Nowadays, the young generation is more eager for opportunities to develop their ideas in business. The question is, what is the best path for them: to run a family business or start their own business? I personally think that young entrepreneurs should not rely excessively on family support.
On the one hand, it is undeniable that running a family-owned business is more manageable. In other words, it is always easier to collaborate and discuss ideas with relatives in deciding which course of action to pursue higher revenues because of the trust, peace of mind, loyalty, and security. In addition, continuing the family business can provide graduates with an easy, high-paying job without having to enter an increasingly competitive labor market. For example, the Samsung conglomerate has generations of the Lee family running this world’s leading technology empire.
On the other hand, there are some drawbacks worth considering. Firstly, family-run businesses have always been criticized for being less professional. To get a deeper view, these businesses are mostly short-lived and prone to bankruptcy within two or three generations because, more often than not, they tend to prioritize their children and close relationships to hold the most important positions; even so, not everyone is capable of taking on leadership roles, and this will lead to the destruction of the company’s core. Secondly, there are tons of examples showing that working in the same corporation will cause disputes over power among the children; these competitions will lead to the downfall and breakup of the family bond, such as the fight of the Lotte family. For this reason, some people think that it is important to separate work from personal life.
To conclude, while it may be tempting to run a business with relatives, there are some adverse effects that easily outweigh the benefits. Hence, it is always better for a young entrepreneur to strive for a more professional start.