In the contemporary society, several families thrive on business they have inherited from their ancestors. While some individuals believe that running family business is disadvantageous as it hinders professional growth of individuals, I believe that, being involved into family enterprise has more advatanges than drawbacks.
One of the key benefits of family held business is long-term stability and job security. Members of household invest their time and efforts in developing the enterprise, providing sustainable career pathway for their future generation. As high level of trust among the members creates a unified vision which improves business efficiency. Moreover, children from such background can decide their career upfront and study in-depth about their business to flourish their profession with excellence. This can be understood through the example of reliance industries, as Mr Mukesh Ambani has expanded his father’s foreseen vision across the glob and turned it into multibillion empire.
However, the increasing tendency to prioritize family business over personal choice could be harmful for a person and enterprise as well. Pressure to run family business could hamper growth or may even lead to its decline, due to lack of determination from successor. In addition, where all members are working together, dinner table conflicts could turn into professional disprutes and vice versa. If the situations are not handled correctly, it could cause splitover in the business. This could be exemplify by seperation of many companies while handling over business to next generation due to conflicts between siblings.
In conclusion, although family business hold some potential drawbacks such as forced adoption of business or conflict leading to business division, advantages such as financial stability and unified vision among family are significant and cannot be ignored.