Prompt: Many business in the world today are run by family members. Do the advantages of family-run business outweigh the disadvantages?

Operating a family business has become an integral part of the rising debate in the present world. While proponents of the argument are in favour, the opponents are completely against the relevance of the statement. In my opinion, family-run businesses have more positive impacts than negatives around the globe. In this essay, I will discuss both advantages and disadvantages of the statement. Ċ Firstly, on one hand, there are a number of arguments in favour of my belief. The most prominent one is that the knowledge is passed over years through experience. It is a known fact that being closely associated with the organization given the members of the family immense knowledge and experience in comparison to newly hired person or outsider. For example, according to research conducted by Western Sydney University, a business that is operated within the tight-knit shows better results in comparison to others. Ċ On the other hand, critics may point out that one of the most significant disadvantages of the passes power is that some individuals are not responsible. For instance, a survey conducted in the US reveals that, having seen their parents spending time on the organization most of their life they do not wish to carry it forward and dismiss from their responsibility. As a result, it might not be useful for the growth of the organization indeed. Ċ To conclude, even when there are a lot of demerits associated with the statement, the advantages outweigh the disadvantages. Therefore, I believe that the efficient use of the opportunity should be promoted; however, its excessive and misuse should be condemned.