Family Business Blog
Maintaining the Passion
We’re often asked ‘what is the most important thing we have to do to ensure on-going success both as a family and as a business?’ That’s a tough question, because there are many things that you have to get right. As we know each family business is as unique as the family behind it. There is no one right answer that will suit all.
However in our work with families in business the one common thread amongst successful family business is a passion for what they do. Passion —
• Focuses the mind• Creates a common cause• Ignites the soul• Fires the subconscious• Fuels determination
However in our work with families in business the one common thread amongst successful family business is a passion for what they do. Passion —
• Focuses the mind• Creates a common cause• Ignites the soul• Fires the subconscious• Fuels determination
The ‘Why’ Behind the ‘Where’
Readers of this blog will be familiar with the core planning structure that we use.
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• Identify where you are NOW.• Establish WHERE you want to be.• Develop strategies and Action plans that establish HOW you achieve your objectives
Passion is the ‘WHY’ that powers the ‘WHERE’. It energizes the entire process.
Sometimes the passion is directed to the business. It manifests as a burning desire to create or sustain a commercial enterprise. In other cases it is a passion driven from a need to secure the family financially and create a business that provides opportunities for family members. Others are driven by a burning personal drive to succeed.
Whatever its origins, passion provides the power to remain true to your dreams, whatever challenges lie ahead.
Often, particularly in first generation businesses, the enterprise started with the passion of the entrepreneur. Michael Gerber in his book ‘The E-Myth’ speaks of this desire to create. Unfortunately for many, the passion is soon lost when confronted by the everyday challenges faced in business. Successful businesses channel this energy.
Building a thriving business involves finding a way of enthusing others, whether family members or other stakeholders, so that they buy into that dream.
At times of business transition the challenge is to create a uniting common vision that fires the passion of both the incumbent and successor generations. This involves taking it from ‘my dream’ to ‘our dream’. This is achieved by building on the strengths of the incumbent generation and adding to it the passions of the successors.
One way that this can be done is through facilitated meetings at which a uniting common vision can be developed.
The challenge is to ignite, perpetuate and transfer passion to succeeding generations; to keep the flame alight and the vision strong.
Sometimes the passion is directed to the business. It manifests as a burning desire to create or sustain a commercial enterprise. In other cases it is a passion driven from a need to secure the family financially and create a business that provides opportunities for family members. Others are driven by a burning personal drive to succeed.
Whatever its origins, passion provides the power to remain true to your dreams, whatever challenges lie ahead.
Often, particularly in first generation businesses, the enterprise started with the passion of the entrepreneur. Michael Gerber in his book ‘The E-Myth’ speaks of this desire to create. Unfortunately for many, the passion is soon lost when confronted by the everyday challenges faced in business. Successful businesses channel this energy.
Building a thriving business involves finding a way of enthusing others, whether family members or other stakeholders, so that they buy into that dream.
At times of business transition the challenge is to create a uniting common vision that fires the passion of both the incumbent and successor generations. This involves taking it from ‘my dream’ to ‘our dream’. This is achieved by building on the strengths of the incumbent generation and adding to it the passions of the successors.
One way that this can be done is through facilitated meetings at which a uniting common vision can be developed.
The challenge is to ignite, perpetuate and transfer passion to succeeding generations; to keep the flame alight and the vision strong.
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