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Running The Family Business: How To Avoid A Sequel Fallacy

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Running a business is hard. But running a family business poses a few more challenges. Several family-run establishments crumble because they fail to see that change must be done and what kind of changes are needed. 

The next generation is so focused on getting the position they forget what it means to manage the business. They never go tangent to what they saw growing up. In their minds, what worked before will work now. So why change? Both the predecessor and the successor gloss over the facts that they are different from one another, they possess different traits from one another. They grew under different circumstances with different experiences. They also miss the idea that times are changing.

When the enterprise collapses because both parties presume that the family business sequels don’t need to understand the business environment and the position he/she is getting into, that is called a “Sequel Fallacy.” To secure a successful succession plan and avoid a Sequel Fallacy, there are some things to consider.

How To Avoid A Sequel Fallacy

A failed family business means more than just losing an establishment. Relationships are lost, and names are sullied. What needs to be understood that running it is not a one-person job. Connections and open-minds are vital when running a family business.

Understand The Change

Things change and become more complicated when more people are involved. Families are always getting bigger, which means more effort must be exerted to keep the business afloat. Efforts must also then be used to understand the differences among members. When that is done, you can have a conversation with the members to see how diversity will contribute to the future.

Consider Outside Help

You can learn from other businesses who went through a similar situation and remained unbeaten. Getting insights from them will help you to understand what to do and what not to do. Even those who do not go through what you did can give some advice as to how to handle the situation.

Open Your Mind

Although past actions lead to the establishment’s success, being open to change will significantly benefit the current business, as well. You can learn from tradition and let it guide you, but do not let it strictly dictate what you should do. There is a difference between disrespecting tradition and taking a new path to benefit the business.

Take Time To Make Succession Decisions

Most of the time, the older generation have a set person in mind to take over, usually the eldest of the children. But this brings some problems. It can put pressure on both parties. It can also ignore the potential of other family members. Create a plan that can develop over time. This will make sure that the successor is ready and deserving.

Talk About The Future

It takes time to create a good succession plan. Everyone, both the old and new generation, should openly talk about their views, procedures, and problems. Talk about what about the past should be repeated and avoided. Doing this will not only create a healthy atmosphere but will also give the next generation a guide to what to do.

The Bottom Line

Create a succession plan that acknowledges the differences between each individual. Be prepared for and open to change. Understanding these will benefit your business and make it stronger and better.

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Amazon Alexa App’s Most Hilarious Responses

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The Amazon Alexa App is always ready to help, especially in the most boringly dreadful of days stuck in quarantine. It can add a little fun into your day with these funny questions, you can ask Alexa to get the most unexpected responses.

Open Air Horn

An air horn blasting from the speakers is one of the most annoying things to serve everyone living in your home. It is also quite funny if you’re thinking of pulling a random prank.

Funny Cat Facts

Whether you are a cat person or not, asking Alexa for amusing facts about your furry friends will certainly make your day. Otherwise, it just turns out to be a good 15-minutes of educating yourself on interesting things about cats.

Read Funny Haikus

You can also ask the Amazon Alexa App to read aloud funny haikus about the most random topics. It could range from short poems about the refrigerator to chicken nuggets—practically anything you could think of.

Blast Fart Sounds

It sounds quite immature, but what’s not amusing about fart sounds unexpectedly blasting from your home speakers? The best part is that Alexa gives a joke about farts before throwing in a fart noise. If it doesn’t make you laugh, it’s a reliable proof way to get the kids in the house in a great mood.

Ask Who’s the Worst Roommate

Tricky Alexa can choose the worst roommate based on a pre-made list. This feature can be enabled so you can poke fun of your roommates. The bonus is that this can quickly solve any of your debates about who’s the better roomie.

Open, My Friend, Gollum

Lord of the Rings fans would be thrilled about this fun trick. Gollum will give you a riddle you need to solve. Step it up a notch and make it a contest on whoever gets the most answers correctly.

Is It Happy Hour?

Get a laugh out of the Amazon Alexa App’s reply to the golden question: is it happy hour? Whatever hour of the day it is, she will definitely give you a hearty “Yes!”. You would be glad to know that Alexa supports your drinking decisions.

Ask RoastMaster for an Insult

If you ever find the need to fuel your comeback bank with some of the wittiest lines ever written, go ahead and ask Alexa. Not only will you roll on the floor laughing by yourself, but you can also use them on your social media pages or your friends!

Ask Shakespearean Insulter to Insult my Brother

What better way to drop a comeback than in a sophisticated, Shakesperean manner. Just ask Alexa, and she would gladly oblige, reading you the best and funniest Elizabethan-era insults you have ever heard. It will surely leave you and your family laughing.

Begin Pizza Toppings

Most days, we just don’t know what we want on our pizza, and that’s okay because Alexa has got you covered. You can ask her to suggest pizza toppings, and she will give you three non-conventional but ultimately fun add-ons to make your pizza extra interesting. 

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Business

How Traders are Capitalizing on Virtual Reality Goggles

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Bank trading is getting a tech twist. UBS is giving its London traders an opportunity to test out trading rooms by employing VR goggles from Microsoft.

Since the pandemic started, it goes without saying that corporations were not prepared, which in turn reduced the number of people reporting for work, and coming to banks. While the lockdowns have been lifted and some businesses are slowly opening, the risk of the COVID-19 cases spiking is not a threat to be taken likely, which is why banks like UBS have been looking into other ways to simulate a regular day in the bank.

Beatriz Martin, the chief executive of the UBS UK branch was the first to consider this idea and has suggested starting working groups to work on reimagining the trading floor and also set up screens on the trader’s desks alongside their coworkers to encourage collaboration. 

Some banks such as JPMorgan have attempted to bring their workers back to the office but have had to send some workers home after one of them tested positive for the coronavirus disease. 

Meanwhile, other banks such as Deutsche Bank have made returning to the office as voluntary to avoid the risk of spreading the virus around and that most workers can return to the office in the middle of 2021 when the virus has been contained. 

BlackRock’s chief executive Larry Fink does not expect 100% of the workers to return to the office with the current situation, which is why virtual reality tools would be helpful to aid productivity from the safety of their homes. 

How VR changes the system:

With COVID-19 as a threat, it’s only natural that people are warier about coming back to work in an office, which is why it’s convenient to incorporate virtual reality so that you can simulate a normal workday without risking your health, and the health of others. 

The good thing is that there are multiple companies that specialize in virtual reality, which means you have options to choose from, which works for you. Microsoft launched HoloLens in 2015, and while it was initially perceived to be a gaming device, with their headphones at a price of $3000 upwards, it has since been considered by companies to be a tool for communication.

The first bank to consider using HoloLens for their trading business was Citigroup, in 2016, they developed the Citi system which combined financial data with 3D holograms. While they were looking into making the graphics in a way where clients could interact with the data, Citigroup decided against using the headphones because they felt it was too limited in terms of battery life, display size, and processing function.

Banks are an essential business, and staying afloat is one of the most important things they should focus on when it comes to the pandemic, which is why implementing virtual reality is a good move to replicate trading rooms for bank traders and their current investor clients. 

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Business

12-Year-Old Named CEO for E-Commerce Business

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Most 12-year old kids are busy studying for school, playing videogames, or running around a basketball field. For 12-year old Ojas Batra from Agra, however, he is busy building an empire. At a young age of 12-years old, Batra decided to develop his own company.

e-commerce 2.jpeg

Getting to Know Ojas Batra

His business idea stemmed back in January 2020 when he noticed that there are a lot of young children who cannot afford quality education. His concept involves drop shipping or a streamlined retail business where sellers accept orders from clients but do not keep the sold goods in their stock. He developed his entrepreneurial mindset when he noticed that formal types of education, usually in a classroom setting, do not provide for the needed skills and toolsets that pupils need.

He decided to formally drop out of school to pursue his passion for business. He also chose to understand and learn new skills relevant to his company, such as content writing, game development, graphic design, marketing, and the like. With all of these new skills under his tool belt, he can make an impact not just on the business world, but also to the community. 

The Hive: E-Commerce Business Foundation

Batra served as an intern for several tech companies and business industries that served well for his financial acumen and entrepreneurial skills. He Founded the Hive Group, which is comprised of three successful companies:

  • Teen Hive is a company whose main objective is to increase a typical teenager’s wellness. Since adolescence is a delicate period brought about by many changes (physically and emotionally), Batra being a teenager himself, decided to provide much-needed support for teenagers. This support includes finding appropriate sources of education, support for mental health, career, and skill development.
  • Skill Hive offers low-cost short-term classes offered to anyone – from young kids to senior citizens! It provides a wide array of short-term courses that people can specialize in, in the future.
  • The third company, called the Talent Hive, is still a work in progress! Knowing how the first 2 companies boomed, we do not doubt that the Talent Hive will follow suit in becoming a huge success.

What’s Next?

With the success of the Hive Group, what’s next for our teen entrepreneur? Right now, Batra is currently publishing a book entitled “Teenage AF.” The book is a semi-anecdotal of Batra’s life. It also tackles critical societal issues, such as the erroneous parts of the current educational system. It also includes how to live a teenager’s life in a changing world, including having more profound thoughts about acquiring specific skillsets to help individuals find their passion and meaning for their lives. 

Indeed, Batra is an inspiration to many people – young and old alike. His work through the Hive Group of Companies is a testament that age is just a number. With passion, grit, and a purpose to help others, anything is possible.

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