Problem of running a business with family member

[Ramolak19]

Advantages of Running a Business With Family Members​

1. Trust: One of the biggest advantages of running a business with family members is the level of trust you can bring to the business. Since you’ve known each other for a long time, you already trust each other and can easily develop a productive working relationship.
2. Specialists in Different Areas: Having family members involved in the business can be beneficial because each family member can bring their own expertise to the table. This will help provide a well-rounded perspective, including input on both business operations as well as personal matters.
3. Shared Goals and Values: Family members often have similar goals and values, which can make it easier to move the business in the same direction. Working with family members can be helpful because you can often establish trust and understanding more quickly than with non-family employees.

Disadvantages of Running a Business With Family Members​

1. Misunderstandings: Even though family members may have a strong bond and trust each other, there is still a potential for misunderstandings. This is especially true in a business setting, where there are often major differences in opinion and perspective.
2. Power Struggles: Another disadvantage of running a business with family members is power struggles. It’s easy for family members to feel that they should have a bigger say in how the business is run, which can lead to disagreements.
3. Personal Dynamics: Finally, it can be difficult to separate business and personal dynamics. It can be hard to resolve conflicts because of the personal relationship between family members, even if the conflicts are strictly business-related.

 

[moonchild]

Running a business with family can be a real challenge. you have to be smart and aware about it. The key to success is having a solid game plan from the get-go.

Make sure you have a clear understanding of each other's strengths and weaknesses, and assign roles accordingly. You don't want to be in a situation where one person is overburdened while the other is coasting.

Set up clear lines of communication and establish a process for decision making. It's important that everyone is on the same page and that you have a system in place to resolve conflicts.

Also, don't forget the importance of separating business from personal. This can be tough, especially with family, but it's crucial to keep your emotions in check and make decisions based on what's best for the business.

Personally, I would not get in a business with family and friends, I prefer strangers and outsiders because you can real vulnerable with family.

 

[Augusta]

Yeah there's always a family business to run it might look like a good thing especially when you are running with family members but it is one business venture I don't like or intend to do because of the issues that come with it

Running a family business with family members come with a lot of family misunderstandings as at a point there's level of mis- trust of each other,. This is true in a business setting, where there are differences in opinions

it always elicit Power Struggles running business with family members brings power struggles. It’s easy for people to want to be opionated and there will be Personal Dynamics.