Some people think that the best way to run a business is within a family. What are the advantages and disadvantages of a family run business?

Traditionally, many companies across the globe are run by blood relations. Individuals

believes

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believe

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that members of the family are more loyal to the

company

and work extra hours to reach the specific deadlines

on-time

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on time

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. In the following paragraphs, I provide my detailed analysis of

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positive

postive

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the postive

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and negative outcomes of

such

strategy

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a strategy

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.

To begin

with, I explain one merit out of

numerous

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the numerous

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advantages of

such

business

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a business

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model.

Firstly

, The family members

brings

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bring

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trust, loyalty,

integrity

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and integrity

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, and they spend their precious time

to improve

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improving

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the

family owned

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family-owned

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organization in all possible ways.

Furthermore

, Blood relations put significant efforts to deliver the products without impacting the customer experience.

For instance

, there are many inspirational stories published across many

newspaper

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newspapers

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, my

favorite

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favourite

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is the

TATA

company

.

Jamesd

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James

Tata

and his family started

this

company

decades ago, now they have

branchs

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branches

across all countries and head by the

TATA

family member

Mr.

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Mr

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Ratan

Tata

.

On the other hand

,

such

family operated

business

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businesses

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do have some disadvantages. As an initial point, When the

company

growup

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grow up

to a certain level it is

immposible

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impossible

to manage the entire work

by

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apply

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the family members they have to delegate some of their tasks to subordinates.

In addition

, hiring resources from the external world will

diversfy

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diversify

the team, which brings different perspectives that leads to

implement

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implementing

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successful products.

For example

, As per the research done by the WHO psychology department proved that diversification of the team brings excellent ideas and

resolve

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resolves

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real-time issues faster than other teams. To summarise,

There

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there

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are many success stories around the

family owned

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family-owned

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business.

However

,

in

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from

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long-term

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the long-term

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perspective

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,perspective

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it is important to bring new ideas and thoughts from different workers outside the family.