This “Pros of Managing a Family Business” post describes the benefits of owning and running a family business through the eyes of the blogger. This post merely states the experiences of the blogger.
Pros of Managing a Family Business
Before all the fiascoes of incurring a mountain of debts, I had built a business for my family, which happened to be established during the Great Recession. My family and I went to different craft shows and different U.S. states in the East Coast to sell our products.
Though the business was good in the first 2 years, our business faced challenges in the latter years, which resulted to the its closure. Looking back at the years I worked and managed my family's business, I learned so much from this experience. I like to share the pros of managing a family business through my perspective.
1. Achieve work and life balance
One of the pros of managing a family business is work and life balance. One of the best advantages of owning and managing a business is the flexibility that comes with the job.
I read an article at US News stating that, according to a report by Ernst & Young, one in three employees indicates that maintaining work-life balance is getting more difficult. Being the owner of the company, I had the opportunity to work a few hours here and there and still not get laid off. It is during those times that I had control of my schedule and of the areas where I liked to do business.
2. Reap the rewards
As a growing business, our family's business in the first 2 years was making money. Since the money was coming back to the business and that it was ours, we knew that the revenues were purely ours. We learned how to closely pay attention to our products, our customers, and the core values of our company.
We learned how to understand and network with our customers and satisfied their wants. These were the rewards I am referring to.
3. Face new and exciting challenges
One of the pros of managing a family business is meeting new challenges. As a business owner, I got to face challenges day by day and no two days were the same. I considered this an advantage because these helped me shape my understanding of running a business rather than just studying it from school or books.
It is also in these challenges that I was able to gain and/or improve my skills and experiences (e.g. communication and interpersonal skills), which contributed a lot to me personally and professionally.
4. Feel proud of oneself
Personally, I think this is the best aspect of owning a business. During the years of running our business, I felt an insurmountable amount of pride. It's pride because ever since I was a little kid, I had always wanted to build one of my own. I felt the pride not only because I had built one but also because my family and I built it together.
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5. Give back to the community
One of the pros of managing a family business is giving back to the community. Our family didn't keep all the rewards to the family. We did share our successes to the Church and friends.
The feeling of giving back to the community has always been something I am proud of and aspire to continuously accomplish. Our family gave back to the community and the feeling was more than great.
6. Travel to new places
Our business was mobile back then. When I say mobile, I meant, we went to different US states and joined various craft shows to sell our products. It was during those years that I got to travel tremendously to various destinations that I would have not easily gone to.
During those travels, I got to experience new cultures and meet new people. During those travels, I got to taste new foods and buy tokens and merchandises that represented those places.
7. Develop communication skills
I used to be the shy-type of guy who always liked to be at the back of the crowd. Since we owned the business, I had to learn how to publicly speak and interact with customers. I learned how to deal with people of different backgrounds and with varying perceptions.
I didn't like speaking in front of many people but the business gave me the opportunity to expand my horizon and learned how to love speaking. Ever since then, I have loved people looking at me when I speak and love when I get responses from those I speak to.
8. Enjoy the job
Generally speaking, owning a business allows you to work in a field of your choice. Since my background is in Economics and Finance, I enjoy working for a business especially if it's mine. The feelings of fulfillment, enjoyment, and accomplishment were just immeasurable.
Owning a business allowed me to think critically, be more creative, and take more risks in exchange for more rewards. Although some of the actions that I did was short of craziness, I still enjoyed the job and that's what mattered to me.
9. Learn to Commit and not quit
One of the best lessons I learned from owning a business such as our family's is commitment and dedication to pursue even the most challenging tests of running the business. The commitment and dedication sure have benefited me in so many ways, whether it's for establishing and running this blog, raising a family, working hard at work, among others.
I know that these dedication and commitment will continuously best serve me for years to come.
10. Learn from the mistakes
One of the pros of managing a family business is the chance to learn from mistakes. One of the key takeaways from owning a business is that you are going to make mistakes from time to time. I know our business did make mistakes and I know I did quite a few. But it is in the mistakes that I learned how to grow as a person and professional.
The mistakes I made allowed to gain more experience that I adopt to my everyday living and work. I read an article a month ago about avoidance learning, which is an experience that trains the brain to avoid making the same mistakes. I guess learning from mistakes is well-founded.
Even though we shut down our business a few years ago, the lessons I learned from owning and running a business will continuously help me now and in the long run. I have always believed that there are pluses and minuses of anything and everything and managing family's business is no exception.
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