Some people think that the best way to run a business is within the family. What are the advantages and disadvantages of a family-run business? v.5
Some people think that the best way to run a business is within the family. What are the advantages and disadvantages of a family-run business? v. 5
In many parts of the worlds, there is the business which is run by the family. Although there are some benefits associated with the family business, there are also some drawbacks to undertake it.
Firstly, being the part of the family work can help family members understand the expectation among individuals. Clear communication and discussion can help to achieve family goals at a rapid pace. For instance, almost the majority of big companies were started by the family member, like Ambani’s and Walton’s. Secondly, even during the bad times the family members stay together and run business. On the contrary, leaving the family business in the middle of the path can lead to personal grudges among the family member and the heritage of the family is vanished.
On the other hand, the family business can have many drawbacks when certain family member has a lack of proper knowledge to run the business. For instance, business of share brokerage should require in-depth knowledge of share market and financial situation of the companies, Lack of knowledge will result in the closure of venture, In addition, personal grudges can also lead to a difference of opinion in the family member. For instance, the rivalry between husband and wife can also lead to the partition of the venture. Furthermore, a lack of interest can lead to failure of joint business.
To conclude, there are both supporting and opposing arguments for a family business. Many experts believe that building an organization with family helps keep the family together. With communication and understanding, a dispute in family entrepreneurship can be avoided.
In
many
parts of the worlds, there is the
business
which
is run
by the
family
. Although there are
some
benefits associated with the
family
business
, there are
also
some
drawbacks to undertake it.
Firstly
, being the part of the
family
work can
help
family
members
understand the expectation among individuals.
Clear
communication and discussion can
help
to achieve
family
goals at a rapid pace.
For instance
, almost the majority of
big
companies
were
started
by the
family
member
, like
Ambani
’s and Walton’s.
Secondly
, even during the
bad
times the
family
members
stay together and run
business
.
On the contrary
, leaving the
family
business
in the middle of the path can
lead
to personal grudges among the
family
member
and the heritage of the
family
is vanished
.
On the other hand
, the
family
business
can have
many
drawbacks when certain
family
member
has a lack of proper knowledge to run the
business
.
For instance
,
business
of share brokerage should require in-depth knowledge of share market and financial situation of the
companies
, Lack of knowledge will result in the closure of venture,
In addition
, personal grudges can
also
lead
to a difference of opinion in the
family
member
.
For instance
, the rivalry between husband and wife can
also
lead
to the partition of the venture.
Furthermore
, a lack of interest can
lead
to failure of joint business.
To conclude
, there are both supporting and opposing arguments for a
family
business
.
Many
experts believe that building an organization with
family
helps
keep
the
family
together. With communication and understanding, a dispute in
family
entrepreneurship can
be avoided
.
7.5Linking words, meeting the goal of 7 or more
7.5Repeated words, meeting the goal of 3 or fewer
7.5Mistakes