Beautiful Arrowbear Lake
Entrepreneur Journal
Journal
Family businesses.
This week’s discussions and case studies that looked at family businesses was a
great refresher on the pros and cons involved. Having been involved in business
with family, I have seen some of these pros and cons firsthand. The key takeaway
from this experience is to have clearly (and written) roles that detail specific
responsibilities, accountability, and compensation. Without this, anyone going into
business with family is setting themselves up for disappointment and possibly irreparable
damage to their relationships.
I really enjoyed
the ‘You be the Consultant’ activity. I have often thought that I would enjoy
being an independent business consultant. I think with my varied experiences
and the education I am continuing with, I could be very good at it. Maybe when
I am retired I will do it as a part-time job. I have a sense that it would be
very rewarding. Either that or teaching part-time. I think the two would be
very similar.
“$100 Challenge” Progress
One of the things
I’ve learned with this project is the susceptibility of success or failure
being very dependent on others. When you are talking about employees, you have
to look at reliability and consistency. When you are dependent on young, low-wage,
part-time employees, there are different priorities in their minds as how they
use their time. Sometimes they would rather spend time with friends, sports activities,
or schoolwork than working with your business. This should be taken into
account when putting together a business plan and how you will manage this if
your workforce falls into this category. So, no additional sales this week.
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