3 Things to Learn from a Family Business

by Roma Arora Freelance Blogger at IILM

Family businesses are extremely susceptible to failure and therefore, being prepared for future challenges while running a family-owned business is key. Owing to the nature of family businesses, and the nuances they pose, students must learn critical skills so that they can add further value. Essentials like networking, work ethic, dedication to the customer, etc. emerge from family business roots which need to be refined in an educational environment.

With multiple case studies, fraternity of family businesses and the faculty of the top 5 BBA colleges in India, IILM UBS is a great option that many family business prospects opt for. There is so much to learn when undergoing a BBA here that you can apply to your family business pathway.

Some of the best BBA colleges in Delhi NCR offer a family-business oriented BBA education. This is so that candidates who want to run their family business have the right set of skills to do so effectively. You end up learning so much when working in a family business, and you can bring those insights to the classroom.

The impact of networking:

Networking is key when it comes to growth, business expansion, and development. This could include community-oriented networking as well as nationwide networking. Family businesses teach you the value and impact of networking on your business, and it’s something that students can learn early on and develop.

These core networking skills are something that students can develop on and enhance over time. Networking can lead to some of the brightest opportunities that you can explore for your business.

Work Ethic:

Family business owners tend to work longer and harder than the rest. This inculcates the value of work ethic in the minds of the young up comers. These core skills of working towards excellence can lead to multiple areas of success and development for the business as a whole.

Work ethic is an important skill that’s also key to having an entrepreneurial mindset. A mindset that’s shaped by experience, as well as work ethic, is one that’s bound for success.

Business acumen:

While you can learn about business acumen from professors and books, you can experience it fully when in a family business setting. That’s why younger generations can bring something new to the table when they run family businesses.

Business acumen is an important tool to develop, as its ROI is multi-fold. Students that dedicate themselves to enhancing their business acumen can become highly successful over time.

Conclusion:

Family business teaches young hopefuls the core skills of networking, business IQ, skill development and work ethic. These skills inculcated early can help in the long-term development of the student’s professional potential.

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Created on Apr 17th 2018 02:21. Viewed 219 times.

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