Born into an academic family, I embraced educational values and rose through academia to become the Director of management institutes. However, the burgeoning entrepreneurial landscape in our country sparked a new ambition within me. Transitioning from academia to entrepreneurship, I co-founded phonedekho.com and assumed the role of CEO. This shift embodies true leadership—moving beyond established institutions to pave new paths and nurture aspiring entrepreneurs. My goal is to contribute to society by fostering an environment that supports and guides young minds towards their dreams of owning start-ups. This journey from academia to entrepreneurship encapsulates the essence of leadership, empowering others to fulfill their potential.

Partnering with experts outside the family when necessary is going to be important! Knowing when to do this is just as important. Just as my family knows our limitations where running our household is concerned, and when to call in outside professionals, the same holds true in business. Be prepared for this and budget for it. No one can do it all!

Each small business only has limited amounts of people which limits the strengths and skills available. Understanding what those strengths are allows you to play to them and also hire/contract to fill in the gaps where something may be lacking. Filling those gaps with a contractor allows you to do it part-time and save money.

This might be very tricky and depends on overall business concept. In some cases, the small family company benefits from the fact it is small family business. Unconditional trust, strong feelings and natural supportive and love attitude between the family members AKA employees of the company might span into the customer relationships and make an unbeatable competitive advantage. In cases like this focus on these close strong relationships and make the customers feel a bit of it. We can see cases like this in small bakeries, coffee shops, manufactures or similar businesses. On the other hand, when you run a trading company, and it is a small family company. Stay on alert. Deep feelings should not influence the decision making process.

In International cricket, there are some suggestions asking the host nation to shun flipping the coin (toss) and invite the visiting country to decide whether to opt for bowling or batting. On the similar lines, eldest in the family or specifc gender need not have the first mover advantage in family businesses. Whoever may be interested should undergo 3 years of Corporate internship with any industry to hone leadership advantage. As it may not be possible in all the cases, parent industry should equally work better. A neutral leadership acumen audit should help merits of the individual to move forward in the family leadership ladder. Reaching to the top need not be automatic but individual merits should welcome healthy debates.

Growing your skills is essential so you are ready to tackle issues as they arise. In our area, we have a small business center that continually offers seminars and training that family-run businesses can take advantage of. Take advantage of these types of opportunities as they are typically low-cost but effective.

Nurturing leadership abilities in a family-owned enterprise demands a delicate balance between conventional leadership methodologies and a deep understanding of familial intricacies. This involves strategies like promoting education, defining roles, succession planning, encouraging open dialogue, instituting professional governance, seeking external perspectives, honing conflict resolution skills, recognizing talent, fostering a unified culture, and setting a leadership example crucial for success in such distinct organizational structures.

Generally the most challenging skill needed is the financial management. While many family businesses began around a product or service, most fail or struggle with knowing how to manage the finances. Either one person must gain the skills to manage money, or the business should hire a competent accountant or accounting service to provide advice and set up a bookkeeping system. There is lots of software that can make bookkeeping easy. It does require that family members keep their eye on the finances while carrying on the business.

Thinking about starting small family businesses they are likely without formal management education, lacking skills of setting formal goals. So having discussion about those at the beginning of the learning is vital part of learning process. Very frustrating question from job interviews - "Where do you see yourself in 5 years" - is quite opening goals which naturally cascades to how to achieve and what we need to achieve those. This is place for discovering formal and more hands on learning needs and opportunities.

Developing leadership skills within a family-owned business necessitates a strategic blend of conventional leadership approaches and an astute comprehension of the unique interplay between family and business. This encompasses fostering education, role clarity, succession planning, transparent communication, professional governance, external insights, conflict resolution acumen, talent recognition, fostering a cohesive culture, and leading by example to navigate the intricate dynamics inherent in such enterprises.

Be on the same page with all family members involved in the business. Not only will this build trust at the business, but it will help keep your relationships outside of business safe (as any mistrust will carry over to the home environment).

Conflicts over business struggles has divided many family-own businesses. Often one member does not communicate or listen to other family members. The more family members that get along well, the better. I am from a family that had lots of conflicts and disagreements of long standing.

Reflection is one of the most powerful tools available to anyone. Using this in your business will allow you to identify what has worked and what hasn't. This allows you to change direction and keep engaging your customers.

🔄 Embrace the ever-changing business landscape by staying agile in your leadership style. Reflect on market dynamics, assess the evolving needs of the family business, and be ready to pivot strategies for sustained success. Continuous reflection ensures you're not just leading; you're leading with insight and foresight. #Adaptability #LeadershipEvolution 🌐

This might feel strange at first especially in families with more traditional roles. It can be as small thing as lunch together recognising challenges and achievements. Part of the leadership development is to let team stop and rethink. That habit is easy to put off or do only annually but it is an unique opportunity to do as often as weekly or daily.

One of the strengths of family-run businesses is the unique opportunity to celebrate successes with family members. This can bring everyone closer and create some awesome relationships. Do this early and often to help build a culture around successes.

Celebrate, Empower! 🚀** 🎸 Skill Jams: Interactive workshops that feel more like a jam session than a lecture. Learning's never been this cool! 🏆 Recognition Raves:public celebrations for hitting milestones. Let the office cheer be your soundtrack! 🖐️ Digital High-Fives: Acknowledge wins on platforms, Emojis encouraged! 🎉 📘 Development Diaries: Share success stories, challenges conquered, and lessons learned. 🪄 Micro-Certifications Magic: Break down big certifications into bite-sized, achievable wins. 🎓 🧘♂️ Guru Guidance:Connect pros with newcomers. Mentorship programs for a culture of shared wisdom. 🎤 Feedback Festivals:Make feedback a festival, not a performance review. Ready to hit play on your team's potential?🌟

Continued learning is so important for everyone but particularly leaders. It’s helpful to remember that most problems you encounter, others have most likely also experienced and probably already figured out a solution. Big companies have resources to throw solutions at problems. You can often learn from their processes and systems and apply something smaller, tailored to your business. I find that networks of leaders are often excited to share their solutions with others. So instead of reinventing the wheel, learn from others new, innovative solutions to try.

When it comes to family business, it’s important to distinguish between business and family matters with the establishment of clear expectations, responsibilities, and guidelines. This ensures accountability for individual actions and behaviours. The cultivation of leadership skills follows a universal path, involving transparent communication and a commitment to continuous learning. Providing development opportunities in areas such as self-awareness, self-management, and social awareness further enhances the leadership capabilities within the family business context.

Keep the family together; respect family hierarchy & always keep fair communication open and respectful. Often family dynamics disrupt open communication and create gaps. It's the responsibility of elders to keep the family unit together for generational wealth creation, as real wealth is normally created in 3rd or 4th generation otherwise mishap earlier would ruin effort of lifetime sweat of family seniors