ADVANTAGES AND DISADVANTAGES OF FAMILY BUSINESS

Some people think that starting a family business is a great idea, whereas others
find it absolutely hopeless. Let us consider what the advantages and
disadvantages of family business are.
Firstly, having a common goal makes family bonds stronger and steadier. It is a
great opportunity to keep in touch with relatives, get to know one another and
develop into a bigger community. Well-coordinated teamwork can also unite
the members significantly and let them become a close-knit family.
Secondly, being a family means that all the ‘co-workers’ have a lot in common –
they share a common background and the same ideas. Undoubtedly, it is
extremely important while running a business, that colleagues have similar
outlook and a clear understanding of the chief aim.
Besides, as each member is interested in making a profit, hence everyone will
do their best to increase the sales figures. They may even resort to several
financial sacrifices for taking the business forward or just balancing the books.
Not every company possesses such an employee dedication.
What is more, a good point of having a family business, is that each colleague is
always surrounded by people he can count on. Amid encouraging atmosphere,
person is able to perform more efficiently.
Nevertheless, a contrary opinion can also be found. According to it, the more
interactions between family members there are, the more disputes might occur.
It is true, that each problem can be solved, but it may lead to a discord as well.
For instance, if someone made a big mistake, it could be very hard to lay him
off.
To sum up, family forms a society basement. Thus, if it develops and becomes
richer, the whole community will prosper.