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
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.