Family Business?

A family business is a business in which one or more members of one or more families have a significant ownership interest and significant commitments toward the business’ overall well-being.” –Wikipedia.com

What are your thoughts about leveraging the strengths of your family to increase your business as a whole?  Is working with family less of a risk in business or does it make a difference as long as they are trustworthy… Well that is an interesting topic, I would say.  My family and I were talking about how much talent we have as a whole and how successful we could be in starting a small business (I know it sounds like we are seriously tooting our own horns).  I am sure a lot of families have had similar conversations.  My family, in the past, have been apart of many successful business ventures… But somewhere something went wrong.  This is something that we rarely discuss (what went wrong).  Our family is big on dreams, so the probability of us actually coming together to start a business… I don’t know, lol.  I just wanted to share my thoughts, as just last week I wrote a post about following your dreams.  I believe, family or not, there needs to be a strong foundation… When you have a partner things need to be planned, agreements need to be made and contracts need to be signed.  In business there is so much room for error and the last thing you want to stress over is whether you can trust the people around you or not.  This is a real issue as a business owner, so could working with family be the answer?  I don’t necessarily believe so.  It depends on each individual;  They have to be committed to the vision, mission and goals of the business and be willing to selflessly do whatever needs to be done (within reason) to achieve those goals.  I would love for my family to come together to start a business, there are so many industries that we would be able to tap into…  The question is, what type of business do we start?  That is still up in the air… Always dreaming, even as a family.  Do you own or have you thought about starting a family business? {Leave a comment}

Let’s connect!

Nikia Chanel

Are we friends?

{Originally posted on July 1, 2012}

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