Some people think that the benefit of running a small business is to employ family members. What are the advantages and disadvantages of running a family business?

Running a profitable enterprise is often a skill that not many possess. While a large population believes involving family members to run operations is healthy, there are contrary opinions to this view. In this essay, I will showcase the benefits and drawback of running a family-owned business supported by insights and facts. One the advantages of a successful family supported and owned business it may have high trust by default. Nevertheless, for the business to survive and flourish extensively, the top leaders have to be well connected at various levels without questioning each other's intentions. For instance, the Bajaj family owns many businesses in India and it is primarily conducted by each sibling. This bonding not only helps each of them develop but, provides the executive team with the required support from another work. On the other hand, one of the major drawbacks of working with family is that someone has to cover up incompetencies, adverse management skills and bad decision making quality. Even though the drivers of the field may come from the same family, this does not automatically mean they have sound business acumen. For example, between two Ambani brothers, Mukesh is one of the richest businessmen in Asia whereas, Anil has declared bankruptcy. These contrary personalities sharing the same last name and from the same family tree can prove to be detrimental to the family. In conclusion, there are both benefits and drawbacks when operating a family enterprise however, it boils down to how closely one can monitor and help the younger ones come up the learning curve. If the younger generation can understand the industry dynamics from an early age, they can help the business achieve much greater heights.