Today I would like to introduce you Harvard Business Review, Family Business Handbook

How to build and sustain a successful, enduring enterprise.

If you want to build your own family business, or you are trying to contribute or take over a family business, this could be helpful for you.

Today’s topic is,

What do the most successful family businesses have in common?

Family and business are two of the most powerful forces in the world.

Our families provide our nature in the form of our genes and much of our nurture.

Businesses employ our most valuable resources—our people, our time, our capital.

When combined, family and business amplify their impact, and their complexity.

Family businesses can represent both the best and the worst forms of capitalism.

At their best, these businesses invest in the long term, in their community, and in working and growing together.

At their worst, and as they are often portrayed in the media, family businesses are plagued by terrible conflict, destroying their wealth, scores of jobs, and their family relationships in the process.

So, what separates the best from the worst?

The most successful family businesses have three traits in common:

1.? ? Curiosity:

Successful family businesses are led by lifelong learners.

These leaders ask great questions rather than assume they have all the answers.

They’re always exploring what others are doing and looking for new ideas.

2.? ? Teamwork:

Effective family businesses know that keeping their business functioning well requires constant effort. They identify emerging problems, they’re not afraid of having difficult conversations, they make tough choices—and they recognize the importance of doing these things together.

3.? ? Adaptability:

They embrace the challenges that come their way and are open to change to meet them.

They recognize that just because something has worked brilliantly up until now doesn’t guarantee it will work from now on.