Running a family business comes with it's own challenges that must be dealt with appropriately. After work is done for the day you may have to see those with whom you work. To make a family business run effectively you must create an equitable business plan. All parties involved in the business need to contribute to the plan and the plan should outline at a minimum the roles of each family member, decision processes, and pay.
One thing I learned from this week's lessons was that a family's relationship structure should not always extend to the business structure. Many families will go into business together and the father automatically assumes the role of CEO because he is the "CEO" of the family. If the father is in fact the CEO he should be so by coincidence, not because he is the father of the family.
There may come a time when a family member must be terminated from the business. How will your thanksgiving dinners be after that member of the family is fired by you? If you use your values as a guide this can be done effectively and can be rewarding as well.
$100 Challenge Update
Well I have finished my final project and it is up and running. We should start seeing some results in a few days, but I expect I will meet my goal with only $30 left to obtain. I have enjoyed the project immensely and have learned a great deal. Going into the project I had higher hopes, but I have gained some great experience. A lot of time and effort went into the projects including the actual build and documentation of each one. I was expecting more sustained results; however revenue from marketing appears to flatline after a week of posting each project.
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