4 Leadership Lessons from Family-Owned Businesses: Insights from Dr. Julie Pham
We often seek business advice from CEOs of large companies, assuming that their revenue and employee numbers add credibility. However, there are valuable leadership lessons from family-owned businesses. These businesses often boast decades of experience, high employee retention, and loyal customers, providing a wealth of insights.
In this video, Dr. Julie Pham shares four leadership lessons she learned from running her family’s Vietnamese language newspaper. These principles have shaped her approach at CuriosityBased, and they can work for any organization, large or small.
1. Prioritize the Collective Over the Individual
In family-owned businesses, owners often make sacrifices for the team, especially during tough times. Unlike large company CEOs, who might avoid salary cuts during layoffs, family business owners ensure the team’s well-being, sometimes at their own expense. Dr. Julie witnessed her parents forgo their salaries to make payroll. Reflect on whether you’d be willing to make similar sacrifices. How would you feel working in a place where the collective is prioritized over the individual?
2. Do Work You Love
Many family business founders blend their passions with their work, often making it a natural part of their daily lives. Dr. Julie frequently discussed community service with her parents over meals. Ask yourself if you’re doing work you love—work that doesn’t feel like a chore, but something you’re passionate about.
3. Give and Expect Loyalty
Loyalty is foundational in family-owned businesses. It fosters trust, stability, and safety within the organization. Supporting each other through challenges and helping underperformers improve is crucial. Loyalty doesn’t mean neglecting performance standards but creating a supportive environment for growth. Do you prioritize giving and receiving loyalty in your workplace?
4. Take Pride in Your Work
Family-owned businesses take immense pride in their work, often seeing it as a part of their identity. It’s concerning when people hesitate to discuss their work outside their field. Consider whether you’re doing work you’re proud of, work you’d happily share with others.
These leadership lessons are not strict rules but guiding principles that can help you foster a strong company culture. If you found this post helpful, please like and share it.
