Some people think that the best way to run business is within the family. What are the advantages and disadvantages of a family run business?
Some hold the opinion that when a
business
is exclusively run by family members
, the best results will be achieved. Family-run businesses
have several merits, including a more cordial atmosphere in the working environment
and the fact that, due to
family relationships, more trustworthiness, loyalty, and dedication can be observed in employees
.
On the one hand, several advantages are associated with a business
operated by family members
. Firstly
, due to
family bonds and the sense of affection, intimacy, and closeness that usually exist among family members
, family-run businesses
often have a relaxing and convivial atmosphere in the workplace. Thus
, this
comparatively stress-free and genial working environment
can enhance the employees
' productivity and efficiency, leading the business
to thrive. Secondly
, when a family runs a business
together, they are more likely to dedicate themselves to work
, using all of their capacities, skills, and abilities to operate the business
as perfectly as possible. Moreover
, it is undeniable that family members
can be trusted more and show loyalty regarding business
affairs, for example
, by not revealing sensitive information or secrets of the business
.
On the other hand
, several negative features are attributed to family businesses
. Firstly
, nepotistic behaviour and favouritism are more likely to be observed in businesses
operated mainly by family members
. In other words
, non-family employees
in these businesses
may be treated unfairly, and perks and promotions may be given based on family relationships rather than competence and diligence. Secondly
, family-run companies are more prone to some issues, such
as the lack of adequate discipline in the workplace due to
the informal working environment
and intimacy between family members
. Hence
, when a business
is managed by family members
, they may not carry out the work
earnestly and diligently as much as when they work
in non-family businesses
, leading to a decline in productivity and quality of work
.
In conclusion, family-run businesses
have several positive features, such
as having a more friendly and relaxing working environment
and more loyal and devoted employees
that can be trusted more due to
family relationships. However
, several downsides are also
associated with these businesses
, including the possibility of showing nepotistic behaviour towards family within the workplace and the lack of discipline and order in the relatively informal working environment
of these businesses
.Submitted by ghsa1214 on
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