As per the ‘healthy business’ terminology, a family business is not just about profit but about maintaining unity at each stage, through shared values and open communication. I found this discussion important to understand the needs to lead a family business, especially in crisis situations. The webinar video on ‘family business culture’ further supports this aspect, reflecting why power distance matters. In a team-building activity, my peers’ shared experience of business conflict, misunderstanding and disrupted business harmony allowed us to understand why keeping business healthy in all aspects is important, as stated by Gupta & Levenburg (2012). I suggested that we conduct regular meetings, which I think is important to avoid misunderstandings. The YouTube video from the CNBC site, as represented in the classroom, represented finance as a navigator to perform better than.
Reference:
Gupta, V., & Levenburg, N. (2012). Cultures, ideologies and family businesses. Journal of Family Business Management, 2(1), 57. doi:10.1108/20436231211216420