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?

Running a family
business
is becoming very popular among many people around the world. While there
is
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are
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numerous benefits of establishing a family-run
business
, few drawbacks
also
pull a plug on
this
type of venture in some instances.
This
essay will look into both merits as well as demerits of trades that are maintained by a family. One major positive of a family-owned
business
is that profit does not need to be shared with any other party.
This
results in a greater amount of profit that can be utilised to grow the
business
.
For example
, there are a number of family farms in Australia which are found to be lasting a significantly longer period of time with substantial profits.
Moreover
, many people trust their family members more than any outsiders which bring the continuation of a venture.
Therefore
, a
business
becomes exponentially profitable
overtime
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over time
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under consistent ownership.
However
, there are some disadvantages of
this
which cannot be underestimated. A trade
that is
solely operated by like-minded family people often lacks innovation. The
business
model becomes monotonous and in many cases, may lead to termination due to
this
reason. Most consumers nowadays are very aware of the products.
As a result
, the
business
needs to be on its toes with intellectual advancement which could be missing with the same approach of trading under family ownership. In conclusion, despite some drawbacks of a family-maintained venture, mostly it brings consistency as well as a greater sense of trust and income.
Submitted by mhssumon01 on

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