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?
In recent years family-owned
businesses
have become more and more popular, some argue that
this
type of
business
has a much higher chance of success than other
businesses
. In
this
,
essay
I will be discussing both the pros and cons of
this
approach.
To begin
with, the main advantage of working in a family-run
business
is the flexibility of the schedules. Family
members
may have other obligations
such
as a part-time job or they may be students, so working in a family-owned
business
they will be able to have a flexible schedule in which they can balance their daily life chores.
Moreover
, family
members
trust each other and hold each other through ups and downs. ,
Also
decisions are made in a way that will benefit the whole family.
Furthermore
, the
business
will be passed down through future generations which might create a legacy. For ,example the Walmart family which owns Walmart stores, started in the 1960s with only one shop and now in ,2022 there are more than 10000 shops in 24 countries.
However
, we can not ignore that there are many drawbacks to family-run
businesses
.
Firstly
, family
members
may not have the required skills to be an employee or managers.
Moreover
, family-owned
businesses
are less bureaucratic,
also
ideas may become stale and new fresh perspectives might be difficult to accept.
Furthermore
,younger generations might be pressured to pursue something that they are not interested in. and
last
but not least conflict between family
members
may become an issue that breaks families apart. In conclusion, family-owned
business
has its advantage and disadvantages, at the ,end it depends on each individual if they can handle the pressure and the issue that comes with
this
type of
businesses
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