Setting Up Business With Mom? What Works & What Not; Hear From The Experts

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These days, we see a resurgence of family-owned businesses. A mother and child pair, in particular, is trendy. There are numerous advantages in a family run business that you will not find in other form of business. On the other hand, you may encounter some challenges that must be handled at the outset to avoid jeopardising the family's calm.

Healthntrends speaks with some of the mother-child business duos to find out what worked for them and what advise they would give.

Being Inspired


Mothers are the first source of inspiration for every child—the spark that ignites their passion and the surge that propels their spirit of achievement. Running a business with one's mother is akin to living the dream, as honouring the relationship and working toward a common objective are at the heart of all excellent entrepreneurship. It's as if you're taking baby steps all over again, with one mother guiding you through each step, assisting you in overcoming obstacles, and teaching you the finer aspects of life.

On the other hand, there are far higher expectations of the child - because both are at the same level and the child must eventually take over the business. In today's competitive world, talent and wit, as well as their sharpening, must be quick. While there are bound to be mistakes, flaws, and disagreements, they will be dealt with well because of their strong bond.

When it's done right, with a lot of options and well-thought-out decisions, the end can be a lot of fun.
This family business bears fruit in a variety of ways: the child gains a foundation upon which to grow and advance the firm, and the mother sees the possibility of new life being infused into the enterprise for which she has worked day and night to ensure its success. The ability to take risks, a collaborative attitude, and a consistent vision propel a company to a new level of operation—one that knows only the sweet taste of success—as sweet as a mother's love.
- Punam Kalra, Interior Designer and Creative Director of I'm The Centre for Applied Arts.

Developing Common Interest


In any creative business, the key to success is articulating a vision, developing a brand identity, establishing a shared design philosophy, planning and effectively implementing periodic strategies, and lastly, reviewing and changing yourself.

Fortunately for us, we had a passion for Indian fabrics and embroidery, which led us to collaborate. When you work with family, it's natural to discuss top company tactics, new design concepts, and financials. A mother also brings years of expertise to the table in terms of historical textiles and patterns, female consumption patterns, and conventions and rituals that impact Indian design. Having a genuine story behind the brand energises the entire staff, and passion pervades the organisation from top to bottom.

Conflicts are inevitable while you work, regardless of your age or relationship status, yet the generational divide adds to the disparity in perspective, especially in this digital age. After more than two decades of labour, you may develop new objectives for life and work, prompting you to consider developing new plans. Though we view disagreement as a positive thing because it is the first step toward greater growth, communication at the appropriate time and place is required. Finally, the brand is bigger than any of us is a mindset that has been ingrained in us for the last 24 years, which is why we return to the drawing board whenever we see issues that require root-cause resolution.
- Designer Asha Gupta and Gautam Gupta of the Label Asha Gautam

Keeping Up With The Trend


Working with my daughter Samantha has enabled me to stay current on industry trends and requirements. Since she was 13 years old, she has accompanied me on the majority of my business trips. She began her career in this field at a very young age. Even after her marriage and relocation to Bangalore, she continued to manage the business widely from that location. Samantha's primary benefit in helping our firm grow is that as a member of the younger generation, she was constantly integrating new trends and ideas from the industry into the business. As the beauty industry is always upgrading and evolving, Samantha has always kept herself and our business updated and growing. She never confined herself to attractiveness alone, but broadened her abilities in beauty, hair, and wellness as well. Having Samantha alongside me has been a huge asset since I provide expertise and she introduces new trends, and this combination brings all new things to fruition with tremendous success.
- Dr Blossom Kochhar, Aromatherapist, Chairperson Blossom Kochhar Group of Companies.

Annie Munjaal, Director Star Salon & Academy who works with her mom Aashmeen Munjaal shares the following advantages and disadvantages while working with mom in a family run business.


Advantages

• Fresh Ideas
• Zeal and Enthusiasm
• Motivated to grow
• Already established brand and client database
• Find New Avenues to grow

Disadvantages

• Child may feel having less authoritative
• Agitation after slow adaptability of the older generation.
• Fear of loss of power and stability for the older generation.

Conflicts in Indian family businesses can be resolved by taking the following factors into account from both the young and elderly generations' perspectives:

• Bad communication is frequently cited as a major source of conflict: the younger age believes it lacks authority and influence, whilst the elder generation believes otherwise. The solution is to hold a Vision Goal meeting in which both parties discuss their visions for the future of the company.
• The blessings of senior business owners have the potential to develop much stronger than any business accomplishments.
• The older and younger generations can sit together and choose their employment duties based on their skills. For example, elder generations can control purchasing, while younger generations can oversee marketing and sales processes.
• Forgiveness: Mistakes are unavoidable while running a business. It is critical to learn from every poor decision and its consequences.
• For a company to be successful in the long run, its leaders' vision, communication, and understanding are critical.

Also Read: Financial Tips To Help Your Ageing Parents With Their Investments