We often seek business advice from CEOs of large companies. We believe their revenue and employee numbers add credibility. However, there’s valuable wisdom in family-owned businesses. They often have decades of experience, high employee retention, and loyal customers.
Here are four leadership lessons Dr. Julie Pham learned from running her family’s Vietnamese language newspaper. She applies these lessons at CuriosityBased, and they can work in any organization.
- Prioritize the Collective Over the Individual: Unlike CEOs who avoid salary cuts during layoffs, family-owned business owners make sacrifices for the whole team. Dr. Julie saw her parents forgo their salaries to ensure payroll during tough times. Consider if you’re willing to make similar sacrifices. How would you feel working in a place where others prioritize the collective?
- Do Work You Love: Many founders of family-owned businesses pursue their passions, blending work and life. Dr. Julie often discussed community service with her parents over meals. Reflect on whether you’re doing work you love so it doesn’t feel like work.
- Give and Expect Loyalty: Loyalty fosters trust, stability, and safety in a company. It means supporting each other through challenges and helping underperformers improve. This doesn’t mean neglecting performance standards; it’s about creating a supportive environment. Ask yourself if you prioritize giving and receiving loyalty at work.
- Take Pride in Your Work: Family-owned businesses take immense pride in their work, which becomes part of their identity. It’s concerning when people hesitate to discuss their work outside of their field. Consider whether you’re doing work you’re proud of and willing to share.
While these aren’t strict rules, we hope these tips help you foster a strong company culture. If you found this post helpful, please click like and share it.
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