Strengths and Weaknesses of Family Business
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The document discusses the complexities and challenges within family businesses, highlighting issues such as leadership styles, emotional decision-making, and role confusion among members. It emphasizes the importance of trust, shared values, and adaptability in fostering a creative culture while managing inherent conflicts and resource drains. The document notes that career development in family businesses is influenced by historical decisions and personal relationships.
Strengths and Weaknesses of Family Business
- 2. infrastructure informal flexible entrepreneurial indecisive boundary problems lack of management resistant to change
- 3. roles multiple roles quick decision making role confusion unqualified members nepotism
- 4. leadership creative ambitious informal authority autocratic resistant to structures avoids letting go
- 5. involvement shared values commitment/loyalty strong sense of mission family matters mixed feuds/rivalry emotional decisions sharing the DREAM!
- 6. time long-term perspective patient capital deeper ties traditional bound decisions affected by history trust vs. early disappointments
- 7. succession early training mentoring a life-long process voluntary exit traditional bound decisions affected by history trust vs. early disappointments
- 8. ownership/governance closely held high degree of control earnings are motivators sacrifice growth for control often no outside BODs high premium on privacy
- 9. complexity adaptable common language efficient communications reactive founder's role stifles innovation high risk for conflicts
- 10. culture can foster creativity rich interplay of roles/goals must be managed to avoid confusion can be a drain of resources and energy
- 11. “Careers are not made in a family business, they are born.” Thanks! Siddhant Bhatia