A family business can be said a business which is owned and operated by family members or by members who are related to each other . A non family company has a separate legal existence from that of it's members and are owned by shareholders. The unique elements which makes a family business decisions differ from that of a non - family business is as follows.
1-)The strategy and the way of doing things is entirely decided by the members of the family whereas in a corporate non- family company, opinions of Different Employees and customers are taken into consideration. The ultimate decision is taken by the top management after considering all the opinions.
2-) In a family business, generally promotion or growth happens to those Employees who are related to the family in any way . In the corporate business, promotion only is merit based and is given only to those Employees who have the essential skills.
3-) Culture also plays a big role where family business take decisions which are in sync with their culture . The business culture in this type of business is set by the values and ethics which the owning family follows, whereas is non business family , professional culture is maintained where there is a hierarchical way of doing things .
FAMILY COMPANY is owned by the family members. NON- FAMILY COMPANY is owned by the shareholders who invest in company.
Family company is generally informal in nature. Non family company is generally formal in nature.
Family company gives advantages to people who are related to them. In a corporate company, advantages like promotion are given to people according to their skills.
In family company, the heir of the business is their sons/daughters. In a non family company, generally the top management is elected and the ownership can be passed to them.
A family company, uses a top down approach whereas non family company uses both top down and as well as bottom up approach which means feedback is also taken into consideration.
What unique elements can you spot, in the family business that makes those choices different from...
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