Solution to Unemployment: The Need for More Successful Family Businesse

We won’t stop looking forward to the government as a solution provider to our socioeconomic problem. While we believe that, if the government can do her part, individually, we would be well off economically and financially. We should not forget to remind ourselves that we have a role to play as well.

Nigeria is gradually falling from a mixed economy to a socialist economy. Unfortunately, the effect is not been felt in our social infrastructures. Even with government-owned establishments, our leaders are unable to solve our employment problem with the excess of resources at their disposal, how do we expect the possibility after selling off the majority of these organizations.

If any government is promising job creation, it’s a sign of incompetency by working on people psychology promising to make necessities of life available in abundance. Even if this is possible temporarily through government projects and making available infrastructure, in reality, no government can create a real job. Job creation is made possible by capitalists.

All over the world and most especially in developed nations, the effect of small and medium-sized businesses is felt in contributing to the Gross Domestic Products (GDP) and largely to the employment creation. If these statistics are through, then one way of solving our unemployment situation is for every family to adopt the concept of setting up a small business that will not only take care of the family financially but also position it to create employment opportunities for many of the immediate family. 

Both spouses shouldn't earn income as an employee. At least one of them should venture into a small business with the support of the other. This is a good ideology in preparation for the future of your offspring.

One interesting part I love about a family business is that it allows your children to understand better what they are learning in schools. It is the economical and financial hub or lab to educate your children about money. As a good economic and financial observer, I have witnessed the effect of a family business in many children. Although, my interaction on this subject with some friends and partner generate different views. The ridiculous view among them all is that; the kids will focus on money rather than focusing on their academics. My question to them is always that; after finishing the schooling, what they are going to do with the knowledge or certificate if not to make money by solving or being part of a team that solves one problem or another.

While I will not be a party to discourage children from having some level of academic education, I believe that we should start giving them both education from the start; the academic and financial education. One best way to make it easy without spending extra cash is to include them in the system of earning money for the family without abusing them.

Good Examples

I have a friend, whose father is into welding work, he has joined his father right from childhood, today, not only he has become independent in that same profession doing fine financially but he is also pursuing a career in structural engineering; a profession chose out of practical experience from childhood. After gaining from his father, four out of six other male children also joined him and has since become independent doing fine financially. All of them are academically educated but never depends on their certificate in gaining employment. I have numerous instances like this that time and space will not permit me to share with you. But I am sure you too will have some numbers of issues like this around you.

Looking at it from the big picture, the majority of successful businesses in Nigeria today and all around the world are family businesses. The likes of;

• Dangote Group by Aliko Dangote
• Globacom by Mike Adenuga
• First City Monument Bank by Otuba Subomi Balogun
• Disney Land by Walt Elias Disney
• Wal-Mart by Sam Walton
• Standard Oil by John D. Rockefeller
• Eleganza by Rasaq Okoya
• Ford Motor by Henry Ford
• Forte Oil by Femi Otedola
• DAAR Communication by Raymond Dokpesi

These are just a few among notable family businesses that have become generational employment and wealth creation, not just for the family but for thousands of people.

You are Part of the Problem

Nigeria has been categorized as one of the poverty striking countries in Africa. The majority of the populace that falls within the poverty bracket are adults using their 8(eight) hours to earn approximately N1,000.00 ($3.00) or less a day. Starting from micro beginning myself, I have realized as composed by popular Yoruba musician; Ebenezer Obey that, “When feeding is out of poverty, there is an end to it.” Meaning, the majority family business that started from a microform can feed their family easily. With conscious planning, such business will eventually become a source of employment not only for the family but also for the hosting community and may grow to become national pride. Even in some cases, it is one of the children that will use his acquire academic knowledge to develop the business to stardom.

Before you start complaining about the employment situation in Nigeria, don’t you think you are one of the problems? If only you can delay the gratification of earning a paycheck for future wealth creation, gradually, we would join hand to take Nigeria out of the poverty striking nation. If you cannot do it for that purpose, then do it for the sake of yourself and your generation.

Other Advantages of family Business

The family business has its cons, the major one being unresolved conflicts that can lead to the business stagnation or collapse as a result of sentiment. But the pros supersede the cons. Among other advantages of family business are;

1. Dedication: One major reason why family business succeed and live beyond the test of time is that it’s usually the family source of income that lead to a better understanding of the business and the industry that will later become an asset to succeed
2. Long-term View: Unlike non-family businesses that want the return earlier than expected. Many family businesses were not created to earn unimaginable wealth and fame overnight which is the real principle of entrepreneurship.
3. Fast Decision Making: There is no bureaucracy in the family business until it becomes big. Decision making and implementation are speedy nullifying someone needs to approve this or that before we can do anything.
4. Loyalty and Flexibility: In the process of getting a job done; there is no delay or shifting of activities to someone. It gets done by the person on site. And when the situation becomes tough, the family will always be together to find a solution to it.
5. Trust and Sacrifice: Family businesses enjoy trust; one important need for partnership to succeed. As a result, members are ready to sacrifice time and finance to ensure the business survives and succeeds.

Conclusion

I feel concerned when I see parents spending millions of naira sending their children to the school regarding it as the best legacy they can give them without any expectation or arrangement on how such knowledge and certificate received could bring financial reward to them leaving them wandering around in the name of looking for a job and sometimes settle for underpaying jobs.

Just like the parents, I’ve also seen the so-called graduates wandering around looking for employment or underpaid, while they left a family business they will have their parents’ financial and moral supports to develop.

As for such parents, if you could sacrifice that much, then make it more rewarding starting a small business orienting your children by getting them to involve from childhood and give them the necessary support to take over. I am not disputing not all of them will follow your part, but I bet you will see one who will and others will later come to benefit from it directly or indirectly.

As for the so-called graduate, except for a genuine reason, your case might just be like the man, who sold his land full of gold in other to go in search of gold. The majority of the company you are looking forward to gaining employment or working for presently are family businesses nurtured to success by kids like you.

If families could adopt this concept of establishing family business and get their children to involve in taking it to the next level, the employment predicaments in our country will be gradually reduced and possibly become history.

This article was first published on www.empowermite.com