1. What stage of the family business Lifecyle is your family business in?
My personal family business is in a completely developmental state. While there is a concrete idea, there is so much work that is involved in constructing an effective business plan and envisioning possible future operations.
2. In what way does this stage reflect a ‘problematique’ and challenging stage? How does this stage of your family business’ lifecycle contribute, affect or erode the business and ownership dimensions of your business?
Given my limited experience, there is obvious precaution to be taken with my words. However, I would argue that his stage, the developmental phase, is perhaps the msot challenging of all. Everything is quite abstract, not easily tangible, and easily leads to confusion and lacks of determination.
3. What transition do you envisage for your family business’s lifiecyle stage in the coming 10 years?
There is major change that needs to be introduced within the next two years, however, the next ten years will need to bring about expansion, continuity, and branching out into the international market through the use of digitalisation and media development.
4. How do you anticipate your family business and its owners and agents (including yourselves), reacting to these changes?
The main promise, if you will, of the organisation behind our family business is that of the encouragement to change and adaptation, and that the business itself is a moving train. Change and adaptability is something that especially for a new business needs to be constant. Due to our heavy reliance on software and the digital aspect, this can be achieved through software updates instead of investment on physical resources and assets.
A question that I would make for the purpose of further discussion is that of the topic of digitalisation. It seems to be that relying on software alone has very little risk, however the downsides can be that of hidden costs, and of hidden obstacles. What would be the personal encouragements or lack thereof in engaging in a similar venture?
My family business is a small company of family partnership that works as a real estate construction company. It is in the early stages where there are many responsibilities on the owners of the business. The quality of services provided must be ensured to move the company into the growth phase in the future. Moreover, effective planning and communication are crucial for small family businesses to gain a competitive edge in the market. Therefore, the owners of the family business are working to provide good quality services to the customers.