Establishing a Legacy: The Advantages Of a Family Business In Fostering Sustainability

According to the University of Vermont’s School of Business Administration, as of 2013, around six million family-owned businesses contribute to as much as 57 percent of the country’s GDP. They employ 67 percent of America’s workforce and have created about 8- percent of all new jobs.

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Through the years, family businesses have been successful by employing the concept of stewardship. Cognizant of the legacy they will leave to the future generation, they have a natural inclination toward long-term gains, rather than short-term ones.

Other than this, the family business model has other distinct advantages.

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One such edge is the shorter chain of command. In making critical decisions, the family owner’s commitment beyond profitability allows it to become and remain successful. This commitment to seeing the business get off the ground and prosper has made these family companies resilient, no matter how slow the business and tight the finances.

Family businesses also generally tend to take better care of their employees, seeing them as extended family members. Studies have shown that this type of firms practice register less layoffs and employ more productive workers. Such employee treatment is also seen as key to high-quality products and services.

Lupient Automotive Group president and CEO Jeff Lupient has been committed to the growth and success of the family business since he was 15 years old, when he started working in his family’s dealership chain. To read more about his profession, visit this website.

The Advantages Of Learning Business At a Young Age

Image source: robbasso.com
Image source: robbasso.com

Many have argued that learning to do business at a relatively young age only takes away one’s freedom to enjoy what could otherwise be a happy moment in one’s life. However, learning how to do business in your teens need not be cause to remove you from having your share of fun. It might even allow you to have fun in more ways than you already know.

Starting a business as early as your teens allows you to make mistakes that you would very unlikely repeat as you grow older. Many fresh graduates who get their baptism of fire at work tend to make rookie mistakes that are quite simple. Short-cutting the learning curve gives you a good advantage in the work setting. Forming fundamental business schemas allows you to focus more on your tasks rather than the development of necessary skills.

Starting early and dealing with real world consequences forms a mature attitude. The value of responsibility, when nurtured at a young age, speeds up the formation of leadership qualities. Soon enough, you’ll be the boss of your contemporaries.

A few lucky individuals have become business tycoons because of things they started as they were yet flexing their muscles. This is no surprise as youth happens to be a time for fresh ideas and new enterprises.

Image source: mycomeup.com
Image source: mycomeup.com

There is hardly anything to fear about being a young entrepreneur. Even when you deal with the most extreme consequences of starting out your business skills early, you will surely have ample time to get back on your feet and come out stronger.

Jeff Lupient, the current president and CEO of Lupient Automotive Group, started working in his family’s chain of automotive dealerships when he was 15 years old. Taking on every job in the automotive retail business, helped in honing his skills and knowledge of the industry and eventually making him one of the most recognized executives in his field. Follow this Twitter account for more business news and articles.