The inheritance of family culture and values provide the long run thinking for family firms which they can speedy reflect the issues is arise refer the experiences of predecessors. another advantages of family businesses is their stability. Family owners tend to objective the long-term financial and human capital strategies than public companies, their stock market constraints obsession, at least from 1960 quarterly (church 1993: 28; detouze et al. 1989). However, the long-term development and sustained prosperity must have a balanced attitude to outsiders.
Family Business A business that is owned and maintained by the family is known as family business. A family business is basically a commercial organization in which decision-making is influenced by the family members. Family business is very popular in this modern era. Everyone likes model of family business as it is very simple and effective. In fact, family business owns a staggering 30 percent of all companies with sales in excess of $1 billion.
The relationships at work are also important to determine. Building a positive relationship is essential since your world in your job is your workplace among with your co-employees and bosses. In order to be successful in your career, you must know the essence of building a good relationship with your co-workmates. If you have a good relationship with them, you will be more motivated to finish your job and tasks. If you have a good relationship with your boss, it is not hard for you to do your job.
Part 1: if you are not from a family business, what is your impression of family businesses? List and explain both pros and cons. Pros: - Shared vision and values: whereas, in a family business, the most effective members are from a family, they generally share the same culture and vision which help them to understand each other better. This will enhance both the communication and cooperation between the departments. - Work environment: The work environment may be more relaxed.
Friendship among employees is one strong factor which helps to retain employees. Individuals who have reliable friends at the workplace are reluctant to move on for the sake of friendship. No one likes to leave an organization where he gets mental peace. It is essential to have a cordial environment at the workplace. The human resource department must ensure that it is hiring the right candidate.
Another immense benefit of owning and running a business, when viewed from a professional standpoint, is the fact that being an entrepreneur affords you the opportunity of advancing faster in life than you would in a conventional office setting. You won’t in any way be limited by what your superiors think of feel; neither will your growth and expansion be hindered because you lack experience or seniority. Your success or failure depends entirely on your own merits. Asides from the personal, financial and professional benefits of having a business of your own discussed above, here are a few other Pros and Cons attached to owing a business. Pros • You are totally in control of everything, directing your business however you see fit.
What if a worker gets ill due to the working conditions of the firm, then it’s totally a firm’s responsibility to take care of said worker. This laying off primarily hurts lower-income workers and forces harder times on already poorly paid class. This practice is unethical as it betrays loyal works and hurts people and their communities. And that will hurt the rest of the company and the stakeholders, which may betray their trust in management. Another disadvantage associated with it is that morale, productivity, and loyalty in the workplace may suffer among the employees who are left.
A success business is not only of the leader but the entire organization. Teamwork in workplace allows the workers to build a closer relationship and can make the job being more fun and interesting. Distribute the workload evenly so that everyone can communicate. Meanwhile, having some competition between team members is healthy and can improve productivity. In a business, we often face various obstacles.
. In this generation there are many families now have both spouses(husband & wife) working, and they should also balance their personal and professional lives become very important for an employee. Nowadays many modern organizations are putting so much pressure on their employees to be competitive to their competitors
"Business has connected me to my family and the bonding is much stronger now. At the end of each day, when we sit together, we have a common topic to talk about. We talk about sales, profitability, overcoming challenges and attaining greater heights,” she says adding “If you have interests in your family business, feel happy about it, and can connect well, it's a great idea to join the family business. It gives you the real satisfaction.” Also, she is an example to all the ladies out there who aspire to stand tall and make a difference. Photographs: Ajay