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?

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There are speculations that a
business
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is more successful when it is being operated within the family. It is pertinent to note that every individual is gifted differently and passion differs.
For instance
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a family is into farming on a large
scale but
Accept comma addition
scale, but
that is
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not a determinant for every member of the family to be passionate about that
business
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. When
such
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a person is being compelled to succeed in the
business
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, it
tend
Suggestion
tends
to result to a case of mismanagement.
On the other hand
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, it
usually favor
Suggestion
usually favours
usually favour
the generations that are involved because the job is readily available as soon as they graduate from college.
Also
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, it is believed that an outsider might not understand the rudiments of running a
business
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successfully compare to an individual that was groomed in the
business
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at a tender age. By way of conclusion, the success of a
business
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is based on how passionate the other members of the family are towards it and how well they understand it.
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Topic Vocabulary:
  • loyalty
  • trust
  • communication
  • generational knowledge
  • long-term outlook
  • family traditions
  • stability
  • cost-effective
  • flexible payment arrangements
  • conflict
  • tensions
  • roles
  • diversity
  • external perspectives
  • innovation
  • adaptation
  • succession planning
  • instability
  • leadership
  • ownership
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