It’s really difficult sometimes to talk about both the type of businesses as both have positive and negative aspects.
In a family owned business, the relatives or members are so closely associated and have good mutual understanding between each other. They could support each other emotionally and even at every stage of business. But at some or other point it lacks professionalism while doing business or managing it because the members in it lacks professional conventions and concepts which are required in business. It also lacks out of box thinking which helps in any business to explore and expand.
But while talking about professional run business all the dealings and relation with colleagues are professional and practical and there are no emotional support as it is said “there are no sentiments in business”. While even taking charge of social responsibility there are returns which the business thinks about. It always thinks about returns, profit and the business and the members who are its part are well-aware of modern principles of management which helps them to explore, expand and diversify faster than family owned business.
So both the business are good in their own way and it depends on the way how a person looks on it….means their perception……..
I m not a has-been I m a will-be