Thursday, October 17, 2019
Family Owned Business Essay Example | Topics and Well Written Essays - 1000 words
Family Owned Business - Essay Example This business enterprise has strived to accept the services of professionals in attaining a competitive edge over its rivals. In fact, it has adjusted to change and have embraced the new technologies to attain growth. Also, it believes in diversity in manpower as it helps in garnering the best talents in the market. Hence, a diverse manpower also gives this family owned business the path to flourish and excel and attain further growth. It believes in diversifying business so that the firm has greater stability in business. Moreover, this is one group which undertakes long-term planning and has formed strategic partnerships and diversified the group to include expert services into different segments of the market. This helps them to have a wider customer base. By conducting the above study on family businesses, we have observed that such business enterprises thrive in the market mainly due to the dedication and commitment displayed by members of the family. Also, these people are focu sed towards the growth of the organization as the adverse reputation of the firm may negatively hamper the reputation of the family name. Moreover, these enterprises are chiefly controlled by family members or maybe family owned. However, they may form strategic partnerships wherein family members hold key positions in the management of the company. Lastly, the key to success in such firms is by gaining a competitive edge, valuing organizational culture and allowing a diverse workforce in order to benefit from diversity.