In many countries it is common for families to own and run their own business. Some people think this is the best way to run a business while others consider this a potential source of problems.
Family owned businesses are quite common in some countries. While some people believe that they have higher chances of success others opine 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 business must ensure that disagreements between family members are resolved before they turn into a business crisis.