Entrepreneurs are celebrities who are rich/come from rich exclusive backgrounds.
Their families have been in business since humankind and they learnt how to run businesses since they were born or before birth.
People believe that entrepreneurship is a hereditary characteristic that can be passed down from one generation to the next. It’s not.
Entrepreneurs like Steve Jobs. Michael Dell, Phil Knight, Jeff Bezos didn’t start their entrepreneurial journey knowing anything about business.
They made mistakes but turned mistakes into lessons and they never let mistakes get in their way of making money.
These entrepreneurs didn’t have families with rich people, their determination to succeed set them apart.
Entrepreneurs are innovators that fuel economic growth and spearhead change.
We know little of what motivated entrepreneurs, their beliefs or histories of entrepreneurs hence stereotypes.
We draw pictures of entrepreneurs as young, reckless, university/high school dropouts that fly private jets and come from rich backgrounds.
Companies get started because a person wants to make a difference in their society to build wealth, capitalise on a business idea, have easy access to information or is not interested in working for someone else.
There has been a long-standing belief that a lot of entrepreneurs are born, not made.
Anyone can have a successful entrepreneurial story.
Choosing to be an entrepreneur is all about your interests, life experiences and personal choice.
It is however indisputable that some successful entrepreneurs have had a standing family business that fueled their success.
Family background has an impact on entrepreneurial success.
When you go into business, a family is like a parachute that you trust and cling to for a safe landing or a hard fall.
Family is the most salient factor for entry into an entrepreneurial career.
People with family businesses are more likely to start their own businesses.
Entrepreneurship and family background are highly linked.
Growing up in a household where your parents are entrepreneurs means that you have a solid family background in the business industry, which can give you an upper hand when you are starting out.
What’s the Role of Family in Entrepreneurial Success?
There is an impact of family on entrepreneurial knowledge in creating ventures.
An irresistible link exists between family and an entrepreneur.
People from nurturing family contexts are more likely to identify, initiate and fuel success in new ventures.
- Parents are role models.
An upcoming entrepreneur who has grown up to see their parents succeed in their entrepreneurial journey can emulate their parents’ ideas, approaches and tactics in their new venture.
When you see your parents taking up their responsibility to work and get the best from life as well, it fuels your desire to do good, or not better than them. You look up to them.
This is one role of the family in your entrepreneurial success.
- Family members are a source of moral support
Discipline is a key factor for entrepreneurial success.
The family ensures that. There are certain values and moral codes of conduct that govern a household.
Things like patience, endurance, gratitude and kindness are all part of the entrepreneurial success package.
Challenges are part of any business venture.
A family will give you encouragement and good advice to get you back into a good mood and to keep things moving.
They are your emotional security blanket during tough times.
- Family members give financial support
Starting a business can be a difficult task, especially when you do not have your finances right.
Raising capital for any business will determine how your business generates income for the first period.
It is important that you do not take out loans for that.
Families can give you financial support, either for free or you can pay them back when your business breaks even and you start getting profit.
You do not have strict deadlines that pay off the loan.
You are luckier if they wholeheartedly supported you with no gains.
Pitch your idea and nicely ask them if they could fund your new venture.
Whatever option they provide, find one that works for you and go with it.
How Can Your Family Background Fuel Entrepreneurial Success?
Finances are a vital part of the business.
In order to start a successful venture, you need to have capital.
When you come from wealthy family background, you can get financial assistance from your family to start your new venture with no debts.
This is important because your only focus is on how you can generate profit to further your business growth.
All the money you receive from the business will be aimed at improving and expanding your business.
This ensures that you succeed in your entrepreneurial journey.
Growing up in a family background that fosters entrepreneurship activities gives you much-needed experience to navigate the business world.
You get first-hand experience on how to delegate tasks, solve business problems, work in teams and handle finances.
At school, you are taught basic entrepreneurship specific education. In your family business, you can apply this knowledge practically.
Being equipped with these entrepreneurial skills gives you a good boost to succeed in your entrepreneurial journey.
Business is risky. Starting out a new venture can be a daunting task for every entrepreneur.
There are a lot of challenges and business risks that you could possibly encounter.
To ensure that you successfully jump over these hurdles, you need to have an open mindset, clear perspective and good judgement.
You cannot always rely on your own views and opinions to succeed in your entrepreneurial journey.
A supportive family background will give you gentle nudges when you need them.
They give you both mental and emotional support to fuel your drive towards success.
Coming from a family background that has an extensive network means that you can build connections with people who are your customers almost in an instant.
These customers are referred to you from your family.
If you are operating in the same line of business like your family, you can use the same supplier or ask for their business mentor to guide you through the process.
This becomes a long chain of familiar people who have come together to achieve a common goal; your entrepreneurial success.
It is easy to utilise family resources to support your business.
This includes borrowing some of their machines and equipment, finances and even employees.
This benefits you because it helps you cut down on expenses that are above the capital you have raised.
The resources, however, are only meant to last you for a period of time before you can purchase yours.
Utilising available resources means you are cutting down expenses.
This is part of the requirement to realise entrepreneurial success.
Family background with a good business name gives you a good edge over your competitors in the business world.
A family that is known to be honest, reputable and successful will attract more prospects.
Similarly, family background with bad credits is detrimental to your entrepreneurial success.
People have a tendency to be associated with renowned business people and organisations.
A reputable family business background fuels your entrepreneurial success.
Is It Necessary to Have a Business Family Background to Start a Business?
If you are creative enough, have an idea and want to bring it to life, first get rid of this myth.
Choosing to be an entrepreneur means you are bold and smart. All it takes is determination, your life choices and personal experiences. You are all the drive that you need.
Learn the skills that you need. Get a mentor. Put yourself out there.
All entrepreneurial success stories started small.
FAQs on Can Your Family Background Fuel Entrepreneurship?
How does family background influence entrepreneurship?
You see, You do.
Why is family background important?
Family background is important because of socialisation.
Is Samsung family-owned?
YES, most Asian companies are family-owned businesses. Samsung, a South Korean company is also family-owned.
What’re the largest family-owned businesses in the world?
China Evergrande Group
Ashley Furniture Industries
Resources on Can Your Family Background Fuel Entrepreneurship
Entrepreneurs aren’t born, they get created because they want to fill a need.
Entrepreneurial success can be stimulated through family background. But family isn’t the only stimulation for business success.
Entrepreneurs are resilient individuals that refuse to give up their ambition.
They create better lives/environments than they meet.
Entrepreneurs look for problems and give solutions to people.
Your family can only help with money but the business mindset comes from within/by learning and making lots of mistakes along the way.
So if you don’t come from a family of people with a business background, don’t worry or stop yourself.
I remember telling myself over and over that I cannot run a business until I got no job and jumped into freelance writing.
I never treated my freelance writing career as a business and I struggled to understand what problem I solved every day.
Have you seen individuals from wealthy backgrounds with no interest in businesses despite their family’s success in running businesses?
Business requires stamina, the numerous tears and giving up that occurs along the way stop lots of people from families of successful businessmen/women from running companies.
Or have you seen individuals coming from a long line of entrepreneurs running their companies down?
Don’t let lack of money or lack of family entrepreneurs stop you from becoming a businessman/woman.
Do you want to start a business and are wondering if you will succeed as a Kenyan?
Are you wishing you would come from a rich background and that if you did, you would a successful business person?
Or have you stopped going for a business idea because you didn’t come from an entrepreneurial background?
Have you started a business and failed and now you believe that family contributes to your success in business in Kenya?