Is There Such A Thing As A Business Gene?
December 29, 2007
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A lady I know recently suggested that folk who’s parents owned their own business were more likely to have good business sense. And she even suggested that there might be such a thing as a business gene.
Do you think that could be true? I personally think it’s a crock of sh.t. My parents always had their own business and whilst there are some benefits, there are also considerable drawbacks too. So for those of you without parents in business, here’s a few tips I’ve learned along the way.
Here are a few of the benefits of having parents who are business owners:
You get used to begin skint. My father became self employed just before I was born. Very few businesses earn a lot of money in the first few years. And experiencing this first hand teaches you to be frugal. If you haven’t learned this, don’t worry. Just set yourself a seven year goal and don’t plan on making a whole heap of money before that. Buy secondhand furniture, a cheap car and be prepared to sell everything you own and remortgage your house.
You get used to your neighbours disliking you. When I was younger I noticed that some of our neighbours went from being really nice to really mean overnight. I remember my mother explaining that some people will be nice to you when you’re poor, but they don’t like it when you start doing well, so I knew what to expect. If you’re not used to this yet, don’t let it bother you too much. Just remember it’s their problem not yours and you’re going to be too busy to spend time socialising with your neighbours anyway.
You learn not to give a toss when people don’t like you. I don’t think this is something you are born with. In fact I struggled with it for quite a while. But after you’ve been ripped off a few times, or walked in on people gossiping about you, you begin to realise that being respected is more important than being liked.
If it makes you feel better, not everyone liked Jesus Christ, and he didn’t let it bother him.
Your parents won’t sponge off you. Your parents will understand that you’re not earning a lot of money so they won’t sponge off you or expect you to do work for them on the cheap or even for free. But having had two sets of inlaws I can confirm that if your parents aren’t self employed they may not understand this. So do yourself a favour and never run out of excuses not to do work for family. And make sure you tell them how skint you are - regularly.
The Disadvantages of Having Parents Who Are Business Owners
They won’t necessarily understand your business. Everyone has different goals and different ideas on how a business should be run. For example my parents use a lot of subcontractors as they prefer to avoid the risks and paperwork associated with employing people. And I prefer to employ people or outsource, as I don’t want to risk being let down by subcontractors.
Some people will think they lent you the money to set up in business. In fact, one of our customers (who is now a sacked customer) even told one of our plumbers my parents lent me the money to set up the plumbing business. I did not even know the woman before she became our customer and neither did my parents. But, it never ceases to amaze me what some people waste time thinking about, or how far their gossip chains extend.
If you’re faced with similar gossip - ignore the b..tards - it’s not their faults - they just don’t have the capacity to think about anything worthwhile. And don’t think you’re disadvantaged by not having parents in business to lend you money. I put up all the money to set up my plumbing business. For a start, my parents thought I could’ve made a better choice, and also, they believe you perform a whole heap better when you’re risking your own cash.
They tend to interfere because they think they know better. And in my case this happens a whole heap. Sure some of their advice is helpful - but I could do without a lot of it. For example, my dad is really tactless. When I was with Rainbow, we didn’t have many quiet weeks, but he once came into my office during a quiet week when I was out to lunch (or I may have been hiding in a cupboard). Well, you can imagine how happy I was when I discovered that he’d told my staff that it was way too quiet and I should think about getting rid of some of them!
He said even worse things on other occassions - and I think I eventually banned him from the office.
So, if you’re wondering if you’d have some kind of advantage having parents who are business owners - the truth is, it’s highly unlikely. In fact, you’d probably be a whole heap better off having them sit in an office working for someone else and minding their own business.
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6 Responses to “Is There Such A Thing As A Business Gene?”
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Neither of my parents really done anything business related. I think my dad had a security business out in Oregon during the 23 years we were essentially out of touch with each other, but he’s been just a regular working Joe for most of his life — his real name, by the way — with a lot of different jobs and is still working at age 75. One of his younger brothers, on the other hand, has had a number of businesses, many of them at the same time, and is very wealthy.
Have a great new year!
I suspect there isn’t such a thing. Risk-taking and the ability to take a leap of faith - in yourself - is a common pre-requisite.
But many people don’t translate a risk-taking gene into business. They get a buzz out of bungee-jumping, snow-boarding etc.
For the record, neither of my parents have been in business for themselves. Although my father was once a director and shareholder in a business, he got there as part of a management buy-out rather than risking his own cash.
I expect there’s some predispositions–low risk aversion, etc.
Hi Mike - your Dad still working at 75 is good. My grandfather also worked into his seventies, but he had a fall and went downhill after that. That seems to happen to a lot of people when they give up work if they don’t have plenty other things to keep them occupied.
Ian - I like your Dad’s idea of using other people’s money! And your ideas on risk taking are good. I personally don’t like the idea of bungee jumping because the pressure it puts on your body, so that would be a bad risk for me. Plus I hate heights!
Mrs Micah - I wonder if things such as low risk aversion are inherited or environmental? I guess it would be hard to know for sure.
Risk is a weird thing. Things that some people see as risky - others see as the safe way to go and vice versa.
Hi Catherine,
I married into the world of self employment, after years of working for large corporations. Having a business of your own is not for the meek, nor the spineless.
Although there are many uncertainties having a business of your own, after being in one for over 15 years, I don’t think I could “work for a paycheck” ever again (unless I really didn’t have a choice). I think it “gets in your blood”, but isn’t necessarily hereditary.
However, children raised by parents who are self employed seem to end up being better workers as they often have had to help their parents along the way, and seem to have a little more compassion for their employer. .