Running any business is not easy and with the family dynamics and challenges associated with relationships it is probably more of a challenge running a family firm, or at least it can be.
Core skills are required of any leader and there are a plethora of programmes around to help fulfil potential but there are still some basic attributes that are needed for the future family business leaders.
- Strong management and leadership skills
- Financial understanding and awareness of the numbers driving the business
- Digital awareness to bring innovation
- Desire to take on the position
- The required skills
There is a lot of debate about the skills needed to lead a business and how to help individuals flourish but one thing is for sure, entrepreneurship tends to be at the heart of successful family firms and those with good governance, a good leader at the helm, and a positive approach to the evolution of the business to ensure it remains relevant are important too.
In many cases, the help of a good coach or mentor to continually challenge the leader can also be a good thing too!
What holds true for fathers is also true for entrepreneurs; becoming one is easy enough, but being one can be very rough. In both cases, a strong set of social skills is required. Knowledge and technical skills do not suffice to successfully take over and run a family business. It also requires a strong will, i.e. a highly motivated person legitimated by co-owners. A business coach can help make this personal journey a success story.