A capable and committed next generation is the most important legacy a business family can have.
In India, family run business account for 85%of all Indian companies and account for the vast majority of national output and employment according to business today, family run business account for 25% of India sales, of assets and over 37% of reserves.
While families may know each other better anyone, but building a business together is different, sibling partnerships have seen major successes and failures around the world there are various factors that can drive towards huge successes in the enterprises world.
Here are my key take ways.
- Work on each other strengths
As siblings, it’s more likely to know each other strengths and weakness and most importantly the unique qualifications the individual inherits.
Successful sibling partnerships coverage each other strengths and always reveal the best in you.
The ideal collaboration works on the skills and talents of each other, see and plan a vision together and the same time retain a good personal and professional relationship that transforms into a living legacy.
- Having realistic expectations.
We often tend to expect the most from our family and that’s because we’re in a biological relationship before a professional one.
Our expectations and commitments towards each other and the business can sometimes go over the board making the rock solid relationship test turbulent waters.
The key here is to keep your expectations low towards your relationship from time to time.
As a due, it becomes important to not only hold constructive meetings for the personal issues that might become a hindrance in your success.
A co founders it becomes necessary communicate, collaborate and most importantly forgive each other vision and mission of your company.
3) Be open and criticize fully
Whether its pitching a new idea for the business or discussing on an ongoing execution plan for your business, communication and open criticism is more crucial in a family run business than a non family one .
It’s important to let each other’s voice of opinions get heard in the without taking the partnership for granted.
Finding respectful, consistent method to communicate and expressing feelings, opinions and ideas effectively, will be in company’s interest.
4) Average your contacts and get the best resources you need
Whether it’s about scaling your business or the goal to go global cover aging each other contacts is important especially in the initial years of your business.
The key is here to keep the sibling leadership in place and seed resource to get started consulting each other; bringing strategic employees not getting afraid to go after the individual resources is the secret factor for long term success.
5) Take decisions as partners
While it is obvious one sibling has the business side and the other creature it’s important to consult each other on the crucial decisions that can shape or can have a significant impact on the company.
About me and my sibling co-founder
I (Mansi Biyani) and my sibling (Gaurav Biyani) are founders of MBDH WELLNESS.
Together we’re are building our startup whose journey began almost 60 years ago with our grandfather who started his firm and gave us the knowledge, expertise and inspiration to work with a mission and a purpose.
As founders we are trying to build a ayurvedic future of India that gets the new age millennial and at the same time is backed by technology and science.
To know more about we please visit our website