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

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Successful
businesses
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are run around the world following different models.Many rich families collectively own some of the most successful ventures around.Pros of having a business within the bloodline include better mutual understanding and trust among its partners while the greed of succession may be
one
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of the cons. On the
one
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hand,family-owned trades offer a number of advantages.
One
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of these includes better understanding and coordination among the
members
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.Families usually have a better understanding of themselves as compared to strangers.For
this
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reason,we usually observe many fallen partnerships between strangers but rarely within the bloodline.
Similarly
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,another factor that gives family-owned
businesses
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an upper hand is trust.Usually,it takes time to trust someone new while trusting a blood relative is easy and chances of betrayal are
also
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quite low.
Thus
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,a trade that stays within the bloodline usually prospers better.
On the other hand
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,some ventures owned by families
also
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face issues that may trouble them.The greed for succession and power is
one
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of the major issues faced by the trade shared by the tribe.Desire to lead usually gives birth to acrimony and rift between the family
members
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making their relations acerbic.
For example
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,some very successful
businesses
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were torn apart because of
this
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greed among the
members
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.
Hence
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,family ventures,
however
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successful they may be,may attract greed for leadership and power as well. To conclude,
businesses
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shared by tribes may have their pros and cons,but ,
clearly
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,clearly
show examples
their pros easily outweigh the cons.For family-owned
businesses
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to prosper,the
members
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should let go of greed and give way to mutual respect and support.
Submitted by saphire8619 on

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