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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It is thought by some that it is beneficial to have a family-owned
business
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. There are advantages of the family
business
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but there are
also
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drawbacks to be taken into account. On the one hand, there are a number of benefits of a
business
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that is
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run within the family.
Firstly
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, in a family
business
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, people
work
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for themselves so, they will
work
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harder and be more dedicated to taking their company to a new height and making it lucrative.
Secondly
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, the
business
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can be passed down through the generations. The new generations could learn numerous things at a very young age about
business
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from their family
members
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.
As a result
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, they will be able to handle the
business
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as they grow up without having to employ other unknown people.
Thirdly
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, they have a flexible
work
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schedule; they do not have to
work
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from 9-5.
This
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factor contributes towards increasing their efficiency and helps them to remain focused on their
work
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.
On the other hand
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, one drawback of a family
business
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is that due to nepotism, family
members
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might be promoted to higher positions
instead
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of skilful non-related staff, and they might not have the required skills to be successful managers and directors.
Thus
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, it will hamper the
business
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resulting in mediocre
business
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performance. Another downside is that
business
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disputes can lead to family conflicts because issues become subjective rather than objective.
Consequently
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, the bond between family
members
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might be destroyed forever. In conclusion, there are benefits of having a family
business
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, as the family
members
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give their best because they are working for themselves, and they have a flexible
work
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schedule.
However
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, there are some drawbacks,
such
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as nepotism, and family bonds might be damaged because of
business
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disputes.
Submitted by devina.shrestha6 on

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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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