This week we learned about buying businesses and family businesses. Something I learned is to put family first in a family business. I can see how it is easy to get caught up with the business side and forget about the needs of the individual family members. We read a case study about a man wanting to pass his business to one of his children, but whichever one he chose the others might not be happy with. In this case I thought it was important to remember that at the end of the day they are family. With whatever decision the father made, they should all be willing to support each other with and in the decision.
My mum and I have often thought of starting a business together. I’ve learned this week even if you are going to go into business with someone you already know, that does not mean the business plan, arrangement, or structure should be any less casual.
I am exciting to finish up my $100 challenge. I have earned all the money I need and I am working on my final presentation. I am also excited to see what others have done in the class and to learn from their experiences.