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some people think that the best way to run a business is within the family. What are the advantages and disadvanatages of a family run business

#people #business #disadvanatages
Family run businesses are believed to be the most successful ones. Early exposure will be advantageous in the development of the skills needed in the
business
, while it will be disadvantageous for an individual to run the
business
, with a lack of passion. The main advantage of running a
business
 within the family is the exposure to the demands of the
business
 at a young age, which will aid in the development of the necessary skill-sets by the time an individual is ready to run the
business
.
In other words
, the element of surprise that comes with other entrepreneurial jobs is lost, in case of a family run
business
.
Therefore
, the expense of training is
reduced which
Accept comma addition
reduced, which
 in turn spikes the
business
' productivity. To illustrate, a recent study in
Business
 weekly reported that family run businesses showed a 34% reduction in the overall expenditure for training costs compared to other businesses, because of the early work-exposure prevalent in them.
On the other hand
, some individuals may find that they are not passionate about running the
business
, which can become very suffocating. Lack of motivation can have disastrous effects on the individual and on the
business
.
For example
, a large proportion of young entrepreneurs have reported facing a burn-out because of their lack of passion. Dealing with a burn-out causes mental stress and increases the feeling of worthlessness in young people.
This
 happens because not everybody in the family can have the same drive and the same vision for the future of the
business
. To conclude, though family businesses are believed to be successful, it has its own share of highs and lows. Early work exposure can be
great but
Accept comma addition
great, but
 the increasing amount of people feeling they can't escape the inevitability of joining the
business
 is detrimental.
Submitted by beautifullychaotic94 on

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