Essay On Family Business

1267 Words6 Pages
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. Family business includes expanded corporations like Walmart, Porsche, Tata Group, Samsung, and many more. Like every business, family business has both advantages as well as disadvantages. According to the research family business can do…show more content…
The family members contribute money in the same family business that decreases the cost. 3) Long-term Outlook: Long term outlook is another important strength of family business which makes it more versatile than other business. Most of the non-family business thinks about their recent glory, while family business thinks about future success. They always make their decision by thinking about their future generation. The long term outlook helps them to make good strategy and decision making. Sometimes firms may lose their competitiveness when leaders become old but a smart family business keeps it edge naturally by bringing their next generation to the business. • Family business in Bangladesh is a matter of pride. They like to keep it alive forever. In this hope they usually do very well in the business. The small businesses in Bangladesh are mainly the family owned business. Sometimes these businesses starts with the intention of earning profit then the owners give a long term outlook in it. They expand the business earn more profit out of it. The successful ones become a brand later

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