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?

Every country has family-run

businesses

.

This

is offering multifarious benefits to consumers.

However

, a couple of issues can emerge due to the same. The following paragraphs will highlight the pros and cons of

this

tendency before making a final note. To commence with, Integrity and profound loyalty are the main benefits of a family-run

business

. All

members

support each other and encourage even during the non-profitable stage.

For example

, staff will not demand paychecks when there is no profit.

Additionally

, the younger generation may be familiar with all the processes involved in

business

running as well as accounting, resources management and sales management.

Therefore

, they can manage the

business

under any circumstances.

Lastly

, all the family

members

can have a chance to get employed. On the negative side, the staff of a family

business

may have a short learning curve.

As a result

,

business

management may be less efficient compared to other market players.

For instance

, accounting and marketing require special knowledge and abilities.

However

, in family enterprises, these positions are mostly taken by unemployed relatives without sufficient education,

this

may lead to a number of issues regardless of hands-on experience.

Moreover

, family-run

businesses

may be unsuccessful because of issues related to profit sharing, outside recruitment, and etc.

Members

can have disagreements leading

businesses

to failure. The service quality may be substandard because of the irresponsibility and immaturity of younger

members

. To conclude, I personally think that family-run

businesses

can be successful only if properly managed. If all the disagreements are resolved timely, the

business

will thrive for a long time.