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Advantages and Disadvantages of Running a Family Business
Introduction
When a company gets off the ground and running, one of the first tasks is to hire employees. Often, small businesses turn to those closest: their family. Running a family business carries with it advantages and disadvantages.
Advantages of running a family business
One of the primary advantages is also the main reason families become businesses: flexibility. Having a husband and wife combo running the show means scheduling life around work is easier. Further, worrying about who gets what pay cut or other business decisions is simpler than with a standard, non-relative employee. Second, you can almost guarantee loyalty in family-run businesses. Spouses that help run the enterprise aren’t likely to jump ship to a competing venture. Second, the costs of keeping the business “in house” are typically significantly lower.
Disadvantages of running a family business
Attached to those advantages are an equal number of disadvantages to consider. Businesses are broiled in conflict. Studies show that upwards of nine out of ten fail. A failing business is a stressful one and conflict at work can bleed over into conflict at home. Differences of opinion at work can become arguments at home. It’s tough to have a work-life balance when your work and your family are one and the same. Also, many family businesses attempt to fill roles with relatives when outside help would perform better. While this may not be as important at the beginning; it can be a more acute problem once companies grow and require further specialization. The best fit for a position, might be someone within the family, but might be a new, outside hire.
Conclusion
A family business comes with many pros and cons – just like any business type. Just make sure you are prepared and understand what you’re getting into before embarking on your journey. Good luck!
Structure Tips of an Essay about Family Business
The structure of an essay about family business can vary depending on the task and goals of the paper, but in general it can be as follows:
Introduction
- Interest the reader and draw their attention to the topic.
- State the purpose of the essay and present the main arguments or points of view that will be developed in the body.
- Provide a brief introduction to the topic and context so that the reader can understand what will be discussed.
Main part
- Divide the main body into a few paragraphs, each of which will focus on different aspects of the topic or the development of individual arguments.
- In each paragraph, present your main idea or argument and support it with facts, examples, quotes from works, or research.
- Provide logical coherence between paragraphs and use transition words or phrases to smoothly transition from one idea to another.
- Develop and argue your point of view by presenting different aspects of a problem or issue.
Conclusion
- Summarize the main part; highlight the main arguments and conclusions that were made.
- Lead the reader to the main idea of the essay and its significance.
- Conclude your essay with a beautiful and memorable phrase or summary statement.
It is important to remember that the essay structure is flexible and can be adapted to suit the requirements of the assignment or your preferences. The main thing is to ensure logical coherence, consistency and integrity of the argumentation, as well as to be precise, clear and expressive in presenting your thoughts.
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Business Essay Sample
Running a Family Business
Introduction
The family business is the oldest and most common unit of economic organization. In the XXI century people are increasingly opting to start family businesses as their fundamental source of wealth creation and employment.
Not surprisingly, in a family business, family members are predominantly involved in the business processes and their participation has various positive and negative effects.
Positive effects
The sense of belonging, experienced by all employees, is a central feature of a family business that makes it unique among the various forms of economic organization. Family businesses are enormously important considering they account for a significant number of businesses, and can make up 80% and even up to 95%, depending on the country (Walsh, 2011). Family-owned companies have a major impact on creating employment. Another significant feature is that the owners of family businesses devote considerable time and energy into their enterprise’s development. Seldom do they lack motivation to see their enterprises succeed. In an era of regular financial crises, family businesses more easily weather the storms due to the stronger bonds of family. The willingness of family members to make sacrifices for the sake of business, the mutual trust typical among the business partners, and a generally more positive attitude and enthusiasm towards clientele are other advantages.
Negative effects
The family business has its disadvantages. For example, being committed to certain traditions may hinder the implementation of innovative ideas and business developments. Typically they’re smaller in scale, which can reduce the ability to acquire capital and to be open to new leadership. Furthermore, the stresses of the business may emotionally impact the personal lives of the family and vice versa – this can also negatively impact the work (Chrisman et al., 2005). The leader of the family business has a very important role because in addition to the management of business activities, it might be taking into account future generations and succession rights, which can lead to conflict – although on the flip side, this might encourage a longer term perspective.
Conclusion
Family businesses are a combination of advantages and disadvantages – that depend heavily on the unique characteristics of the families involved. Family members are typically loyal and dedicated while on the other side the work life and the family life must be in balance, which can pose certain problems and have negative impacts on business operations.
References
Chrisman, J. J., Chua, J. H. & Steier, L. P. (2005). Sources and consequences of distinctive familiness: an introduction. Entrepreneurship Theory and Practice 29(3): 237-247.
Walsh, G. (2011). Family Business Succession: Managing the all-important family component. Retrieved from https://www.kpmg.com/ca/en/services/kpmg-enterprise/centre-for-family-business/documents/3468_succession.pdf
Rules for Writing an Essay on Business
- Select a business topic. Before you begin, decide on the topic of your essay. It should be interesting and relevant. Choose a topic that incites your curiosity and that you would like to study in more detail.
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- Give reasons for your point of view. A business essay is not just a statement of facts, but also your own opinion and argumentation. Support your points of view using facts, examples, business citations, and research.
- Revise and edit. When writing an essay, pay attention to grammar and punctuation to avoid submitting a text with mistakes.
- Use relevant business vocabulary and stylistic techniques to make your text’s meaning clear and, where relevant, persuasive. Be precise and clear in expressing your thoughts.
- Maintain logical coherence. Your business essay should have a logical structure, with each paragraph continuing and developing the previous idea. Use transition words and phrases to ensure a smooth transition from one idea to another.
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