Home Business And Entrepreneurship Entrepreneurship versus Family Business: A Difficult Choice

Entrepreneurship versus Family Business: A Difficult Choice

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Life becomes tough at points where we have to make some important decisions which have a lifelong impact. One such decision is related to making career choices. Out of the many alternatives available, each with its own pros and cons, one must cautiously weigh each one of them to make a prudent career decision. One such combination of choices may be – opting for a self-created entrepreneurial venture, or choosing to join the already established family business.

Let us now evaluate these two options on the basis of some common parameters. A self-created venture calls for extreme levels of enthusiasm, creativity, and preparedness – to start from scratch in arranging the factors of production, bearing all the risks, and shouldering all the responsibilities alone. This requires a cluster of 4 C’s, including Courage, Conception, Capability and Capital, to establish an enterprise without the background support. Entrepreneurship, therefore, is not an easy venture to enter into. However, it creates immense satisfaction and a sense of independence for an individual to start with something of one’s own, and that too, on one’s own. It is an inner motivation that pushes one to touch the sky of one’s dreams. The beauty of a self-created enterprise lies in the fact that it creates a constant urge for moving on and making one’s dreams come true. Additionally, it can bring that rare inner happiness which one has been craving for, and which is felt when one accomplishes one’s dreams. For all this to happen, it is essential for an individual to be self-motivated, disciplined, target-oriented, inclined to move with the times, and capable of adapting to change. There is also a strong need to be on one’s toes, to work really hard in the direction of dream fulfillment.

Read the full article here in our July 2020 issue.

Ankur Budhiraja is presently associated with Jagannath Institute of Management Studies (JIMS), Greater Noida, as a full time management faculty. He has been teaching for 14 years and is a passionate teacher who loves creating magic in his classroom sessions.

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