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Family business is the oldest and most common model of economic organization. The vast majority of businesses throughout the world—from corner shops to multinational publicly listed organizations with hundreds of thousands of employees—can be considered family businesses.[3]
Based on research of the Forbes 400 richest Americans, 44% of the Forbes 400 member fortunes were derived by being a member of or in association with a family business.
The economic prevalence and importance of this kind of business are often underestimated. Throughout most of the 20th century, academics and economists were intrigued by a newer, “improved” model: large publicly traded companies run in an apparently rational, bureaucratic manner by well trained “organization men.” Entrepreneurial and family firms, with their specific management models and complicated psychological processes, often fell short by comparison.[3]
When deciding how to assign roles in family business, it’s helpful to start by looking at the primary responsibilities that must be covered by every business. They can be divided into six umbrella categories:
1 – Strategy
2 – Staff
3 – Financial
4 – Daily Operations
5 – Sales & Marketing
6 – Customer Service
After completing graduation in Family Business Management program, one can easily join in a private or public organization. Students will be able to work as a :
Successful Entrepreneur
Effective Family Business Owner-Manager
Socially responsible businessperson etc.
Some Popular Job Profiles in this field are-
• Administrative Assistant
• Manager
• Business Process Analyst
• Management Consultant
• Business Development Manager
• Senior Business Analyst
The typical salary offer after the course varies between 5-7 lakhs per year. The salaries vary from hard work, dedication, and effort. Once settled with a reputation in business or as the head of the organization, the earnings have a very high potential.
The top companies that offer jobs are Venture Storm, Linked in, AngelList, Talentdash, Gravity, Idea, Zoho, Amazon, etc. Apart from these, companies such as Hindustan Unilever Ltd, Wipro, TCS, Dell, Deloitte & Touche LLP, ICICI bank also offer recruitment opportunities for candidates.
Unlike in large corporations, many family-owned-and-operated businesses have a smaller managerial structure with fewer layers. In cases of approving a new project, product or design method, you may get an answer faster and be able to start implementation more quickly. In cases of approval for paid time off or asking for a raise, you may get an answer or approval during your initial meeting rather than waiting days or weeks for a decision.
For family members, those who own the business may find or create positions for you if you choose to work there. Having the option to have a full-time, second or side job if you need one may help you financially and be an asset to the company.
If you've grown up around a family business, you may have gained industry knowledge and business tips before you were old enough to work. Even if you also earned a degree in the family business industry, that could only add to what you already know. Years of knowledge and experience may help you excel at any job you're offered within the organization.
Family businesses are often small organizations where the employees and management alike want to see it succeed. One of the major company goals is usually to become or stay profitable. That passion and persistence may lead to job security for all employees.
Family businesses can have a more relaxed or comfortable environment than other larger corporate companies. Arrival and departure times may be less strict and you may secure more time off for things like doctor or dentists visits or necessary personal services. These perks may extend to an entire staff, not just to those related by blood.
Working for a family business may allow you to do a variety of different tasks throughout the day rather than completing the same ones repeatedly. You may also have the flexibility to try positions other than your own to decide whether they're a good fit. This may also be beneficial for the company, as it allows managers and owners to recognize and use their staff's best qualities.
Family businesses may have smaller staffs. For family members, you may know all your coworkers well from your first day. For outside employees, you may meet everyone in the company on your first day and over time become like a member of the family. Smaller staffs may also make it easier to take time off because there are fewer schedules with which to contend.
Outside of work, families often view themselves as a unit. In family businesses, this unit extends to all employees. Working with your family or for a family may foster a collaborative, supportive culture where people help one another and make personal sacrifices for the good of the business or their coworkers. This may help the company financially and provide job security.
Working with your family or for a family may make it easier to know who to trust. Being around people who care about you may give you more self-confidence. It may also give you the freedom to try new things and make mistakes without the fear of failure or punishment.
:Family members may bring personal issues to work with them. For example, a fight in the car on the way to work about who forgot to get more paper towels at the grocery store may carry over into the office. These types of conflicts, especially ones on more serious topics, can last longer and affect the work environment and productivity of a family business. Consider discussing and resolving personal issues before or after work hours to prevent spillover into the company.
In some family businesses, blood relatives may get second chances or passes for punishable behaviors. They may even have total job security no matter their actual performance at work. In other cases, family members may have stricter rules than other employees to set an example. Consider establishing a set of policies and a handbook for all employees, family and non-family, and administer discipline equally based on the offense rather than the perpetrator.
Non-family employees may feel like outsiders within a family business. They may feel left out if you make work decisions at home, after hours. They may also not understand some inside jokes or family stories you tell around the office. Consider making company decisions only within business hours unless all employees are present. You may also explain family jokes and stories to those who haven't heard them before. If you are an outside employee who feels this way, consider talking to management or your coworkers. Their behavior may be unintentional and sharing your concerns with them could help bring change.
Senior management family members may expect students and recent graduate members to join the family business, even if that goal doesn't fit with their personal plans. This could lead to a decrease in productivity and resentment in the workplace and within the family. Consider letting potential family employees choose their own paths after high school or college if they decide they're not interested in the family business. Provide support and let them know they can talk to you about potential employment if they change their minds.
Family members often share similar backgrounds and views on controversial topics. They may also follow similar working processes and procedures because it's tradition or makes sense within their family unit. However, with non-family employees and different-minded customers or vendors, this may cause frustration if their methods clash. Consider hiring outside employees or extended family members with different viewpoints and fresh ideas. Test and implement their suggestions for a more inclusive environment.
Transitions of power among differently ranked family members in the company may challenge the entire staff. Senior members may try to continue to make decisions for the organization after leaving their positions. Younger members may take time to learn the finer details of their new roles. For senior employees or retirees, consider waiting to advise a new manager until they ask for help. For new managers, consider job shadowing, taking notes and asking questions of your predecessors to make a smooth transition of power.
Family members may promote other family members within a business, even if they haven't earned a new or higher-ranking position. They may cause tension among related and non-related employees alike. As a manager, consider making a checklist or guide for objective promotional picks and using data to make those decisions. As a potential promotion employee, consider if you are the best fit for the job and alert your manager if you think someone else may be more qualified.
Non-family employees may watch family employees closely for cues on how to act, speak and dress in the business. For non-management family employees, this may add additional stress to their work environment. Consider creating a company handbook with a dress code and other conduct rules for employees to follow. Ensure that all employees, relatives or not, adhere to the guidelines.
For family members who live, eat and work together, they may feel fatigue from seeing the same people all day, every day. Consider spending time with friends or non-family members away from work. Family members may also consider scheduling different breaks and vacations to spend some time apart.
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