Topic > The Vision of Starting a Family Business - 598

The family's future vision should always be present when starting and running a business. It is important that every member is involved in this process. This process should include making strategic business plans for the future that reflect God's teachings and where the family wants to start the business in a given time period. Using the democratic capitalist mentality, families believe in hard work. This model is often ideal for starting small businesses. Those individuals in the family who are able to demonstrate their hard work are rewarded with various benefits. This encourages continuous hard work and individuals who do not demonstrate this are often excluded. This system allows everyone to demonstrate how dedicated they are to striving for continued success in the business. This can also be the cause of conflict in family businesses, but ultimately allows individuals to be rewarded based on their performance. Entrepreneurs who believe in equal opportunity adopt a framework of thinking that offers their children the opportunity to be rewarded in business profits as a result of improving themselves. This motivates continuous effort for the improvement and success of those individuals. This system allows for a state of mind that rewards individuals who have succeeded without the assistance of family or anyone else. (Family Business Healthy) Individuals who show adequate success are often the ones who are chosen to lead the company in the future. The success or failure in passing on the business and carrying it forward as a profitable enterprise depends on the family's ability to create such a common business vision. (Subsequent generations) That vision should always center on God and His teachings. Values ​​that are or… middle of paper… should always involve God in guiding their decisions, while also encouraging feedback from other family members. The company will remain strong even during difficulties if it stays close and always honors God. Works Cited Akright, C. (2001). Financing your dreams from generation to generation: Intergenerational financial planning to ensure your family's health, wealth and personal values. Chicago: Dearborn Trade. Lansberg, I. (1999). Next Generations: Making the Family Dream Come True in Business. Boston: Harvard Business School Press. Rothwell, W. J. (2005). Effective succession planning: Ensure leadership continuity and develop talent from within. New York: American Management Association.Ward, John L. (2011). Keeping your family business healthy: How to plan for continued growth, profitability, and family leadership. New York, NY: Palgrave Macmillan