Points to remember before you participate in this discussion:
|Supraja said: (Dec 5, 2019)|
My priority goes with the family-owned business. We always look through the negative side of family owned business while it has many productive benefits. Yes, I do agree that there are some limitations to family-owned businesses.
The success of any business depends on better management. Management is nothing but having a better understanding. Family creates a better understanding leading to better management. In short leads to success.
|Mehak said: (Mar 30, 2018)|
My opinion is different from all of you. According to me, the only difference between family-owned business and professionally run business is the beginning. I agreed in family owned business you don't have to work hard to get that silver spoon which you have to do to get that job but the problem arises after that once you both sit on that chair level of problems are totally diff. In family earned business you have to work hard day and night no working hours no holiday you have to work overtime because whole responsibility is on you now. But in professionally run business you have to do only that work which is assigned to you. No tention before and after that.
|Gourav Bansal said: (May 23, 2017)|
|A family business is what actually lacks professionalism as the management and the ownership are in the hands of family members, where the desires and demands of the family members clash with the company objective and goals which they wish to achieve whereas in a professionally running business the all the work is done under the supervision of professional managers, where professionalism is given utmost priority.|
|Khusbu said: (May 10, 2017)|
|Both the family owned business and professionally run business have their own importance. In family owned business, one would have to get everything without any suffer or we can say without any hard work, but to get the business in the higher position is the main thing which has to be done by one. But in professionally run business one would have to do hard work from start. One should have a good qualification, do well from the beginning, in interviews and a lot then he would get a good job. But in job one will make his perfection on work, own personality.|
|Madiha said: (Jun 27, 2016)|
|I think people who have their family owned business have no tension they knew in advance that they have to join their family business they don't have to struggle in life and they don't need to show their intelligence n skill in job interviews in order to earn a job. But those who are professional managers need to fight with the whole world they have to struggle in life they have to update their knowledge improve their skill so that they can get a good job or run and manage their newly start business. So I think professional managers are much more hardworking because he doesn't get a silver spoon to serve him instead he have to make that silver spoon with his hard work and dedication. Thank you.|
|Greeshma said: (Jan 20, 2016)|
|I with you guys, I thought that professional management is better, because they give more concentration to social responsibility, that means consumers related products and they want to reach consumers needs and wants and in the organisation also they maintained faith on participative management.
It means they give opportunity to other subordinates to involved in decision making. But in family business profit is main motive and also reputation. Overcome this also there is one big problem. That is conflicts between each others.
|Bmgindia said: (Apr 14, 2014)|
|Family business helps because the next generation leaders get the benefits of foundation and trade repute. Young entrepreneurs can boost up the results of family business by applying strategic policies as driven by Six sigma, lean and D4 theories.|
|Ishika said: (May 19, 2013)|
|Hello friends. I agree with kapil that scenario in family business is different from professionally owned business. There is no guarantee how long professional be in the business. Although in family business members be more sensitive about goodwill and try to take more advantage of upcoming opporctunities for there business maximization.|
|Dharan said: (Jan 10, 2013)|
1. Lag in commitment with workers than family business.
2. Chances for less co-ordination.
3. Chances for shut-downing without the approval of all people in the organisation.
4. Owner concentrates on profit rather than human.
5. Workers may feel uneasiness.
1. Kartha of the family will lead all the members of the family.
2. Forcing of work will not be there.
3. As family members they have responsibility.
4. Easy to control and sometimes it may reverse.
5. Fully committed workers (members).
|Anchal Gulecha said: (Aug 24, 2012)|
|Getting on a logical conclusion, issue is actually with lack of professionalism in family run business... professional managers should be appointed in family run businesses.. so as to increase the goodwill of the business as it perhaps gives a right path leading to success, such managers provide proper working techniques as he is professioanlly trained... and then aside all these matters,he is master in making the strategies for an effective business..!!!|
|Ashim said: (Jun 18, 2012)|
|Hey friends according to me family business is really risky nothing can be predicted and even more than that results in fight between family which further leads to negative thinking about each other and on the other hand professionally run business is some what better then the family business because it's better gaining profit individually without any fights and staying happy and let other be happy without any bad thoughts about each other's mind.|
|Mahesh Chaudhary said: (Apr 7, 2012)|
|Dear Friends I'm agree with your all opinion. and I affirmatively favour family owned business because of the fact that you are self employed not working under any other business-man. They will have to make strategy to develop their business and have to earn profit as well. More over if you have a quality of a entrepreneur than you can invest a capital amount and start a professional business. So if I say that every Entrepreneur in INDIA has not started their business initially after completing their study.Initially they need a family owned business to judge their quality and strategy so as to invest a huge amount as a capital in any professional business.|
|Shanthan said: (Oct 30, 2011)|
|In current scenario, Family owned business does not has any importance coz its main objective is to earn Profit.They wont treat customers well.
Wherareas in Professionally runned b'ness they give importance to customers.. they produce goods as per customer needs..Here Customer Satisfaction is given more Imp..
So, In my Opinion Professionally runned b'ness is better than Family Owned B'ness
|Neelamegam said: (Sep 20, 2011)|
|Hello friends I support to professionally run a business why I am saying this is family business in the sense there more conflict occur from our family members itself so they unable to concentrate the business they concentrate to solve the inner problems they examples birla groups, tata groups reliance groups etc.|
|Vishal B said: (Apr 9, 2011)|
|Family run business:
More centralization in decision making
Product centered business
Ownership is there
Decentralization of decision making
Turnover centred business not product specific
I belive companies who are successful are family owned companies
1.Ownership is still there
2.Decentralisation of factor based decision making
3.Sector based business model
|Abhi said: (Mar 2, 2011)|
|In my view i support professionally run business because one can have work satisfaction with his own business rather than looking over family related business.If we get into family owned business one should work under the guidelines of our family members and maintain the reputation of the business.But if you opt for professional run business you can implement your own ideas as the result may effect your business itself.Mean while you can have suggestions from elders and implementation of their ideas is your concern.So i opt for professionally run business.|
|Ajit said: (Feb 13, 2011)|
|I would rate professionaly run business over family run businesses. we can argue about the professionals that they will always look for thier growth but let me remind you guys falimly run business are at a very high risk of family's internal politics. Overtime the issues like who will control what and who will be next successor leads to a situation where whole organisation can become a battle field. A classic case from India can of Relaince. Look at the way Mukesh and Anil Ambani fought over control...had this been a prfessionaly run business i m sure the situations would not have developed.we should not professionals as greedy people who just want to earn huge salaries but should look the them highly skilled and exprienced people who run the busineses keeping shareholders interest at top priority.|
|Mann said: (Feb 2, 2011)|
|Professional run business' are more likely to take risks hence they have higher gains (or losses) but a family run business is less likely to take a riskso they generally have more stable profits. Morever in family run business' there is more centralisation of authority which makes it extremely rigid and cumbersome, whereasin professional run ones the authority is more decentralised hence decisions are taken faster.|
|Rajesh said: (Nov 25, 2010)|
|I agree with Aravind. In professional business there are much of innovative ideas rather than same ideas as coming from family business.
More over in family business, the concern person may not take his own decisions in some situations, but in professional business all decisions will be taken by that concern person only.
|Aravind said: (Oct 29, 2010)|
|I agree with Sharan and Kapils thoughts but either it may be a family owned or professional business the success will depends on ability of the concern, in the family owned business easy way to enter in to market but the sustainability depends on the concern ability. But professional business will create more job opportunity for the society and innovation also made from this kind of business.|
|Sharan said: (Oct 21, 2010)|
|I agree with you guys, the family owned business have less risk in competitive world, but the person who s having a passion to success will always think about their business only. So he will grow up constantly. I think professionalism in business as well as life s very important.|
|Harishkumar said: (Oct 21, 2010)|
|Even I'll agree with Kapil that in the family owned business his main intention is to improve the business n success towards the business. Where his /her involvement and improvement is very less in this family owned business.
In this present generation professional business is very much competitive and every one will be looking forward towards their self achievement and they will come up with their innovative ideas. Finally the main goal to gain more profit individually.
|Rohit said: (Sep 29, 2010)|
|Ya even I agree with Kapil that if professional runs a business, he concentrates on self improvement rather than the business. Because there is no guarantee how long he will be with the same business. But if it is a family business the family person will try to maintain the goodwill of the business rather than the self improvement.|
|Bhupendra Merawat Pune said: (Sep 13, 2010)|
|I also agree with Saurabh because now a days professionally business is competitive job so everybody attention on his/her job. Only expected profit.|
|Saurabh said: (Aug 7, 2010)|
|I really agree with Kapil that in professional run business one is only think avout him only, not for the business. Whatever the loss to bussiness, he don't care, he only cares about to secure the job.|
|Kapil Rathore said: (Jul 15, 2010)|
|Hello friends I want to initiate the topic "Family owned business Vs. professionally run businesses", The working strategies behind that businesses are entirely different, in my opinion if someone involved in family owned business then his/her primary goal is to improve the reputation of business, making eyes toward Success of business. But, if he is involved in business professionally then the things are entirely different his/her first goal is related to self improvement then the success of business in which he or she is involved. They always tried to gradually succeed in their professionalism.|
Family owned business vs. professionally run businesses
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