Family Owned Business Vs Professionally Run Business
Both family owned business and professionally run business contains its own advantages and disadvantages. First we briefly look at those advantages and disadvantages and then decide what can be the best one.
ADVANTAGES OF FAMILY OWNED BUSINESS
The most important advantage of family owned business is that stress less working environment. All members will be very well known to us and it gives some confidence to expose our working skill without breakage. Professionally run business people are very much suffering from this problem. Even though they have sound knowledge in his/her field, he/she failed to give his/her best because of the shyness. In family owned business, this problem is avoided because workers may be our mother, father, brother, sister or someone else who are close to us.
* There is a chance for the working environment to be the home itself. This will reduce the travelling expenditures.
* Travelling time may be saved.
DISADVANTAGES OF FAMILY OWNED BUSINESS
* Less sincereness. (Surely the sincereness gets reduced. Some members may came late to the work, may not be regular etc)
*Collapse of home work with business works. (For example at a time they may watch TV and doing the business work. This may be resulted in missing of concentration in work, time loss, etc)
PROFESSIONALLY RUN BUSINESS
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ADVANTAGES OF PROFESSIONALLY RUN BUSINESS
* Working time will remain constant. (very low chance for the working time to be reduced)
* We can also appoint external people(not a member of our family) as our employees if they are skilled.
DISADVANTAGES OF PROFESSIONALLY RUN BUSINESS
* Some amount of money has to be spent for office building rent, travelling etc.
*External people(not a member of our family) may work only for their salary but not for the company’s development.
Professionally run business is better than the family owned business because the separate concentration can be given here only. So it can be the better one.
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12 Responses to Family Owned Business Vs Professionally Run Business
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Belonging from a family of business men and that too of a family business i completely without any doubt support family owned business over professionally run business.
There are more advantages rather than those above which is..
In family business you can get money from your family members without any interest.. now what better can it be?
Then you always have this well kept strategy that is unknown to all and not tought any kind of Business Schools.
And in family owned business other than earning profit they even serve to establish social contacts which adds on to their profits
Hence it’s well said that THE BUSINESS HAS TO RUN IN YOUR VEINS.
Both the businesses have their advantages and disadvantages. But i will prefer Professionally run Business over Family Owned Business because the term BUSINESS means giving the products to the customers and earning in return of it. So a person who wants to earn more and more profit in his/her business , he/she definitely should have a large and disciplined staff to make more and more products in some span of time. This is not possible in a family owned business because the members of the family running it sometimes become lenient and they cannot afford large staff so they somehow lag behind in earning more profit
For the success of a business enterprise ,business sense is most important.I don’t think ,a family run business will prove to be very profitable in long run.No matter how big a family is,how talented its members are, one always need to hire outsiders for some specific person.Even the TATA’S have appointed Cyrus Mistry as the next chairman of the TATA group.Small family run business slowly get converted into professionally run one,not intentionally,but with the view of maximum profits.So, I don’t feel a family run business ,in true sense,exists at all.
i think professionally runned business is better than family owned business. As already written in this article is that in family runned business, some peoples are not sincere towards their responsibilities specially youths. If they employed in a company they will have to submit their work on time. they are forced to do that work
Although both type of business has its pros and cons but I rate professionally run business above family owned business because there is huge competition in professionally run business and to strive in this competitive atmosphere each employee tries to give his best ….also it allows creative freedom as well as helps in maintaining one’s own individuality….
Both family own business and professional own business has pros and corns but a professional own business is better than family own business because in professional own business ever member of that group has to work on their tight schedule and work as per as company rule which makes an organisation move smother towards success where as in family own business every individual tries out to be more superior to other mostly in cases of joint family business which sometimes becomes the major cause of organisation downfall.
Hello friends I want to initiate the topic “Family owned business Vs. professionally run businesses”, The working strategies behind that businesses are entirely different, in my opinion if someone involved in family owned business then his/her primary goal is to improve the reputation of business, making eyes toward Success of business. But, if he is involved in business professionally then the things are entirely different his/her first goal is related to self improvement then the success of business in which he or she is involved. They always tried to gradually succeed in their professionalism.
I prefer family owned business.
In family business we are self employed and not working under any other businessman.
We will have to make strategy to develop our business and earn the profit.
In family owned business their is a homely environment which is very useful and very comfortable environment for work.
So if we be sincere then their is no problem or disadvantage for family owned business.
In family owned business the people are free to do their job as per their decision.It results good if the decision is right because they work on a stress less environment.But in family owned business the people get more lazy because they dont have any deadlines.In professionally run business people are more serious about their job as their is a huge competition between the employees.So professionally run business are better than family owned business.
In family owned business people are free to work as per their decision.it results good if it is proper because that person can wok without any stress.In family owned business the employee doesnt have deadlines.So they may get lazy and it is harmful for that business.But in professionally run business there is huge competition and to keep their position safe the employees have to be more serious about their job.so professionally run business can do the better job.
To me Family owned business is should be given more priority then other business
because it’s not only belongs to your father it’s the heritage of the family, It’s what the think that developed you whatever happens we should not giveup our family heritage
so Family business should be given more priority
For me both has its own advantages and disadantages but i favour Professionally runned businesses as it is based on Skills rather then only Genre of family…….