Gm560 Entrepreneurship And Small Business Management Paper
Case Study
Keller Business School of Management
GM560: Entrepreneurship and Small Business Management
01/21/2012
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 …show more content…
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 grinding a halt. Family owned businesses are better off when the operations are led by non-family members. Non-family members should assume positions of authority so that the owners are free to work on strategy, future plans and growth, while that person guides day-to-day operations (Nico,
Keller Business School of Management
GM560: Entrepreneurship and Small Business Management
01/21/2012
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 …show more content…
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 grinding a halt. Family owned businesses are better off when the operations are led by non-family members. Non-family members should assume positions of authority so that the owners are free to work on strategy, future plans and growth, while that person guides day-to-day operations (Nico,