Family Owned Business Essay Example | Topics and Well Written Essays - 1000 words

Family Owned Business - Essay ExampleThis business enterprise has strived to accept the function of professionals in attaining a war-ridden 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 shell talents in the market place. 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 mem bers of the family. Also, these people are focused towards the growth of the organization as the adverse reputation of the firm whitethorn 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 forethought 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 put on from diversity.