Family Business or Owning a Startup: Which one is more suitable?
Launching your venture is as brave as it is liberating. The feeling of introducing the world to your radical idea precedes all forms of joy. But you decide to throw it in the market and let people be the best judge. Being an entrepreneur (being your boss) has evolved into a much-wanted desire over the last few years, and everyone dreams of building a startup. However, individuals with an already established family business become too tangled.
Family businesses hold down the significant stakes of entrepreneurship worldwide and significantly contribute to the economy. But young millennials today have big plans and take that initiative by separating themselves from the family business identity. Hence, the ‘earn your own identity and make a mark’ concept comes.
Now, coming back to the dilemma of the either-or situation between the family business and startup, the former plays a critical role. Most young professionals do not want to constrain their growth opportunities by joining their family-owned venture as soon as they graduate. Regardless, the zeal to invest time and resources in their brainchild acts and affects differently.
So initially, a millennial might choose to invest in family business management courses in India. But they extract all that knowledge and potential to find a different path soon. But that would rely on an individual’s choice and value ethics.
How will the family business Vs. Startup conflict resolve?
As per EY’s estimated figures, the Family business in last year’s Index generated combined revenue of US$7.28 trillion and employed about 24.1 million employees. It is a pure picture of success and perseverance even amid economic crisis and crippled resources. Master entrepreneurs with sound knowledge of consumer behavior also run family businesses, and that’s why their revenue scales even higher.
There goes much scrutinizing and grooming of the next kin through family business management courses in India. Hence, they would affirmatively take the responsibilities. The young blood might aspire to launch their own innovative business in the market. It all comes down to understanding the meaning of building a brand from scratch and identifying the challenges of being a business leader.
But the final call of whether to pursue an MBA in family business management or dive into startup courses in India rely on several factors:
If you have a family business with abundant resources, you have nothing to worry about, especially if you are trying to launch something new as part of the business. Once you have been groomed with an MBA in family business management, you can leverage the resources inside the family-owned venture and be the entrepreneur who wants to escalate the growth of a traditional entity through newer ideas.
However, in the case of building a startup, it is crucial for you as a solopreneur or you and your partner to meet with investors and come up with the best startup launching ideas that help you secure funds. Regardless, you can or cannot choose to ask for monetary help from your family business.
If you have some of the best startup launching ideas that would set your business apart from your competitors in the market, you would want to choose to own a startup. If having something of your own, built under your identity and not your family’s, excites you, then a startup is your calling. You can choose to go ahead with some of the startup courses in India, groom yourself, and learn the ropes. But eventually, your experience building your venture will bring quite a lot of knowledge.
Whether you choose to get involved in the family business or lead your startup, it is essential to know one thing— finding the objective that would drive the company in the long run. That’s why MIDAS has the best startup mentorship program to prepare aspiring entrepreneurs to be ready for a family business or leading a startup.