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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?

#people #business
In many parts of the world, businesses are owned and run by families. Its usual contributors include close relatives who handle the resources and finances of an organization. There are some benefits associated with a family
business
, but there are
also
 some drawbacks associated with undertaking a
business
 venture with the family. With the persistent commitment and involvement of the family members, firms run by families have a greater level of stability and loyalty attached to it. Even during bad times family ties can keep the firm running. The commitment of the family members results in more dedication and flexibility.
In other words
, members would work together to achieve a common goal irrespective of their qualifications. In fact, most successful
business
 ventures like Walton’s and Ambani’s are
also
 run within the families.
On the contrary
, one of the most compelling shortcomings of a family
business
 can be conflicts among the partners than can have an unfavourable effect on the
business
.
For instance
, the rivalry between husband and wife or siblings can result into the partition of the venture.
In addition
, the lack of interests among people to join family entrepreneurship leads to apathetic employees. And sometimes the successors of the
business
 are not capable enough to run it due to which the organization suffers. 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.
Submitted by patel.suhag01 on

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