Some people think that the best way to run a business is within the family. What are advantages and disadvantages of a family run business.
Nowadays, the young generation has become more passionate to start their own new
business
with the friends. Some people opine that, doing business
with the family members is a good idea instead
of doing with others. I believe that, this
trend has its own merits and demerits. In this
essay, I want to shed some light on the benefits and drawbacks of the family business
.
To commence with, the main advantage of the family business
is not only the trust but also
loyalty. Moreover
, the amount of the profit and loss are equally shared between the members of the business
, that is
the reason, it is not hard to run the business
. Furthermore
, they can grow better together and can achieve good fame in the world. Foe example, Dhirubhai and Mukesh Ambani have a common business
name as 'Ambani brothers'.
On the other hand
, there are drawbacks as a part of a family business
. Firstly
, there might be ego related issues between brothers, which ultimately creates dispute and ruin the family. Secondly
, they might face inequality in terms of respect, money, work responsibilities and sharing. Thirdly
, it sometimes risky, when one partner does the murder of the other to become an owner of the company or in jealousy. For instance
, 5% of the family murder cases are due to be a part of the same business
. Finally
, not all of the family members specially youngsters are willing to join the business
, in this
case if they join, they do not put efforts for the betterment of the company, which is detrimental to the growth and reputation of the company.
To conclude, the family business
has many advantages such
as sharing, rise, trust and loyalty only when everyone as a part of a business
should work for the growth of the family as a team without developing jealousy and inequalities.Submitted by Nikita & Kash on
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