How to Succeed in a Family Business

How an MBA helps you succeed in a family business

There are certain challenges that are unique to a family-owned business. Many people assume that you do not need a special degree to work in a business that’s owned by your family. After all, you do not have to worry about impressing your employer with your credentials. However, there are definite advantages to getting your Online Master of Business Administration degree. The skills you acquire can help you succeed in this often challenging work environment.

Skills you need to work in a family business

Any type of business has its difficulties, but when you are working alongside family members, you will have to deal with some unique circumstances. Because you have a family connection, it can be difficult to separate personal and business issues. It is essential that you learn how to make this distinction as it can be harmful to the business if you let personal feelings get in the way. It is important to maintain a professional atmosphere at all times. Just as in any other business, every person must have his or her own clearly defined position in the company. There also has to be a division of labor and a hierarchy of authority when it comes to making decisions. This is all very straightforward in most businesses, but it can be forgotten when people who are accustomed to interacting at home or at family functions must learn to work together in a professional setting. In addition to learning how to navigate these tricky situations, your MBA education will benefit the family business by providing you a fresh perspective on many common business challenges, a holistic perspective on corporate development and growth, and advanced problem-solving skills, particularly as related to business strategy and financial management.

How to find the right MBA program for working in a family business

Obtaining an MBA is one of the best ways to overcome some of the most common challenges of working in a family business and to gain the leadership skills and advanced business skills necessary to succeed in a competitive environment. The courses you take for this type of degree will prepare you for the types of issues that you will have to deal with when working in your family-operated business. The following are a few tips to keep in mind when pursuing your MBA.

• Look for an MBA program that specializes in this area. LSU Shreveport offers an Online MBA: Entrepreneurship and Family Enterprise that specifically focuses on these issues.
• With a family enterprise specialization, you'll complete your general MBA curriculum and then take courses that are directly relevant to running a family business, such as learning how to design an effective business model, assess financial feasibility and acquire the necessary resources and support to succeed.
• Consider an online program. An online MBA program is an affordable, most convenient way to obtain your graduate degree while continuing to work. You’ll be able to set up your own schedule for participating in coursework. Today’s online platforms make it easy to study and access course materials from any location you choose.

While working at a family-owned business can be challenging, it can also be satisfying and rewarding to work with people you are closely connected to. Earning your MBA can help you acquire the skills and expertise you need to make the greatest contribution to your family business.