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?
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Band 8 IELTS essay sample
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Family businesses are quite popular in many countries. While some people believe that they have a higher chance of success others argue that this method will lead to many problems in the future. In my opinion, family businesses have certain pros and cons which will be discussed in the following paragraphs.
Integrity and profound loyalty are the major advantages of running a family business. The family members will always stay together during any ups and downs of their business rather than quitting from the existing business during the non-profitable stage. In addition to that, the young generation born in the business family is more familiar with the planning, human resources management, sales management, and financial management. Therefore, they are capable enough of running the business in any circumstance. All the members will always work hand in hand for a common goal. The business profit and losses are distributed among the family members according to stipulated terms and conditions.
Conversely, the family-owned business is not always successful, because there are many disputes related to profit sharing, outside recruitment, and discussion making involved in this. For instance, the young generation is more likely to be irresponsible and immature. Sometimes family members are not truly interested in joining the family business but do so anyway because it is expected of them. The result is apathetic, unengaged employees.
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To conclude, a well-defined family-owned business will thrive for a long period. However, the family that runs their own business must ensure that disagreements between family members are resolved before they turn into a business crisis.
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