1 Family Enterprise Harkerat Brar Robertson College 2 Family Enterprise The number one difference from a family business and a non-family business is the relationship among others, more specifically a family unit that is involved with business and with each other as co-workers. Also, can be a case of majority of the family members not fully owning or not having the majority part of a business or a company. They both still are businesses with leaders and goals to achieve as per there competition. One of the pros of a family ran business is having stability, meaning that its since ran by family members there will a higher chance of longevity for each individual roles because of having family ties that bond them together and to avoid any internal conflict among a family. Second will be the commitment that each family member/worker bring to the table, as each individual holding accountability to a high regard that is because of the sense of helping family and seeing your own succeed or even just to stay afloat. Third pro in a family ran business will be the ability for family members/workers to be flexible in different aspects of a business and being able to handle different roles whenever it may need be since there wouldn’t be anyone else trying fill that role that is needed ASAP. Family makes sacrifices for each other, and knowing how important it is have the business running even though some couldn’t make it but that requires a family member to take that sacrifice without any thought and ability to decline. The cons for a family ran business can be felt and seen in many ways including interpersonal family problems that also impacts the business, this can be shown when a family member lacks interest or support. 3 Also having a family disagreement which can throw off a lot of communication that is needed in a well-functioning business The 3rd con will be the frequency of bias among family ran business, the situation of favouriting a family member in any situation can throw off the chemistry made among co – workers and the family member/worker. Where a family member gets promoted higher than the person who would fit the role and responsibility of the position. 4 Reference 1. Athwal, R. (n.d.). The advantages and disadvantages of a family business. SME business guides. Retrieved April 4, 2022, from https://blog.vistage.co.uk/advantagesdisadvantages-of-a-family-business 2. Citeseerx.ist.psu.edu. (n.d.). Retrieved April 4, 2022, from https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.891.2723&rep=rep1&type =pdf
