A family-owned business may have different sets of pros and cons, but undeniably it has its own significance. India has seen family-businesses of different stripes comprising different possible arrangements and groupings. Parents and their progeny, husbands and wives, uncles and nephews, uncles and nieces and many forms of extended families spanning across generations have suffused the Indian corporate and industrial circles over the years. They have been stakeholders in their respective ventures as board-members, stockholders, advisers or even as employees.
Family-owned businesses normally have flourished because the creation of a unified vision for the business among family-members is far too easy. Family-members connect to one another in a bigger and easier way and they rally around one another in the purest form of solidarity. This solidarity comes to them naturally, they don’t have to make an effort to carve it. Having a natural closeness among the owners of a business instills in them a deeper drive and conviction to grow collectively. An automatic built-in support-system always provides the ecosystem with the required flexibility in functioning.
When the people involved in the business come from the same family, they know one another from the close quarters and the conspicuous camaraderie goes a long way to render long-term stability to the business.
Flexibility in the system brings in backing one another’s decision to the hilt. The atmosphere remains a lot more relaxed when it comes to work-schedules, work-related decisions, target-meeting or even wrong moves.
If we mix all of the advantages of a family-owned business, it really becomes a shared journey which in itself makes the journey of business easy, enjoyable and efficacious.