But those same skills that see you in good stead when it comes to your own achievements can also help you leave a legacy for your family too.
The family business is by no means a new concept. Just look at the Rothschilds, Trumps, Hiltons and even the Disney family – all of these household names started with the drive, ambition and vision of their early legacy-makers.
What does it take to make a successful family of entrepreneurs though, and how can you follow in the footsteps of moguls such as Henry Ford and H.J. Heinz?
How Your Entrepreneurial Skills Leave a Lasting Legacy
Family entrepreneurship takes the time-honored tradition of family legacies into the new age of business, helping to build future generations of self-starters who share the same goals and dreams.
From money management to specific business and personal skills that you have picked up over the years, you can pass down a wealth of information and learning experiences to aspiring family members who are willing to learn.
These tips will help you use your skills to promote that legacy, creating the chance to forge your very own empire.
1. Passing on your skills and business values is vital to ensure that your family is able to thrive in the future.
The more you put into this business today, the more future generations will be able to thrive for years to come. Sustainable businesses are far more likely to succeed, through poverty reduction, employment opportunities and financial growth.
2. Don’t force family members to follow in your footsteps – instead, focus on those who do follow your dream.
Make time to share your knowledge, answer questions, delegate small tasks and let family members watch you as you work to learn how the magic happens. Constructive feedback is also important – rather than giving orders, give guidance and encouragement.
3. Positions should be earned and not awarded automatically.
Just like any other business, promotion should be based on abilities, aptitude and attitude. Favoritism helps nobody – especially not the people who are placed in roles that are not suited to their skills. By teaching and supporting your mentees, you will be able to help them find their place within the business.
4. Provide the right support and resources for those wanting to come into the business.
Whether it is qualifications that will help them succeed in their roles, or internships outside of the family run business that may be required to broaden experience, it is essential to provide as much support and resources as possible. This investment will help make your empire that much stronger and better equipped for lasting success.
5. Provide guidance and support on a holistic level too.
Letting your children, nephews, nieces or even grandchildren spread their wings is not always the easiest thing. But having faith in their abilities and encouraging them to achieve success in their own right is also important. As your training progresses, you will soon see who is good at what – let them show you what they have to offer, and they will be able to soar.
A Final Word on Family Business
What if, after putting in a great deal of time and energy, your fledgling icons find that they want to forge their own way forward? Don’t see it as the end of the world – the same self-starter mindset that you have developed may just have also been installed in your mentees too.
Even if some family members choose to take their own path, you have still encouraged them to succeed in whatever they do. Young entrepreneurs help to pave the way for future generations, which is why it is so important to pass on your entrepreneurial skills onwards to carry forward the legacy.