Prompt: Some people think that the best way to run a business is within the family. Ċ What are the advantages and disadvantages of a family run business?

Entrepreneurship is believed to be the major driver of the economic performance of a country, and some hold the perspective that entrepreneurial agents are best nurtured through family-run companies. I personally think that young entrepreneurs should not rely excessively on family support. This essay will delve further into the reasoning behind my take. Ċ On one hand, it is undeniable that running a family-owned business is more fun and manageable. In other words, it is always easier to collaborate and discuss ideas with our relatives in deciding which course of action to pursue higher revenues because the management has always known each other for so long. In addition, those working for the companies have greater opportunity to develop bond among them, hence beneficial for their personal life. Ċ On the other hand, however, there are some drawbacks worth considering. Firstly, family-run businesses have always been criticized for being less professional. For example, most of their businesses never make it to the top. Even so, the businesses are mostly short-lived and prone to bankrupt within a generation or two, because more often than not, they tend to rely heavily on the specific figures and fail to nurture a solid organization within. Secondly, there are tons of examples showing that as such companies fail, so are their family. For this reason, some people think that it is important to separate work from personal life. Ċ To conclude, although it may be tempting to run a business with our relatives, there are some drawbacks that easily outweigh the benefits. Hence, it is always better for a young entrepreneur to strive for a more professional start.