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?

In many parts of the worlds, there is the

business

which is run by the family.

Although

there are some benefits associated with the family

business

, there are

also

some drawbacks to undertake it.

Firstly

, being the part of the family work can help family members understand the expectation among individuals. Clear communication and discussion can help to achieve family goals at a rapid pace.

For instance

, almost the majority of big companies were started by the family

member

, like Ambani’s and Walton’s.

Secondly

, even during the bad times the family members stay together and run

business

.

On the contrary

, leaving the family

business

in the middle of the path can lead to personal grudges among the family

member

and the heritage of the family is vanished.

On the other hand

, the family

business

can have many drawbacks when certain family

member

has a lack of proper knowledge to run the

business

.

For instance

,

business

of share brokerage should require in-depth knowledge of share market and financial situation of the companies, Lack of knowledge will result in the closure of venture,

In addition

, personal grudges can

also

lead to a difference of opinion in the family

member

.

For instance

, the rivalry between husband and wife can

also

lead to the partition of the venture.

Furthermore

, a lack of interest can lead to failure of joint

business

. 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.