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?

Few people feel that a
business
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should be established within the family. I believe that there are some advantages
such
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as having trust and loyalty in one another in the family
as well as
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maintaining
business
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sustainability and its legacy for long-term vision, and there are some disadvantages like lack of professionalism and poor or limited skills. On the one hand, whenever the family runs any
business
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, there is always both trust and loyalty between them. So, these two qualities are emotionally attached to each other in the family to make the
business
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successful.
Moreover
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, there are more chances to sustain the family
business
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and its legacy because they want to carry forward the
business
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further
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for the upcoming generations.
For example
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, my neighbourhood family built their own pickle
business
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in my local area where they earn 1 Million every year.
On the other hand
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, any
business
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needs good experience and professionalism. In family
business
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, there is a lack of professionalism. To overcome these issues, a family should learn the
business
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structure and
overall
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learning.
Furthermore
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, limited poor skills in
business
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can lead to slowly destroying the family
business
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.
As a result
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, that
business
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will not compete with other family businesses.
For instance
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, yesterday's "Times Of India" newspaper mentioned that Bihar's family lost their
business
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because of their inadequate skills. In conclusion, the
business
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within a family has both benefits
as well as
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drawbacks.
Therefore
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, people need to gain proper knowledge of the
overall
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business
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to establish and make it successful. Especially, in a family
business
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, it has to take extra care of everything.

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task achievement
Try to explain your ideas more clearly and in detail.
coherence and cohesion
Make sure each paragraph flows smoothly to the next by using linking words.
task achievement
Include more examples to support your points.
task achievement
Your introduction clearly states advantages and disadvantages.
coherence and cohesion
You present a good conclusion summarizing your main points.
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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