Many successful small businesses today are the result of the actions of the previous generation. However, many second-generation business owners fail to capitalize on the efforts of their ancestors. According to the Small Business Administration, small businesses fail for family businesses is two in three.
this failure is probably many more people fail insufficient knowledge. These seven errors can help you avoid failure second experience that many business owners and succeed in business you want.
Ivory Tower mentality - Lack of knowledge
Successful business owners first generation have the ability to send the next generation to college to learn better business skills. Unfortunately, many of these professors in business schools has never worked in the real world, but rather what they believe pontificate should be rather than what it is.
Transfer Clients External Relations - People Falla
The first generation of business owners knew their business needs loyal customers and have taken the time to develop these relationships. Business owners believe that the relations of the second generation of their fathers or mothers were automatically transferred to them.
Employee loyalty source - People Falla
The loyalty of many employees in the family business began with the first direction of the team, not necessarily with the company. When the second generation came, they believe that employee loyalty was to the company.
No plan - Know and Men Fail
The success of many small businesses and entrepreneurship the wine is not necessarily a plan. No plan to deliver the next generation continues to do business without writing a solid business plan. Instead of today's market that any company has both a strategic plan for the development of a new vision and a strategic action plan will be very difficult to survive on less prosperous.
Performance Savvy - People Falla
Since companies are formed by people, people management has an understanding of what motivates people to do their best. For example, when the current management team to cry poverty and can not afford raises for employees, but acquires new brand cars expensive, their actions have a negative impact on employees. Employees do not care about new cars, but they are expensive cars of the mind.
Assumptions - Know and Men Fail
Current business owners second and third generation contain many assumptions have remained faithful to their parents or grandparents, but is not necessarily true today. Assumptions include:
Market Place
What motivates employees
How long business demands
property rights
Securities - People Falla
Many first generation of business owners exploited by the core values on which a man was as good as his word. Handshakes rather than formal contracts have much value. Today's business owners do not seem to have the same core values of their ancestors. The result of the absence of values can be summed up in one word - greed.
So if you really want the efforts of the previous generation are durable, then see if you as the owner of a second generation company is one of these errors. Your small business success depends on action at this point that you are not one of those two or three family businesses undergoing complete business failure.
Do you want to be where you are? To find out where you are, then M.A.P. to be successful, a free email course can help you begin to chart a way of business, professional or personal success. Visit http://www.processspecialist.com/action-plan.htm
Want more sales? Then register for the evaluation of professional skills of sales http://www.processspecialist.com/sales-skill-assessment.htm FREE
Do not hesitate to contact me, Leanne Hoagland-Smith, the director of personnel and business coach who works with those who are tired of not being where they want to be and really want more from their business and being. 219.759.5601
this failure is probably many more people fail insufficient knowledge. These seven errors can help you avoid failure second experience that many business owners and succeed in business you want.
Ivory Tower mentality - Lack of knowledge
Successful business owners first generation have the ability to send the next generation to college to learn better business skills. Unfortunately, many of these professors in business schools has never worked in the real world, but rather what they believe pontificate should be rather than what it is.
Transfer Clients External Relations - People Falla
The first generation of business owners knew their business needs loyal customers and have taken the time to develop these relationships. Business owners believe that the relations of the second generation of their fathers or mothers were automatically transferred to them.
Employee loyalty source - People Falla
The loyalty of many employees in the family business began with the first direction of the team, not necessarily with the company. When the second generation came, they believe that employee loyalty was to the company.
No plan - Know and Men Fail
The success of many small businesses and entrepreneurship the wine is not necessarily a plan. No plan to deliver the next generation continues to do business without writing a solid business plan. Instead of today's market that any company has both a strategic plan for the development of a new vision and a strategic action plan will be very difficult to survive on less prosperous.
Performance Savvy - People Falla
Since companies are formed by people, people management has an understanding of what motivates people to do their best. For example, when the current management team to cry poverty and can not afford raises for employees, but acquires new brand cars expensive, their actions have a negative impact on employees. Employees do not care about new cars, but they are expensive cars of the mind.
Assumptions - Know and Men Fail
Current business owners second and third generation contain many assumptions have remained faithful to their parents or grandparents, but is not necessarily true today. Assumptions include:
Market Place
What motivates employees
How long business demands
property rights
Securities - People Falla
Many first generation of business owners exploited by the core values on which a man was as good as his word. Handshakes rather than formal contracts have much value. Today's business owners do not seem to have the same core values of their ancestors. The result of the absence of values can be summed up in one word - greed.
So if you really want the efforts of the previous generation are durable, then see if you as the owner of a second generation company is one of these errors. Your small business success depends on action at this point that you are not one of those two or three family businesses undergoing complete business failure.
Do you want to be where you are? To find out where you are, then M.A.P. to be successful, a free email course can help you begin to chart a way of business, professional or personal success. Visit http://www.processspecialist.com/action-plan.htm
Want more sales? Then register for the evaluation of professional skills of sales http://www.processspecialist.com/sales-skill-assessment.htm FREE
Do not hesitate to contact me, Leanne Hoagland-Smith, the director of personnel and business coach who works with those who are tired of not being where they want to be and really want more from their business and being. 219.759.5601
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