Do you feel like you are obliged to carry on a family business?

[Nma]

We are all different people and we have unique dreams, goals and aspirations.... If my family owns a business and it's not in line with what I have passion for then I'm definitely going for what I love to do... it doesn't matter if I have to start from the scratch... what matters is that I feel fulfilled at the end of the day

 

[tyrim88]

Starting up your own business when you have a different drive and motivation from the family existing business can be OK,but the experience and stability of the family business could be an advantage,as fusion of ideas always spring up great firm.

 

[Khezo]

Of course a family business is something I would love to manage if I'm chanced to. Like my that's business is more of contract stuffs from both public and private. So I know the role will soon come to me so I'm preparing myself for it

 

[Planet408]

There are things to reason as regards this. If I'm the only one in charge of the family business and the business is flourishing, I can continue with the family business and even expand it. Then, if I'm not the only one running the family business, I can establish my own business but that doesn't mean I'm going to abandon the family business.

 

[Shayo]

Most kids that are born into a family business grow up with an interest in following or going on with the tradition. one shouldn't be forced or entitled to carry on a family business, if it is passed to you and you have other career prospects then you decline and allow a more suitable person to carry on for the sake of the business.

 

[Kiwi]

Yes, it is good to have your own business, which is very good. Especially with your own interests.Some people do not like the idea of being attached to a family owned business because their hardworking may not really be recognized by people who think that you got where you are because of ready made success. However, some people willingly embrace family businesses.

 

[iamgroot]

If a family business is doing fairy well, do you think setting up your own business is a good idea? I am sure there are dreams but instead of starting something from scratch, isn't it a good idea to improvise an established business?
Some people I know doesn't like to continue the family business, as they feel they need to start something on their own. If it's an entirely new business then it can be justified a little. Still, if it's a similar business then I don't really get the point of, starting a new one. What do you guys think?

It depends on what you talk about as a family. Because if they force you to continue the legacy of your business, which is contrary to what you want, the result will be bad and lead to its losses because what you really want is a business that is on your own.

 

[Setfragil]

There are several factors that determine if one should continue a family business or not.

History of the family business -- if it has been the culture of the family in the past for their children to retire to the business one can consider it.

The business current condition -- if the business is on debt that might takes time to pay off, you need to weigh your options carefully.

Interest and experience -- if your interest is in some other businesses or you lack the needed experience to take charge of the business it is better you start the business you have what it takes to make it grow.

 

[Tariq Nazir]

If The family business is doing well you should carry on without I see no need to build another business for yourself i
Believe people with sense of responsibility will do the same i’d Advice you start your business

 

[DareIsrael]

Of course I do not have any issue with carrying up the family business as long as it is a lucrative and profitable business. Nevertheless I won't stop there, I'll expand the business to make a name for myself from it.

 

[Joseph555]

Family business usually suffers lack of adequate management, if in time to come such an opportunity present itself, I will gladly take. Though family business usually come with a lot of power dragging.

 

[Blue house]

Well it depends entirely on the person choice of action, if he /she decides to take care of family business, there is nothing wrong with it and if he/she decides to start his/her own personal business there is nothing wrong with it.
But I prefer to start my own personal business without any personal interference.

 

[Bart Simpson]

It is totally up to you how you feel about it. Some people have an aversion to the thought of being a member of a family run company because the successes of the family will not be completely appreciated by the people who believe that you reached where you are because of having been lucky and well-off enough to be given the opportunity for some kind of success. Some families run businesses (families), while others do not.
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If your business empire is doing well, you can at least continue to carry on with running the business as the family business. If your family business is not doing well, I will not suggest starting another business. If you do not have any family members to pass on any of your riches and a sense of duty, I would advise you to start a business of your own.

 

[Neeta313]

I don't feel obliged to carry on a family business, personally I think is a thing of choice, because if you don't put your mind into it, you can just easily run down the businesss. If you feel your okay and it is something you can do and it is also something you like, why not, you can carry on a family business but if your mind is not into it, I feel you should start up your own personal business.

 

[Veetos12]

If a family business is doing fairy well, do you think setting up your own business is a good idea? I am sure there are dreams but instead of starting something from scratch, isn't it a good idea to improvise an established business?
Some people I know doesn't like to continue the family business, as they feel they need to start something on their own. If it's an entirely new business then it can be justified a little. Still, if it's a similar business then I don't really get the point of, starting a new one. What do you guys think?

Starting a new business entirely may be the best option if the family is not a polygamous family or a family of discord. Because if he should continue with the business and the challenges from the family warrants them to break the business bond, he loses everything with it.

 

[Kane]

If you want to do a business what's wrong on carrying over family business. Even when you do not have plans to continue to work on the same business niche, you can always extend your family business to the niche of your choice.

 

[Thosynho]

Yes and no, it really depends on the situation, first are you interested in the business or not, what line of business are you into? Are you qualified enough to lead that particular type of business, the answers to the questions will determine

Yes I can carry on with family business provided is in line with where my passion lies. If it is where I have no interest, I am sorry I won't be able to do it. It's better I don't do what I will regret later.

 

[Asad Ali]

The decision makers' ability to position rationality ahead of high dreams allows successful companies. Relationships are not founded on rationality, sadly, they are emotional, and so the danger is high that things go wrong.
You should be able to be blunt and critical of the people who are close to you while dealing with a friend, family member or anyone else in this regard. If your family member or friend cannot criticize you, then it's not a good idea to engage in a business deal.

 

[ahmedo24]

Yes I can carry on with family business provided is in line with where my passion lies. If it is where I have no interest, I am sorry I won't be able to do it. It's better I don't do what I will regret later.

Sustainable it is very important in a growing business to continue to run your family business is a very good idea if you and your siblings have good understanding and clearly written agreement on how the business should be run.

 

[Frank]

I am agreed with you, starting from scratch is very difficult but handling an established business is more easy than this,if you have experience and enough knowledge about the business

This is true, but again, you should consider whether such business is one that the son or daughter wants to continue. There are people that feel that they are not interested in handling a family business and to me, such decisions should be respected as well.