Trade is the only element, which helps drive the economy of any country if handle in a smarter manner. Some people believe that the business should be run within their own family for extreme leverage. In this essay, we will discuss both the pros and cons of this.
One of the significant advantage to run a family businesses possess is that they would not have to face any communication barrier. This means they are always reachable to their family members outside of working hours. For instance, my uncle is running his own business with his siblings and often time they discuss their business related talk on the dinning table. Furthermore, As a family working together, they have leverage in terms of each ones personality and characteristics and utilize them accordingly for their benefit. As a result, they achieve maximise results, while, supporting and understanding.
On the other side, Family running business has limited scope to the latest market trends, which could cause adverse effects on the company heritage. Because they are working closely with their families only, it is most likely that they would not be updated about the new market trends. For example, my same uncle faced the issues with the novel product upgrade was available in the market and he was not aware of that, which leads to the customer's discomfort and effected the business growth. Consequently, we could understand the disadvantage of having own family business.
In conclusion, owning a family business has its own positives and negatives, Although, if handled properly, this can lead to better results.
Trade is the
only
element, which
helps
drive the economy of any country if handle in a smarter manner.
Some
people
believe that the
business
should
be run
within their
own
family
for extreme leverage. In this essay, we will discuss both the pros and cons of this.
One of the significant advantage to run a
family
businesses
possess is that they would not
have to
face any communication barrier. This means they are always reachable to their
family
members
outside of
working hours.
For instance
, my uncle is running his
own
business
with his siblings and
often
time they discuss their
business
related talk on the dinning table.
Furthermore
, As a
family
working together, they have leverage in terms of each ones personality and characteristics and utilize them
accordingly
for their benefit.
As a result
, they achieve
maximise
results, while, supporting and understanding.
On the other side,
Family
running
business
has limited scope to the latest market trends, which could cause adverse effects on the
company
heritage.
Because
they are working
closely
with their
families
only
, it is most likely that they would not
be updated
about the new market trends.
For example
, my same uncle faced the issues with the novel product upgrade was available in the
market and
he was not aware of that, which leads to the customer's discomfort and effected the
business
growth.
Consequently
, we could understand the disadvantage of having
own
family
business.
In conclusion
, owning a
family
business
has its
own
positives and negatives, Although, if handled
properly
, this can lead to better results.