many businesses today are run by family members. Do the advantages of a family-run business outweigh the disadvantages?

Family businesses are majorly functioned by the

members

of the family. In

this

essay we will discuss the advantages like family dedication and the pressure to keep the family

name

intact, We may

also

discuss the disadvantages like partial treatment and limited expansion as a part of the demerits. In my opinion, we will see the disadvantages outweighing the advantages while operating a family

business

. A family

business

is majorly operated by the immediate

members

of the family, there is a long said history of its inception which is a matter of pride to its family

members

. As a

,

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result there is no compromise on

dedication

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the dedication

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and hard work input by the

members

of the family.

For example

, an outsider may not understand the struggles and success stories of the

company

in comparison to a blood relative.

Also

, the brand

name

is closely associated with the family's values and vision. The success of the

company

is closely associated with the pride of the family & every member works hard to elevate their performance ensuring the brand

name

is recognised in the market.

For instance

, The Ambanis have named their

company

after their

last

name

,

this

is surely a matter of pride for them.

Likewise

, many family businesses are named fathers and sons companies to give them a sense of belonging and recognition.

On the other hand

, we may witness a number of demerits while running a family

business

, there may be a biased selection of family

members

while appointing a head to the department.

For instance

, a family relative may be less deserving and might not have the right knowledge or acumen to run the department but is given an opportunity since he is the youngest son in the family.

Also

, the

members

of the family may carry a limited vision for expansion as all the

members

of the family think in a similar direction to success and growth,

on the other hand

, an outsider may bring more to the table with the current experience and knowledge he or she may carry from his experience which may be more promising to the growth and development of the

company

. To summarize, there are no qualms to the dedication and hard work family

members

may input into the

business

but a

company

cannot run by mere emotions it needs the right skill sets and experience to perform and stand against the competitive market.