In many countries, it is common for families to own and run their own businesses.

Band 7 Sample Answer, it is common for families to own

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In many countries, it is common for families to own and run their own businesses. Some people think this is the best way to run a business while others consider this a potential source of problems.
what is your opinion?

Write at least 250 words

Family-owned businesses are growing at a prolific rate in most countries. Many contemplate that this sort of business has ample benefits, while others completely disagree with this notion. I wholeheartedly agree that family businesses bring a multitude of advantages such as proper money management and work time schedule.

To begin with, family members establish a business together mainly because they trust each other. As a result, handling financial matters will be more convenient by themselves rather than assigning an unknown employee for this task. For example, Sunshine, a renowned bakery in Srilanka, had a cashier for the past six years; however, at present, cashiering is done by the owner’s son. It is found that when the former was working, the profit was significantly lesser than the latter. Such trauma can only happen when the staff is not fully committed to their work. Perhaps, this situation may not happen when family members are involved as they are well aware of the importance of their business as well as they can properly handle their sales to maximize the profits.

On the other hand, the members of the family can manage their own working hours according to their convenience. For instance, if a person working in a government sector intends to fly abroad for a day or so, one has to apply for leave to get sanctioned by the government almost two weeks prior to traveling, which also has the possibility of being rejected. This is in contrast to the family business as there is no need to take leave, indeed one can travel in peace as the remaining members will take care of the job.

In conclusion, although many believe that a family business is not the right choice to be successful, I ponder such business brings myriads enticing pros such as elevated sales and freedom of taking a break.