5 Tips For Managing A Family Venture

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The other day, we interviewed Sheila Ojei-Udofin, the Chief Commercial Officer of Forward Group. She shared her experience about what it takes to run a family venture here and gave us 5 key tips for anyone considering getting involved in their family venture:

1. Be Patient – You may have a lot of grand ideas but remember it takes time to win over the confidence of those already in the system so your changes won’t happen overnight.

2. Be Observant – When you join the business, take out time to see the way things are done and understand why it is done that way. Personally I took about 6 months observing the culture of the company before suggesting and implementing any changes to the already existing culture.

3. Be Willing To Learn – This doesn’t apply to only  your ‘boss’ who is a family member but from members of staff as well. Put yourself on a rotation plan and understand the processes of each department, that way you’ll have a better feel of what their challenges are.

4. Lead By Example – It may sound cliché but leading by example will get you the respect you deserve. Just because you are the boss (or directly related to the boss)  does not mean you can resume at 11am instead of 8am. You have to be willing to pay your dues like you would have if you weren’t in the family business.

5. Believe In The Vision – A lot of people take managing the family business as a fallback plan and fail to have the drive that their parents may have in running the business. If you want to be a success in the company and be able to carry it to the next level, you have to be honest with yourself, believe in the company and be willing to make sacrifices for it.

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Author: 234Finance

234Finance.com is an online platform that promotes African entrepreneurship. We achieve this by bridging the gap between investors and early stage startups in Africa’s emerging market.
234Finance.com is strategic for promoting entrepreneurship through the power and effective use of information.

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234Finance
234Finance.com is an online platform that promotes African entrepreneurship. We achieve this by bridging the gap between investors and early stage startups in Africa’s emerging market. 234Finance.com is strategic for promoting entrepreneurship through the power and effective use of information.

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