In most nations, family members run their own business and they work together to succeed their goal. Even though, this trend has few demerits I think that, the advantages of this outweigh the disadvantages. This essay will explore some reasons behind this.
To begin with, there are several merits of running a family business. Firstly, when the people who belongs to the same family work as a team, it creates trust among them. Therefore, the out come will be more. Furthermore, there will be more individuals to share the workload. Consequently, the income or the savings will remain within the family. To illustrate, one of my friends have a shared shop with his brothers. There is no employees from outside the family. So, they will share all the responsibility among them and if one person unable to work, then the other will cover him. Now they have good earnings and they live a happy life.
However, this has some demerits. When many family member work in a group there will be disagreements within the business partners. This may lead to a family conflict and ruin the family relationships. For example, when two brothers runs business together there will be different opinions regarding many aspects like money, work responsibilities etc. This can cause some arguments between the individuals and this can damage the connection between the whole family.
In conclusion, while the family owned business has some negatives I strongly believe that, the people have significant benefits like trust among them and earnings can stay inside the family.
