first step in allowing someone to realize the power behind making decisions, and at the same time learning from the outcome.

Keep the door open to learning, seek new information and interact with different people as often as you can. Watch out, soon you will grow and want to seek out knowledge and subject matter you may have never considered before. Be open to challenges and questions you are confronted with from your peers, students and children. Take on those questions in a positive manner and discover the possibility there may be a different ways to perform tasks or solve problems.
I have discovered a great resource for self improvement, Success University at this link:
http://start.successuniversity.com/specialoffer.aspx

Great information, give it a try for just a $2 donation.

Is Quality Really Free?

We have all heard the phrase; *Quality Is Free*, but is that statement really true? I think it is true from the perspective when you personalize *quality* to an individual, not a product or consumable item.

Webster’s definition of quality is simply, 1: peculiar and essential character, or feature 2: excellence or distinction.

Perform a little introspection and ask yourself, *Do I perform all of my tasks at home and work in such a manner for them to be identified with the term excellence?*. If you can good for you, it is very difficult for me to say I perform everything at that high of level, but I do try and complete every task to the best of my abilities.

We have a tendency to over use some words when describing products, Quality is one of them. What I do not see is the term overused when describing people, either their character or work habits as an individual. I believe this is true because, when *quality* is used in describing a person, the word carries a mark of high distinction and excellence.

If you find yourself using the term *quality* to describe anything short of excellence, stop and realign yourself. Why, because if you don’t there might be a tendency for you in your life to fall short in some tasks, work performance or even relationships. Do not shortchange yourself, do everything within your power to perform even the simple tasks to the best of your ability. Lead by example and soon positive changes will materialize around you and success will follow.

I do caution you to be wary of products on the market that over hype quality. For example if the advertising is something like; *Quality is Job One*, as Ford Motor Company used to, then there should be some quantifiable facts to substantiate the claim. Do your research; check out all possible sources of information when making your selection.

In the world of consumer products, Quality is Free … Assurance is the expensive part. Only you can change yourself and the perception about what your character is, make it positive, froth with excellence and distinction.

One quality Self Improvement site I have enjoyed is Success University. What a great support team of people they have, check it our today through this link.
http://start.successuniversity.com/specialoffer.aspx