In many countries, it is common for families to own and run their own businesses. some people think this is the best way to run a business, while others consider this a potential source of problems. What is your opinion?

Family-owned
businesses
are quite common in some countries. Some people think that they have higher chances of success,
while
others believe that they are more likely to run into trouble. In my opinion, family
businesses
have some inherent
advantages
.
However
, disagreements between family
members
can lead to the disintegration of
such
entities. The biggest advantage that family
businesses
have over other
businesses
is that in a family-owned
business
, people are working for themselves.
This
itself is a great factor that contributes to the success of a
business
. People tend to work harder when they work for themselves.
Also
when someone works for a family-owned
business
, they have the support and encouragement of their family
members
.
In addition
, children born in
business
families learn the tricks of the trade from their childhood itself from their parents and grandparents.
This
exposure gives them a head start when they start their career and enables them to run the
business
more efficiently.
Also
working with family
members
for the common benefit of the whole family can be both fun and rewarding. In short, a family-owned
business
has many
advantages
that a regular establishment lacks. On the flip side, some of the
advantages
of a family-run
business
can turn out to be disadvantages if the
members
of the family are not careful.
For example
, younger family
members
are more likely to be irresponsible and immature. If they regularly turn up late for work or take too many holidays, it can lead to disagreements.
Also
, when someone works under their father or sibling, they are more likely to show a lack of seriousness. Unfortunately,
this
will hurt the prospect of the entire
business
.
In addition
, disputes between family
members
and ego clashes will run a family-owned
business
into trouble.
To conclude
, after analysing both sides of the argument it is not hard to see that family-owned
businesses
have several
advantages
over other types of establishments.
However
, families that run their own
businesses
must ensure that disagreements between family
members
are resolved before they turn into a
business
crisis.
Submitted by panetariyaragini78 on

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You are not ready for IELTS Speaking, if you

  • Can’t speak smoothly without pauses.
  • Use simple words and lack vocabulary.
  • Feel nervous and anxious when speaking.
Topic Vocabulary:
  • Nepotism
  • Succession
  • Merit-based
  • Diverse perspectives
  • Professional boundaries
  • External stakeholders
  • Adaptability
  • Innovation
  • Loyalty
  • Generational business
  • Personal investment
  • Aligned values
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