Sunday, January 14, 2007

Role of family in the Filipino business

Family Business

Most of us who are eager to set out to start a business and conquer the world cannot do it alone. Everyone needs support, and to the Filipino, that group is the family. Filipinos are know for their close knit family ties. The family provides us with strength and encouragement. It may be from your mother, father, brothers and sisters or from your wife. It may also come from a combination of family and friends as well as other relatives. Where ever you get your support, you most certainly need it specially in the first few steps in starting your business.

Almost all who start a business will experience insecurity, fear, problems ranging from low sales to manpower, at least until things run smoothly. But even then problems will happen from time to time. Customers may not pay on time or your equipment might break down, and it is your family, through their unquestioned loyalty, confidence and no underlying hidden agendas in you will help you through difficult times.

Sometimes tension may occur and nothing undermines friendship as much as tension. Starting a business will produce a lot of tension and can put stress on specially if you are married. Bitter fights can happen between husband and wife and in some extreme cases even divorce. So its very important to sit down with your better half and talk things over through before starting your business.

But sometimes even if you did everything you can but your business still goes under, and you might loose everything you have invested in it, like the renovation of your establishment, salaries of your employees and rental fees. All of which you cannot get your money back from. A strong knit family will accept that without any recrimination and will not laugh or judge your failure. They will comfort you and probably help you back on your feet.


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