In many parts of the world, businesses are owned and run by families. Its usual contributors include close relatives who handle the resources and finances of an organization. There are some benefits associated with a family business, but there are also some drawbacks associated with undertaking a business venture with the family.
With the persistent commitment and involvement of the family members, firms run by families have a greater level of stability and loyalty attached to it. Even during bad times family ties can keep the firm running. The commitment of the family members results in more dedication and flexibility. In other words, members would work together to achieve a common goal irrespective of their qualifications. In fact, most successful business ventures like Walton’s and Ambani’s are also run within the families.
On the contrary, one of the most compelling shortcomings of a family business can be conflicts among the partners than can have an unfavourable effect on the business. For instance, the rivalry between husband and wife or siblings can result into the partition of the venture. In addition, the lack of interests among people to join family entrepreneurship leads to apathetic employees. And sometimes the successors of the business are not capable enough to run it due to which the organization suffers.
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 world,
businesses
are
owned
and
run
by
families
. Its usual contributors include close relatives who handle the resources and finances of an organization. There are
some
benefits associated with a
family
business
,
but
there are
also
some
drawbacks associated with undertaking a
business
venture with the family.
With the persistent commitment and involvement of the
family
members, firms
run
by
families
have a greater level of stability and loyalty attached to it. Even during
bad
times
family
ties can
keep
the firm running. The commitment of the
family
members results in more dedication and flexibility.
In other words
, members would work together to achieve a common goal irrespective of their qualifications. In fact, most successful
business
ventures like Walton’s and
Ambani
’s are
also
run
within the families.
On the contrary
, one of the most compelling shortcomings of a
family
business
can be conflicts among the partners than can have an
unfavourable
effect on the
business
.
For instance
, the rivalry between husband and wife or siblings can result into the partition of the venture.
In addition
, the lack of interests among
people
to
join
family
entrepreneurship leads to apathetic employees. And
sometimes
the successors of the
business
are not capable
enough
to
run
it due to which the organization suffers.
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