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Ramanpreet Kaur posted an update in the group Learning & Development
1 year, 7 months ago-
Raman, everything in family business starts with getting trust, confidence and support of family members and critical few old timers, so the strategy starts with first understanding the whole family dynamics, role played by different family members and influence they are having in the business. Initially, we ahve to build great rapport with all the stakeholders by exhibiting great personal relationships and then slowly and steadly working on business output.
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Absolutely, building trust and strong relationships within a family business is key. Understanding family dynamics and roles is the foundation for success.
How do you approach the process of building trust and rapport within your family business?
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The biggest tool is to make yourself away from family dynamics and never get indulged in any politics and sharing information here and there. You have to be humble, good listener and show alignment to the values of founder member and respect for their past achievement with good understanding of business. All these will start building your credibility among them, which is the start point for any successful role you can play in this kind of set up. I have seen most failure come from personality issues or soft skills related challenges in family owned business.
likedislikeangryfunnyhappylovewowReacted by Ramanpreet Kaur-
Thankyou for sharing your insights.
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