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In some countries, it is common for families to own and run their own business, Some people think this is the best way to run a business, while others consider this a potential source of problems. What is your opinion?

The family-owned and -run business model is quite prevalent in certain regions. Some argue that it comes with numerous challenges, while others, including me, believe it is the best practice.

Indeed, there are challenges that can arise in such a model. Consider a scenario where family members have heated arguments at home. It can be challenging for them to set aside these conflicts when they enter the workplace. These personal tensions can lead to a strained atmosphere and disrupt work processes, leading to decreased productivity. Furthermore, since these companies often rely heavily on family members for key roles, they might miss out on the diverse perspectives and expertise that external professionals can provide. This limitation can hinder innovation, growth, and the adaptability to rapidly changing market trends.

However, family-owned and -run businesses possess several unique strengths. Their owners, driven by the desire to pass down the business through generations, often prioritize continuity and long-term growth over short-term gains. For example, they may place a strong emphasis on product quality over immediate benefits. Additionally, family members involved in these businesses typically have a high level of commitment and loyalty due to their personal connections to it. This means that they are more likely to go the extra mile to ensure its success even during challenging times. Collectively, these factors contribute to the sustained and enduring nature of family-owned and -run ventures.


In conclusion, while businesses that are run and owned by family members may face the challenges of interpersonal conflicts and a lack of diverse perspectives and expertise, they also tend to have a more loyal and committed workforce with a long-term focus. Such benefits allow them to have a high rate of survival, making them the best business model.