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

#people #business

As an inevitable product of economic prosperity, the growing tendency towards operating family-owned companies has made a paradigm shift in the general employment mindset.

Although

its benefits, in the long run, can be pronounced, they are not without limitations. There are several advantages underlying

this

phenomenon.

First,

strengthening the family bond is one of the intangible merits of establishing a family firm. Since family members from different generation categories collaborate as a united entity to reach a consensus on employment strategies, it is conducive to enhancing mutual understanding within them.

Second,

not only act as an incentive for the potential heirs of the work, but family firms’ captivity towards tackling fiscal challenges

also

overruns their counterparts. When privacy in manufacturing processes and secret recipes are not leaked to a third party, family firms retain their monopoly position in a specific field which allows them to earn profit exclusively.

However

, family firms suffer from several downsides. By working on the same projects, it is susceptible to widening the generation gap when seniors with conservative viewpoints, which have always been overpowering based on our culture, will alienate younger ones.

For instance

, traditional methodology overdirecting the company’s framework may frustrate young employers with a sense of being disowned since nothing can be implemented against those solid principles.

On the other hand

, the reinforcement of family connection is vulnerable to inheritance processes. Even if there are practical measurements in determining the selector, bequeathing the whole family’s fortune to a single individual will raise rivalry, which has an adverse bearing on the firm intrinsic values. In conclusion, given the advantages of constructing a family-owned company, its limitations need to be fully conceived. By thoroughly examining shortcomings, a business can keep them at bay.

Submitted by ngocnong.work on Sat Jul 15 2023

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such as
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8Linking words
meeting the goal of 7 or more
0Word repetition
meeting the goal of 3 or fewer
0Grammar mistakes
 

4 paragraphs

288 words

0123456789.0505

Overall Band Score

Coherence and Cohesion: 6.0

Logical structure

Introduction & conclusion present

Supported main points

Accurate linking words

Variety in linking words

Lexical resource: 9.0

Varied vocabulary

Accurate spelling & word formation

Grammatical Range: 9.0

Mix of complex & simple sentences

Clear and correct grammar

Task Achievement: 5.0

Complete response

7.5

Clear & comprehensive ideas

Relevant & specific examples

Appropriate word count

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Topic Vocabulary:

loyalty
trust
communication
generational knowledge
long-term outlook
family traditions
stability
cost-effective
flexible payment arrangements
conflict
tensions
roles
diversity
external perspectives
innovation
adaptation
succession planning
instability
leadership
ownership

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

Support ideas with relevant, specific examples

Essentional vocabulary list for IELTS Writing 7+

Digital Communication Technology, such as emails, instant messaging and social media, has improved communication and connections between people. To what extent do you agree or disagree with this opinion? Give reasons for you answer and include examples.

Do you agree or disagree with the following statement? Television has destroyed communication among friends and family. Use specific reasons and examples to support your option.

Nowadays the most important task is the environmental protection of our planet for future generations. To what extent do you agree or disagree with this statement?

Nowadays, more and more people are moving from the countryside to cities, which are becoming overcrowded. What are the reasons for this movement to cities and what are the effects?