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?

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Running a family
business
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is becoming very popular among many people around the world. While there are numerous benefits of establishing a family-run
business
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, few drawbacks
also
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pull a plug on
this
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type of venture in some instances.
This
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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
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is that profit does not need to be shared with any other party.
This
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results in a greater amount of profit that can be utilised to grow the
business
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.
For example
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, 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
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, many people trust their family members more than any outsiders which bring the continuation of a venture.
Therefore
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, a
business
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becomes exponentially profitable
over time
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overtime
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under consistent ownership.
However
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, there are some disadvantages of
this
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which cannot be underestimated. A trade
that is
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solely operated by like-minded family people often lacks innovation. The
business
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model becomes monotonous and in many cases, may lead to termination due to
this
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reason. Most consumers nowadays are very aware of the products.
As a result
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, the
business
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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.
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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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