A University degree allows you to focus on the business aspect of your career. You will be more qualified and eligible for promotions and raises, if you have a University degree. You will have better opportunities with family businesses or personally run businesses. You will be more marketable. This applies to family businesses that you start, not ones that you run from a business. Although you can run from a family business as well, you need to have more experience running one.
Many small business owners have failed in their business because they did not take a University class on how to manage a family business. Most university classes offer specific training to teach you how to manage a business. These skills are learned in business administration classes. However, most University courses on business administration do not give the full picture on how to manage a business.
In order to successfully manage a family business, you will need to learn a lot more than just bookkeeping and payroll. When your family succeeds or fails, your personal life as well will affect the business. You will need to learn how to juggle work and home life. You will be responsible for the well-being of your family, and your own personal life. If you are not prepared to deal with that lifestyle change, then you will fail in business.
Another thing that you will need to learn in order to effectively manage your business is how to deal with family members. People in general are less willing to follow someone if they do not respect them or believe they have a true desire to succeed. You may have some family members who try to sabotage your efforts. You need to be willing to delegate so you can get the job done and get it done right. If you try to micromanage every task, you will lose sight of the mission at hand and have an unproductive office filled with debt and frustration.
The final skill that you need to learn in order to successfully manage family businesses is marketing. Marketing is critical to growing and maintaining a successful company. You cannot simply create a product and hope that people will come across it. You must advertise your product through various media. This includes print, television, radio, and Internet.
While family businesses are different from other businesses, some skills can be transferred to other types of businesses. If you want to start a landscaping business, for example, you can learn all about marketing and how to manage a lawn and garden business while growing your own business. In family businesses, the skills needed are not specific to any one business but rather general ones that apply to all businesses. If you want to start your own landscaping business, you should consider starting as an assistant to a landscaper so you can learn all about marketing and working with clients.
There are many ways to learn how to manage family businesses effectively. It does not matter whether you own a small family business or a large corporation. The key is to learn how to manage people, resources, and money. You should be willing to expand your knowledge as your business grows. When you can manage your family business effectively, you will be able to pass your knowledge along to future generations.