Family-run business - Tiếng Anh | Trường Đại Học Ngoại ngữ Huế
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Topic 3: Some people think that the best way to run a business is within the family. What
are the advantages and disadvantages of a family-run business.
The world of commerce is a dynamic landscape, constantly evolving to adapt to changing tides.
Among the emerging trends are family-owned businesses, a model that has ignited a debate
about its merits and drawbacks. In this essay, I will shed light on both sides of the argument that lies within the structure.
There are many advantages to running a family business. First and foremost, Family-owned
businesses often have a deeper commitment and sense of responsibility compared to non-
family businesses. This is because their success is tied not just to the company's well-being, but
also to the well-being of the family itself. This combined drive for family and business prosperity
leads to several advantages, such as a more thorough understanding of the industry, the
organization, and the specific roles within it. Additionally, family businesses can often build
stronger customer relationships and develop more effective sales and marketing strategies. For
instance, Hoshi Ryokan, a Japanese inn founded in 716 and continuously run by the same
family for 46 generations, exemplifies this concept. Their deep understanding of the hospitality
industry and their guests' needs, honed over centuries, allows them to deliver a unique and
personalized experience that would be difficult for a new business to replicate.
Another benefit is the potential for reduced costs and increased trust. To be more specific,
family members may be willing to make financial sacrifices for the business's good, leading to
lower operational costs. Moreover, the inherent trust within a family can create a more
transparent and collaborative work environment. This fosters open communication and a sense
of shared responsibility, both crucial ingredients for a healthy business culture.
While it is clear that there are plenty of benefits to family-owned companies, they also have
downsides. One significant drawback is the nepotism and conflict between family members.
Some family businesses can fall into the trap of promoting family members, even when it may
be obvious that the individuals within these roles do not have enough education, experience, or
skills to embrace their responsibilities.This not only discourages the recruitment of top talent but
also breeds resentment among employees who feel they have been passed over for
advancement. This resentment can spill over into family dynamics, creating conflict within the
family unit. For example, promoting an unqualified family member to a managerial position could
lead to frustration among more experienced employees who were passed over, ultimately
hindering morale and productivity.
In conclusion, family-owned businesses offer a unique blend of advantages and disadvantages.
While the strong commitment and potential for reduced costs are attractive, the challenges of
nepotism and potential family conflict require careful management. Ultimately, the success of a
family business hinges on its ability to harness the strengths of the family unit while maintaining
professionalism and sound business practices. This balanced approach allows family
businesses to not only thrive but also contribute meaningfully to the wider commercial landscape.