1. Lesson 7.1 (part 3) Enter a Family Business
The U.S. economy is dominated by family businesses.
Some estimates indicate 90 percent of businesses are family owned.
Many large companies are still owned by relatives of the company founder.
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2. Advantages of a Family Business
Benefits of working at a family business include:
pride and a sense of mission
a feeling of continuity from keeping the business in the family for another generation
enjoyment derived from working with relatives
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3. Disadvantages of a Family Business
Challenges of working in a family business include:
family members, regardless of their ability, often hold senior management positions
poor business decisions can be made
it is difficult to retain non-family employees
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4. Family politics often enter into business decision making.
Business and private life often affect each other.
Independent decision making is difficult.
It can be challenging to determine what to do with the business when there is not a family member available to run it.
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5. Starting Your Own Business
If purchasing a franchise or joining a family business will not work for you, consider starting your own business.
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6. Advantages of Starting Your Own Business
Independent business owners enjoy:
complete autonomy over all business decisions
the ability to create their own destiny
the challenge of creating something brand new
feeling triumphant when the business turns a profit
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7. Disadvantages of Starting Your Own Business
Risks to consider when starting your own business include:
product demand is uncertain
you must make decisions that other types of entrepreneurs do not need to make
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