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What makes a family business? - Coggle Diagram
What makes a family business?
What does the family business mean for the interviewees?
Jacqueline (Skating Rink, Pocatello)
A family business is essential because it provides opportunities for children to work and learn financial management early.
Children learn to save money, manage finances, and develop responsibility at a young age.
Maria (Scappo Restaurant, New Haven)
Family businesses foster genuine human connections, unlike corporate businesses which often lack heart and emotion.
In modern times, businesses have become more transactional, losing the emotional and relational aspects that were present in traditional family businesses.
Family businesses bring purpose and vision, making people feel more connected to their work.
Virginia (Skating Rink, Pocatello)
It teaches children responsibility, accountability, and the value of work from a young age.
It eliminates gender roles—everyone does what is needed, regardless of being male or female.
A family business is about working together for the good of the whole family.
Restaurant Owner (Idaho Falls)
Decision-making is faster and more flexible since there are no external partners or corporate board approvals required
A family business is run entirely by the family, meaning that all employees, managers, and decision-makers come from the same family.
Electric Store Owner (Pocatello)
A family business is about working together as a couple or family to ensure financial stability and growth.
It provides independence by allowing the family to work for themselves instead of an employer.
It allows for more control over schedules, such as aligning vacations with a spouse.
Advantages of a Family Business
Teaches Responsibility and Work Ethic
Flexibility in Decision-Making
stronger Emotional Connection
Gender Equality in Tasks
More Family Time
independence and Control
Disadvantages of a Family Business
Financial Burden and Stress
Work-Life Balance Issues
Risk of Conflicts
Limited External Expertise
Job Security Concerns