Family Business Essay

Benefits Of Starting A Home Based Business Essay
The advantages of starting a home based business outweigh the time and small expense involved in
setting up a viable business. For the long term, the overhead costs for starting a business in your
home are very low. The government provides several tax incentives for individuals who have
businesses set up in their home. There are some strict rules and regulations that must be met to
qualify for the home–based business deduction but once confirmed, the tax refunds for having a
home based business are very lucrative.
In addition to the tax advantages, home based business owners have no daily transportation
expenses. home based business owner has unlimited flexibility in balancing work and family
commitments. Using technology for communication and business processes makes working from
home a sensible and practical solution to the high price of gasoline, commuting time and costs of
buying new clothes.
Home–based businesses play a crucial role in the free enterprise system. These entrepreneurs
contribute to the overall economy as well as the financial viability of their families. The ultimate
dream of a home based business is to provide financial independence for the owner, their family and
the community at large..
Some of the most widely recognized software retailers and cosmetic companies had their beginning
in a garage. Companies like Apple Computer, Hewlett Packard, Dell, Microsoft, Lotus and even the
cosmetic giant, Mary Kay, were initially started as home based business
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Beehr, T., Drexler, J., Faulkner, S. (1997). Working in Small Family Businesses: Empirical
Comparisons to Non–Family Businesses. Journal of Organizational Behavior, 18(3), 297–312.
Retrieved from http://0–www.jstor.org.helin.uri.edu/stable/3100146 This article looks at the
differences between family and non–family owned businesses. The article states that much literature
on this topic focuses on the negative aspects and problems in working within the family business
and, as a result, helps also identify some of the benefits of such a position. The authors focus on the
disadvantages of working within the family business first, moving on to discuss the advantages later.
After presenting this analyses, they further go on to present six hypotheses to readers based on
preliminary interviews they conducted. The hypotheses they propose center around two specific
conflicts. The first focuses on behavior–based interrole conflict and the second on interpersonal
conflict, both of which come from working with one's family in the family business. Through
studying and analyzing their hypotheses, using the interviews to ascertain the validity of their
claims, the authors come to the conclusion that more benefits come out of the dual status that comes
with working in the family business than problems. As the article states, "this is the first known
study of this potential problem

My Family With Business Background Essay
I grow up in a family with business background. Most of my family, in Iran, has their own business
firms. Following my father 's footsteps, I also developed an interest in starting and running my own
business. When I was 13 years old, with help from family and friends, I started my first business on
the internet. It didn 't take long that the website became famous and profitable. After two years, I
sold my business and looked for another opportunity to invest my money.
I always had a dream to study abroad and get a degree in business. I consider myself fortunate as I
was selected to participate in a program in the United Kingdom called Bossiness Foundation allowing
me to move to the United Kingdom and study business in high school. When I was seventeen years
old, I moved from my home country of Iran to the United Kingdom pursuing a better education and
future opportunities.
It wasn 't easy to say goodbye to my family and friends and move to a country with a different
culture, language, weather and lifestyle. I moved to Brighton UK, a Small city in the southern
UK, where my high school was located. For the first time in my life, I was on my own. I had to
grow up quickly and start making decisions, for my life and my future, on my own while learning
and integrating into to a new society. I took on this challenge head on and started learning what it
takes to survive on my own. The most important skill that I learned was time and money
management. There was no one around to

The Family's future vision should always be in mind when establishing and running a business. It is
important that each member be involved in this process. This process should include making
strategic business plans for the future that reflect God's teachings, and where the family wants the
business in a given time frame. Utilizing democratic capitalist frame of mind, families believe in
hard work. This model is often ideal for small businesses starting up. Those individuals in the family
that are able to demonstrate their hard work are rewarded by various benefits. This encourages
continued hard work, and those individuals not demonstrating this are often left out. This system
allows everyone to show just how dedicated to the commitment...show more content...
Succession planning is a very important part in identifying problems faced in the future of the
business. Succession can be defined as identifying critical management positions from manager and
supervisor extending up to the highest position in the organization. Succession planning isn't often
planned or thought of until something happens to the owner. In these situations it is often too late
for that person to identify individuals to succeed them. Failing to consider or name a successor in the
initial planning of the future for the company usually results in a conflict developing between
remaining family members.
The process allows the opportunity to describe management positions to provide maximum
flexibility in lateral management moves. (Effective Succession) Business operations are often
subjected to interruption, and possible loss of clientele as a result of failing to consider these
issues. It takes a great deal of observation, and thought to name those that will take on leading the
business forward in the future, and this is often the cause of failure to name a successor.
As the family business continues to mature over the years it also has the opportunity to grow in size.
This allows the ability for younger members of the family to eventually enter in to the business or
encourage them to start their own. This is something that the family as a whole should want to
encourage. Developing a family

My Business Essay
Personal Assessment:
After doing comprehensive research I come to the conclusion, that by opening a Restaurant with
Bosnian food would be very good business venture. By opening a restaurant with authentic
Bosnian food within the Bosnian community of fifty thousand people would be very profitable. In
a way risk free. My only concern is that this is my first time investing a large amount of money.
Bosnian Food is very unique. Most Bosnian people have very busy schedules and they don't have
time to cook. My restaurant would feature traditional Bosnian food and atmosphere to make people
feel as if they were in Bosnia. By opening this restaurant, families would be able to come to dine or
to take food home that would make them feel at home and...show more content...
This restaurants is located in the heart of the Bosnian community and other businesses.
Site Map
The location of my business would be in the Lincoln square area on the Northwest side of
Chicago. I would be renting the space. My restaurant is in a very good location and very
accessible. It is in center of the Lincoln Square area and is also very close to four major streets:
Lawrence Ave., Wilson Ave., Western Ave, and Lincoln Ave. and has public parking nearby for
customers. The Building in which I am planning to open my restaurant is very appealing. Building
was recently remodeled and has very good visibility. Next door to the restaurant is a old antique
store, gift shop and doctors office.
There is a no competition for my business at all. There are other restaurants in the area that offer
different kinds of food like American, Mexican, and German, but I am targeting the Bosnian
community and my restaurant would be the only traditional business in this area.
Legalities and Insurance
Business that I am planning to open it will be a service oriented business.
Legal form for my business will be Sole Partner Proprietorships. Sole Proprietorship has number of
advantages. As a Sole proprietorship you have

Small Business Essays
Numerous large businesses that are operating today were once started as small businesses. A new
business is established to create a good or service that no other businesses have ever created or
simply a product of higher quality than existing products, with the purpose of meeting customers'
needs and earning profits. Due to the technological advances at the present time, starting and
operating a new business is less laborious. Nevertheless, would–be entrepreneurs should be familiar
with the proper approaches to start their businesses.
The first step to starting a business is to create a business plan. A business plan is a document that
outlines the overall strategies of a new venture and how those strategies will be implemented (Ebert
&...show more content...
However, the business owner can also attempt to operate his/her business by bootstrapping, which
refers to the operation of an entity by using limited sources of capital (Gregory, n.d.). In addition, the
financial factors should also include financial planning. Financial planning normally refers to the
cash flow and income statement, balance sheet and breakeven analyses. Therefore, there are three
major sections to an ideal business plan that are the organizational goals, the sales forecasts, and the
financial factors.
After the creation of a business plan, the next step to operating a business is the selection of an
appropriate business structure. Different legal forms of business ownerships affect different
managerial and financial factors from the business names to the tax obligations (Gregory, n.d.). The
most common forms are sole proprietorship, partnership, cooperatives, and corporations. There are
different types of corporations in the business world, but the two most general corporation types are
S Corporation and Limited Liability Company (LLC) (Ferrell et al., 2013). The sole proprietorship
is the easiest and most basic form of business ownership. It is owned and run by one individual,
which is the proprietor. The individual is entitled to all profits and is responsible for all the business's

My Family Essay
No one can't meet a family like mine's. My family is well diversified. Every family member plays
an important role in all my family's lives. In my family, there are four people: my father, my
mother, my little brother and me. My father is one who brings money home and is also responsible
for organizing and planning family trips. My mother is the one who is in charge for making meals
and makes sure everyone eats at the appropriate times. My little brother is the pet of the family. He
actually doesn't have any responsibilities, for he's the pet. I am the rock of support in my family. I
always go beyond my parents' expectations. I also support my younger cousins and little brother, by
being a role model that they can look up to. Another...show more content...
Doing what my parents tell me to do is just one of many reasons why I am a rock of support for
my family. Not only do I support my parents, but I also support my younger cousins and brother.
As an eldest brother and cousin, I feel I must be a good example for the young ones. There are
numerous methods of showing my cousins and brother support. One main way is by providing
advice on making the right choices. For example my brother had a problem at school with one of
his classmates. As a mature and responsible older brother, I advised him to use the non–violent
approach. I told him to go discuss the problem and try to resolve it peacefully. My brother then
asked me why he shouldn't fight his classmate. I explained how violence is the answer to
anything. I advised him to first talk to his classmate in a professional manner. If then things get
out of hand, I told him to let the teacher know the situation. In the end, my brother didn't need to
get the teacher involved. In fact, their conflict was resolved by talking through with each other. I
also am very supportive of my little cousins. One way I help them out is by tutoring them once in
a while. They come over to my house and I assist them with their school work. Not only I help my
cousins with their homework, but I also support them recreationally. I play various sports and
activities with them. As their older cousin/brother, I feel I should be a good role model to follow. I
am also known for being there

What Is A Family? Essay
For most of us, the family is considered as a well–known and comfortable institution. The perfect
model of the 'ideal' family is still mostly considered to be consisted from two different sexes'
parents, and one or more children. Until quite recently, the sociology of the family was mostly
functionalist and just in the last few decades has been challenged from various directions. There are
many different definitions about what the family is. Different theoretical positions influence these
variations. For example, the functionalist sociologist George Peter Murdock defines the family as "a
social group characterized by common residence, economic co–operation and reproduction. It
includes adults of both sexes, at least two of whom maintain...show more content...
An early functionalist George Murdock argued that the family plays the main role in the society by
performing three main functions– пЃ¶Stabilisation of the sexual behaviour and reproduction.
пЃ¶Providing the basic economic requirements. пЃ¶Serving the function of socialisation of the next
generation. G. Murdock claimed that without family serving these three functions the society would
disappear. He considered these functions as universal, although he agreed that they could develop.
Talcott Parsons argues this statement, by saying, that there are two broad functions of the family–
primary socialisation and stabilisation of the adult personality 'throughout the emotional security,
including sexual expression, provided by marriage' (O'Donnell, 1997). In these days, when society
is changing, the functionalistic statements lose their strength. For example, the sex outside the
marriage, in these days of easily available contraception, is no more the taboo. Margaret Mead
argues Murdock's and Parsons imply that nuclear family is biologically necessary and natural. She
stated that the nuclear family is based on culture, not biology. Marxist views on the family Marxists
have very critical view of the family and society. They adopt a structural perspective, but put it in
the class nature of the society. The starting point for the most Marxist analyses of gender and the
family is Friedrich Engels' (1820–1895) The Origin of the

Family Business
Family business are businesses that are created from their founding fathers of that era, if may
evolve from small businesses into big enterprises. Family business is playing a very important part
in the economy of Malaysia; the reason is that more than half of the Gross Domestic Product of
Malaysia is from the family businesses that are conducted in Malaysia. For example The Genting
group and The Berjaya group are two of the most famous family businesses that are conducted in
Malaysia. The following are the issues and challenges that are faced by family businesses in
Malaysia.
The first challenge and issue that affects family businesses in Malaysia is succession planning which
is choosing the next successor for the business after the...show more content...
The fourth challenge and issue that affects the family businesses in Malaysia is leadership which
is basically the compass for the direction of the family business. It is very hard for family business
to have good leadership because it involves leading, involving, and also motivating the people in
the family business so that they share the same goal. So, if the leader of the family business is
strong, then the chance of the business to succeed will surely be very high. The first thing is that
the good leader must have the stamina and the passion to lead. Besides that, the leader must have
a wide knowledge of the economy and also the industry itself so that he or she can direct a most
beneficial way for the family business to approach and also giving a sense of common purpose.
Lastly, the leader must have power to control the people in the family business and tell them what is
the plan and what they need to do.
The last challenge and issue that affects the family businesses in Malaysia is fair compensation
which also includes fair treatment to the people involved in the family business. The reason why
this is a common issue in family business is because that the family members always tend to treat
their own family member better and they also make bias decision most of the time. The most
common problem is the payment and the salary of the people in family business. People who are the
family member often

My Business Experience From My Family
The majority of my business experience originated from my family. My parents own a business, so
growing up, I was constantly surrounded by the logistics of running a company. One day, I asked
my father a question about our company's prices and revenue. I expected an answer of two numbers:
one for price and the other for revenue. But, he quickly responded with a bombardment of
spreadsheets stored with company data. I quickly realized that running a business is much more
challenging than I thought. As I learned about my father's management techniques, I fell in love
with the fact that there aren 't any set guidelines to create a successful business. Sure, there are
certain economic principles to follow, but businesses need to add their own...show more content...
In regards to the layout of the website, I wanted the website to be easily navigable to avoid
frustrating any customers. Underneath the banner at the top of the website, I created tabs that, once
clicked, would lead the customer to a certain page of information. For example, the "About Us" tab
would lead to information on the history of the company. For the information on each page, I did not
want the customer to feel overwhelmed, so I simplified the information into bullet points and short
paragraphs and highlighted important phrases in light blue to make key pieces of information stand
out.
Not only did my website benefit the family business, but it also introduced me to ideas behind
marketing. A website is more than just accessible information, it is the face of the company, so it is
vital that it looks good. Everything on a website, from logos to text fonts, should appeal to the
audience you are trying to capture. Our original website appealed to the audience in the early 2000's
when websites were more basic and bland. My website, however, creates a more energetic and
vibrant environment, which appeals to the modern consumer.
While my family's company gave me a strong background in business management and marketing, I
also learned many lessons about the trading through my parents and their involvement in the stock
market. As I overheard their conversations about their portfolios and returns, I wanted to

Business Analysis : Family Business
Introduction Family business, as the oldest and most common model of economic organization, is
often overlooked by people. However, family firms are all around us–from neighborhood
mom–and–pop stores, millions of small and midsize companies that form the basis of many
economies to well–known multinational corporations such as BMW, Samsung, and Wal
–Mart
Stores. One–third of all companies in the S&P 500 index and 40 percent of the 250 largest
companies in France and Germany are defined as family firms. In each family firm, a family owns a
significant share and can influence important business decisions, particularly the election of the
chairman and CEO. Compared to non–family firms, family members as managers and/or owners of
a business are often more loyal and dedicated to the family firms, which can strengthen the
company. However, as the family firm and the owner's family get larger and stronger, problems
may occur because the dynamics of the family system and the dynamics of the business systems are
often not in balance. Firstly, the interests of a family member may not be aligned with the interest
of the business. If owners' son wants to be CEO, but he is not as competent as a non–family
member, the interest of owner's son and the well–being of the business is in conflict. Secondly, the
interests of the entire family may not be balanced with the interests of their business. A family may
need its business to distribute funds for living expenses and retirement which the

Family Relations : Family Relationships Essay
Introduction Family relationships are complicated, even more if it is regarding family business.
Negotiations between family members are different from negotiations between non–family members.
The relationships between brothers lead them to stronger sensitivity and loyalty. Family relationships
have developed over years of interacting. Sometimes family members struggle over the appropriate
role to play in this negotiation process. There is increased opportunity for misunderstanding and
conflict if negotiation style and approach will be wrong. In the case of family relationships all family
members are affected. Family members' support may be critical for reaching a negotiated outcome.
One wants to be winner in any negotiation, but it does not nessesarily mean that conterpart will lose.
There should be right common ground and mutually acceptable outcome. In this essay I will talk
about family conflict negotiation. Brother's relationships will be used as an example in this report.
In an age of booming technology, running a business without computers is like trying to breathe
without lungs. Computer system will make business easier. It will help to increase the efficiency and
productivity of work. In this case the negotiation process is about explaining the value of computers
to the brother. In this analysis next points will be considered: Understanding other's needs and
motivations Credibility Common ground Joint problem solving Outcome Emotions and basic
instincts These

Starting a business is a difficult task for anyone, despite their age. Different ages come with distinct
entrepreneurial skill sets and traits that are unique to their demographic. Many of the most prominent
business people in our society today started off as entrepreneurs at varying ages. Being an
entrepreneur is not confined to a single age, however, some ages are more successful than others.
When the term entrepreneur comes to mind one usually will picture a Bill Gates or Steve Jobs
type, never a child or even a teenager. However, the number of child entrepreneurs is growing
everyday. Around 77 percent of students say they want to be their own boss, and 45 percent say
they want to start their own business. Nearly half of American students desire to be entrepreneurs,
and many of them have the skills and the drive to achieve it.
Children are naturally imaginative, energetic and willing to take risks – all traits that are essential to
entrepreneurship. Kids have the ability to think outside the box and be unrestricted in their thinking.
They are able to see the world unobstructed by adult troubles and practicality, which can often
smother the best ideas. Not to mention they have the least amount to lose, no bills to pay or family
to take care of. If their idea, fails they can simply move on to the next one. Children are often
underestimated due to their youth, but they truly can be the most creative and most successful in the
field of entrepreneurship.
Children are the

Family Business Essay
Management Issues In The Family Business
MGT–6340
Dominique Swaffin–Smith
Word count:
2650
Submitted by E Pahlsson
Content
1. Theory of discussion 2. Corporate governance 3. Family governance 4. Social responsibility 5.
Philantrophy 6. Financial performance 7. Berry Bros & Rudd limited 8. Conclusion
Introduction
This report is intended to provide the reader with a discussion of the core areas of interest in terms
of assessing a family companies performance. We have selected, Berry Bros & Rudd Limited
to assess the family governance, corporate governance and social responsibility. The report starts
with a brief illustration of interesting areas of the family business continuing with an overview of
...show more content...
3. Attending to family organizations, or setting a framework that enables the family to share deciions
and communicate effectively and build trsut. 4. Setting family ownership policy and right and
responsibilities of shareholders. 5. Resolve conflicts within the family and provide methods to help
family members in need 6. Fostering family education and make sure that memebers of current and
successor generations have he knowledge and understanding necessary to play their chosen business
and family roles ad to achieve shared goal. 7. Coordinating family civic, political and philanthropic
roles and manage the family relationship with the outside world. 8. Nurture family relationships that
provide shared endeavors.
Social responsibility
According to Kotler and Lee (2005) Corporate Social responsibility is a commitment to improve
community well–being though discretionary business practices and contributions of corporate
resources. Discretionary practices refer to the voluntary commitment a business chooses to
implement these practices and making these contributions to the society. Community–well being
refers to the human conditions and environmental issues.

Sustainability management of entreprises has become of an increased importance. Stakeholder such
as consumers, local communities, interest groups, governments, regulatory agencies and all other
entities

Owning a business Essay
OWNING YOUR OWN BUSINESS WITH EMPHASIS ON CHILD CARE CENTERS
INTRODUCTION
This paper will discuss ways in order for you to become a business owner as well as how to start
your own child care center. Owning a business is not an easy job. There is actually a very
complicated and long process to become a small business owner. Before you start to think about
what you want to do, you need to ask yourself if you will be committed to this venture. If you are
then proceed on with your business however, if you are not then owning a business is probably not
for you. With owning your own business, your going to have less personal time then you had
previously. Here are some reasons people become entrepreneurs. Many...show more content...
The cons: Businesses are a large financial risk, long hours and less vacation time, incomes may not
be steady, unpleasant tasks, such as not hiring a friend or firing someone. There are some pros and
cons for home based businesses alone. Pros: Start–up costs are lower, shorter commute, more
flexible schedule. Cons: more vulnerable to interruptions, you may have trouble finding qualified
employees, and you may be less accessible to suppliers.
Location and Financial Assistance
To get your business up and running you need money. Initial capital helps you get you business
set up and running and working capital is what you have to keep your business going until the
business begins to pay itself off. There are many means of getting the money. You can use your
own funds, get a loan from a bank, small business investment corporations, and even stocks.
Wherever you get the money, it will not be a cheap investment. After you get your business going
you will have many liabilities, or debts to pay back. Location also plays a big part in your business.
To maximize your profits you will want a high population looking for your service or who have a
need for your product. You can choose to rent and renovate an existing building or opt to have a
new place built for

Sibling Rivalry within the Family
It is always good to be home, where anybody found their own happiness. Nothing feels better than to
have a quality time with family, bonding with our siblings and having a sharing session with all of
the family members while watching the television. And nothing feels better than to have a
harmonious family without dealing with a family quarrel. But the fact is, not every family felt this.
Sometimes parents are too busy and do not have a time for their partner and affected to a fight, or
maybe an older child feels uncomfortable whenever they saw their parents holding their younger
brother or sister and affected a sibling rivalry. At the beginning maybe parents would just
underestimate this problem and thinking that this is just a jealousy between them, whereas if they
did not teach very well this could be a big problem between them later.
Sibling rivalry commonly starts after the birth of the second child. It is common when a baby first
came to the family; the whole family will give all the attention to him. And the elder who at first
was the star of the family would feel that everybody is now do not care about him and think that
their younger brother or sister are stealing their attention from him. And then the elder will start to
act differently to get attention, or if they still do not get what they want, they will start to act
annoying until everybody sees him again. When their baby brother or sister grew up, they will start
to pick up a fight so their parents notice

An Introduction to Business Essay
An Introduction to Business
Business plays a major role within our society. It is a creative and competitive activity that
continuously contributes to the shaping of our society. By satisfying the needs and wants people
cannot satisfy themselves, businesses improve the quality of life for people and create a higher
standard of living.
It is a way for individuals to provide goods and services to consumers, and at the same time, produce
a profit for themselves. Businesses are not only important because they provide goods and services
for consumers, but they also improve the economy and increase jobs for people within society
which is an additional fact producing a higher standard of living. To measure our societies standard of
...show more content...
International trade deficits occur when a nation imports more then it exports. The Decline of
Smokestack America is when there is a change from an industrial to a post–industrial economy.
Finally, the conservation of energy is so that there are a sufficient amount of natural resources
necessary to produce goods. General economic growth or stagnation also has an important influence
on business within our society. Many factors can affect it's condition, such as war, new inventions
and technology, political assassinations, the discovery of physical and natural resources, labor
negotiations, government action, and many others. When the economy is strong and the demand is
high, businesses can prosper. Regardless of how great the economy may become, businesses still
must compete with other firms for scarce raw materials and labor.
A businesses environment creates many opportunities as well as problems for prospering businesses.
The environment determines what a business can do by shaping and channeling its development.
Businesses function within an environment by allowing entrepreneurs to raise capital and create
profits freely. The supply of money available within a business as well as the economic stability
through times of growth and recession have strong effects on businesses. Not only is the physical
environment, including natural resources, pollution and energy as discussed previously, important,
but many other

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