Are you a part of a family business? Does your family drive you crazy from time-to-time? In Entrepreneur’s 5 Things Your Family Business Can Learn from Animal Planet’s “Tanked”, they talk about some of the major challenges faced by family businesses: conflicting personalities, getting on each other’s nerves, having focus on the business and the same business goals, becoming stagnant, becoming exclusive, etc. What other challenges do you face in your family business?
They go on to recommend 5 keys for success.
- Define Roles (clear job roles)
- Aim high (financially)
- Hire outside family when needed (to avoid becoming stagnant)
- Tolerate eccentricities
- Make it fun
Do you have any other recommendations to make your family business a success?