A managerial point of the argument that small family businesses can perform better than small non-family businesses
The success of any business depends on the coordination of activities within that particular business. In this regard, teamwork is considered an important aspect. A small family business has the probability of succeeding much as compared to small non-family businesses. This is because in a family set up; people will work as a team thus enhancing the effectiveness and efficiency of the respective business, unlike the small non-family businesses. Also, small family businesses can perform better than small non-family businesses because members have a common objective, unlike non-family business, which might have conflict of interest between owners of the respective business.