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

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It is true that family-run businesses have never stopped gaining in popularity around the world.

Although

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this

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model is applauded by many experts, there still

exists

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exist

many limitations. On the one hand, there are a number of advantages of a family-run

business

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First

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, since the

business

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is operated and overseen by family members,

such

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as children and wife, or relatives, it is difficult for any outside parties to steal away the control of the

business

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This

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means that the family has an absolute power and control over strategic decisions, staffing, or payroll, which will certainly be of great benefit to all family members.

Second

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, since family-run businesses are private corporations, they are not subject to complex financial reporting requirements.

As a result

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, the

business

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can save a great deal of money on hiring a team of professional accountants to prepare external reports and deal with government stakeholders.

On the other hand

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, family-run businesses are not without downsides.

First

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business

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-related conflicts among family members have the potential to destroy any family relationships.

For example

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, a dispute over either

business

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ownership or salaries might lead to a quarrel or even an avoidable family estrangement.

Second

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, non-family employees working for a family-run

business

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might view

this

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business

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practice as unfair towards them.

For instance

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, even if they perform exceptionally well and make enormous contributions to the company, chances are they will not be recognized enough compared to those who are family members. In conclusion, given the clear advantages a family-run

business

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have, there are still limitations. By acknowledging these limitations, the

business

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owner can find ways to dodge them.

Submitted by 1973 chau on Wed Jul 22 2020

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9
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meeting the goal of 7 or more
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meeting the goal of 3 or fewer
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Overall Band Score

Coherence and Cohesion: 6.0

Logical structure

Introduction & conclusion present

Supported main points

Accurate linking words

Variety in linking words

Lexical resource: 6.0

Varied vocabulary

Accurate spelling & word formation

Grammatical Range: 8.0

Mix of complex & simple sentences

Clear and correct grammar

Task Achievement: 9.0

Complete response

Clear & comprehensive ideas

Relevant & specific examples

Appropriate word count

4 paragraphs

266 words

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Topic Vocabulary:

loyalty
trust
communication
generational knowledge
long-term outlook
family traditions
stability
cost-effective
flexible payment arrangements
conflict
tensions
roles
diversity
external perspectives
innovation
adaptation
succession planning
instability
leadership
ownership

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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?

Some people think that real life skills like cooking, housekeeping and gardening should be included in the curriculum as compulsory subjects? Do you agree or disagree? Explain your opinion, using specific reasons and details.

Task 2 There is more and more outrage and anger common in society today. Why is this? Is this a positive or a negative development?

many pearents in Vietnam invest heavily into their child's education hoping for the best. Do the advantages of this outweigh the disadvantage?

All students should study a foreign language in school, starting in their earliest grades. To What extent do you agree or disagree with this statement.

In some countries people who have high incomes pay very high taxes. What are the advantages and disadvantages of this for individuals and for the country as a whole