The advantages and disadvantages of family business.

[Heartstrings]

Setting up a family business is one of the important source of income. It brings unity to the family. And it also depends on the type of business and who handles it. Is it the whole family? Or just one person? I have seen where a whole family unites and takes the business to another level. It also has disadvantages because some family business caused problems, envy and jealousy. I have had the both experience. With family business,you have something to fall into, upgrade it and it becomes a household name.

If families don't come together,reason together,the business will not have much profits. The issues there is trust,there should be trust among the family. With love and love peace will prevail and business looming.

I have seen a situation where families members kill each other all because of envy. I have seen where a family member refused to join the family business just to avoid problems by all means.

 

[Rubz]

Some advantages of a family business includes;
-division of labour among family members to ensure the success of the business
- It brings family members together and cause them to develop a closer bond.
Some disadvantages of a family business includes;

• it makes family members to struggle for power
• it makes children of the family to study only business related courses to enable them inherit the family business.

 

[saoussen5765]

Business with family has a lot of drawbacks as family members think you will work for them for free or even heavy discounts that let you loser. Means not recommanded to start business near to family.