Keller Business School of Management
GM560: Entrepreneurship and Small Business Management
Abstract: While conflict and other complications do arise in most family owned businesses, it is actually possible to run a successful family owned business. Considering that in the United States 90% of business is family run and owned. It is a viable venture to pursue at all costs for those who are not faint hearted. In this paper I will try to elaborate on some of the tips towards running a successful family business inclusive of the pitfalls that the business owners should avoid. With adequate evidence, I will look into a viable specific ownership type that the Zatswho business should use. I will eventually delve into the target market group that the Zatswho should focus own in particular.
Many family businesses are turning to strategic offsite meetings to help them quickly adjust, adapt and take advantage in this challenging economy. However, the day-to-day job of a family business owner can easily be compromised and complicated by relatives who need to be reconciled to working together (Nico, 2011). According to Nico, the business should always come first. The decisions made at the workplace should be objective, not personal; the boss/employee relationship must be accepted by all family members the job description must be clear and understood while the work life and home life problems should not overlap each other.
Mattera, 2000 suggests that families should be encouraged to hold regular meetings so that they can work on business communication. This is an important undertaking because as we know it, communication is paramount even in relationships that do not entail business. This aspect of communication helps a family business to operate more efficiently and effectively. According to Mattera, The successful design of a succession plan in family-owned companies is vital to avoid future conflicts that may lead a business to...
References: Mattera, George S. "Advising Family Businesses it’s All about Communication." (June 2000): 100-02. Print.
USA. SBA. Www.sba.gov/. By Nico J. 31 May 2011. Web. 21 Jan. 2012. <http://community.sba.gov/community/blogs/community-blogs/small-business-matters/5-tips-managing-successful-family-business>.
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