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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?

#people #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.
Submitted by rana on

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