Thursday, April 21, 2011

The Pursuit for Family Business

My pop is a retired soldier while my mom has been in business since we were toddlers. But, we never really appreciated entrepreneurship not until lately when we decided to put our family boutique and run it firsthand.

Family businesses are quite common among close - knit cultures like the Chinese and the Filipinos; Most families pursue family business for faster decision making and integrity of the family members to keeping the business alive.

Now, that we have started the business, we still have to learn from my mom and from other experts in the business industry. For one, we need POS Systems for faster retail sale transactions, audit and reporting. We oftentimes experience errors in our sales reports and having a computerized POS system can be quite a remedy.

Family business may pose different problems too but it downsides are always overwhelmed by its advantages: centralized management, faster decision making, close - knit values, and pooled resources.



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