1. Encourage your children to think like an entrepreneur. Many successful business owners had an early start to their business life! There is no harm in children understanding the value of a dollar.
2. Never expect to inherit the family business!
3. Let your family members learn about businesses externally – let them make mistakes in other people’s businesses.
4. At a certain stage, your business can be advantaged by bringing in outside directors and appointing experts to key positions – even to MD or CEO.
5. Keep your overall goal and vision on the business and your family life. Balancing clients, debtors, business and family life can be challenging, however, it’s possible!