Summary: Family Businesses Need Entrepreneurs

FAMILY BUSINESSES NEED ENTREPRENEURS FOR LONG-RUN SUCCESS

Family businesses are seen as the backbone of any country. The reasons being, it provides wealth to the county, provides job opportunities, it’s locally rooted and much connected to the community than other prevailing businesses. We have witnessed in our lives lot of times why some families have sound and successful businesses throughout their lives. These businesses are then taken over by their coming generations. The question that arises here is that why some generations experience continuous success while others do not? There are three main reasons. First, the successful families keep themselves updated with the status quo. They adapt to the new methods and techniques to keep

Entrepreneurs are up-to-date with every single market in the competition, every idea which has and will be executed by any big name, good knowledge about marketing and communication strategies. Entrepreneurs have the tendency to put the enterprise on a new growth path. Entrepreneurs are good at identifying commercial opportunities and getting new products and services off the ground, even when they don 't control the people and resources needed to do it. They know how to attract talent to help them when their idea is unproven, borrow resources they can 't afford to buy, and build buyers ' interest in their activity. Others may see them as risk takers, but good entrepreneurs are actually good at getting other folks to take risks. You need some people like this in your family company and in your family. Entrepreneurs through a very fascinating way try to make families understand about the changing time and its need. Entrepreneurs propose changes to the family structure of the business, they implement new plans through knowledge and shared experience as amateurs with others, they are well aware of the limitations of your existing business, they know how to brand a product for you. As young businesspersons they are well aware of the fact that what attracts their generation. They know way to connect with the audience that can create the hype of any brand. Young entrepreneurs are technology friendly. They are born and brought up in a technologically driven environment. Technology indeed serves as a basic tool in success of any business. For instance, if any application or software is out, young entrepreneurs will be comfortable using it and incorporating it into their business as compared to seniors’ workers of the