Well, there are many stages in a family business. As the number of steps increases, the tension among the members also increases. Here, stages are referred to as generation, as if which generation is currently ruling the business (Combs et al 2020). Running a family business puts someone under extreme pressure and tension. Because the company is run by the forefathers smoothly and successfully and if the newer generation is not able to do that, this leads to a large amount of tension and pressure over them. At times there is a problem of difference of opinion between the newer and older generations regarding the business.
Q1. What are the biggest, problems, tensions, paradoxes & blocks that your family business faces?
Ans. My family’s business is road construction company and I have seen many problems and tensions our business has faced throughout the years.
Main issue is Generation Gap-Mindset of more seasoned age and more youthful age in the family regularly doesn't coordinate. More seasoned age need to normally adhere to their old techniques and philosophies while the new age needs change and is substantially more unique. To get a harmony between the two is vital. For eg. My dad and my sibling don't constantly have similar thoughts and approach towards various undertakings in business which frequently prompts a ton of disarray and turmoil.