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

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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
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, while it will be disadvantageous for an individual to run the
business
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, with a lack of passion. The main advantage of running a
business
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within the family is the exposure to the demands of the
business
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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
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.
In other words
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, the element of surprise that comes with other entrepreneurial jobs is lost, in case of a family run
business
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.
Therefore
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, the expense of training is
reduced which
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reduced, which
in turn spikes the
business
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' productivity. To illustrate, a recent study in
Business
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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
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, some individuals may find that they are not passionate about running the
business
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, which can become very suffocating. Lack of motivation can have disastrous effects on the individual and on the
business
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.
For example
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, 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
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happens because not everybody in the family can have the same drive and the same vision for the future of the
business
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. 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
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great, but
the increasing amount of people feeling they can't escape the inevitability of joining the
business
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is detrimental.
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