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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
Running a
business
 is challenging task nowadays and
also
 it is a controversial topic. Certain individuals believe that the right way to maintain continuity of
business
 is within relatives.
Although
 the benefits of running
business
Suggestion
a business
the business
 by family are better coordination and the
employment
. The drawbacks are conflicts and misusages. On the on hand, The major advantage of the
business
 run by their relative is
employment
Suggestion
employed
. As entire organisation is monitored and controlled by the family. Young sibling need not worry for
employment
 as after completion of their studies, they can anytime join the entity or in some case if the acquaintance does not wish to pursue an education they can directly take on
employment
 in any of the department of the organisation. Another common advantage of the trade performed by its family
member
 is coordination. Since all the working staff are from within the family there will be better understanding within the teams and
hence
 work is carried out smoothly without any difficulties. Example of Reliance industries in India, Entire family runs all the major corporate and all are successful.
Company
 every year is gaining new heights as every
member
 is employed from the beginning.
On the other hand
, Multinational companies operated by the family, individual have a negative impact and one of those issues is conflicting. For all the people working in senior positions within the entity are its family
member
, always there are disputes among the people because of finance and distribution of wealth. The other most common problem noticed in family run
business
 is the misuse of
company
 resources. Since entire
business
 is family owned, there is a high chance that
member
 utilize the facilities of the companies for their personal
business
. If in case one
member
 avail
this
 facilities other pupil will
also
 come forward to use it.
This
 shall lead to closure of
business
 for continuing utilization of
company
 equipment.
For instance
 Kingfisher Airlines, The CEO and all the other management staff were family members and due to frequent quarrels within the family
member
 and
also
 the airways were
use
Suggestion
used
 by most
member
Suggestion
members
 of their luxury had resulted in huge loss to the
company
 and today
company
 is demise from the market. In conclusion, Cooperation and
employment
 are the positive about family
business
, whereas, the negatives are family conflicts and inappropriate use are the organisational resources .
Submitted by finewahab on

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