Question

The role of family members in assisting in the process of making informed decisions about starting an own business

Answer 1

Family members can assist by borrowing you capital to start you business if you don't . They can assist you by helping you plan and giving suggestions on how to start the business and they should be supportive and encouraging

Answer 2

Family members can assist an individual in the process of starting up a business by:

1. Providing valuable personal insight from a close yet objective viewpoint. As family members know the individual well, they can give valuable feedback regarding  the approach. An example would be: Albert has proved to be inconsistent and now that he wants to invest a large amount of money, his family can help him to study the project in deep to see if this type of project could hold for periods of inaction.

2. Family members can fill in for the individual when he/she has to find out information that affects business affairs.

3. Making informed decisions is an important part of starting up a business and educated family members can provide technical information regarding different topics such as market, economy, buying preferences, production, administration, location, etc.