There are a variety of family businesses in my country. Some common ones include restaurants, farms, and small retail businesses. The most common type is probably the mom-and-pop shop. You see them everywhere, from the local grocery store to the corner bakery, especially as you move further out of the cities.
What do you think about family business
They are essential for the economy, as are all small business startups which hopefully grow into larger businesses. Some of the largest companies today started as family businesses, so it’s an important part of the economy and society in many countries. A small family business can grow over several generations to become a very large and successful organization.
There are also some families which work very well together and for them, it’s maybe an ideal way to maintain themselves independently and provide security for their future also. In fact, job security may be one of the biggest benefits of working in a family business. It’s less likely that your boss will fire you if your boss is your father, mother, or another family member.
What are the advantages and disadvantages of running a family business?
There can be both advantages and disadvantages to running a family business. On the plus side, family businesses tend to be very closely knit and can be very supportive of one another. Additionally, they often have a long history in the community and can be trusted by customers.
On the downside, however, family businesses can sometimes be less professional and may have difficulty adapting to change. Additionally, there can be tension within the family if not everyone is on board with the business plan. Ultimately, it's important to weigh both the pros and cons before deciding whether or not a family business is right for you.
Should family members be treated in the same way as other employees? Why?
Ideally, yes, it should be the case in terms of the work they do so that other employees do not feel that family members receive unfair preferential treatment. But, I suppose that when it comes to responsibility and trust, then maybe family members might be treated a little differently. They might know more details about the business or be aware of some information that other employees are not, just because they are family and the level of trust is generally greater within a family.
Is it important to be part of a family business?
It’s not necessary - I suppose each person should be able to choose what they want to do. I guess that if your family starts a business then the hope is that one day you might begin working with them and eventually take over the running of the business one day when they are old. And let’s be honest, there’s not much point in a family trying to persuade their son, or daughter, for example, to work in the family business if they are really not interested in doing so – it is just creating problems for the future.
So, while it might be nice or good for children to be part of a family business from a parent's perspective, it’s not necessarily important for the children to end up working in the business if they have other plans.