Family business, boon and bane.

Family business : Boon or Bane. Obvisiouly it is a bane if the employees are hired just on the basid of relationship. An entreprenur must have ability to appraise the risk and return of investing something in a new venture or running venture. If the family member comprised of skilled members then they can be hired from the family but if they don't we should take the reverse decision and should be hired or can be outsourced.

In changing tides of the trade EVERYONE must learn on the go, so why not the family member. Family comes in every flavour imaginable - unlike the trained managers which are mostly the same: greedy and predictable.

It is pointless seeking for something as elusive as "experience" in the arena of change. Experience stands for something repeatable, not changeable.

It is the "perogrative" of the Business House, perhaps we are none to comment.

-- they may join themselves or hire partly/ fully

-- they may keep 'key-positions' with them and for rest go for hiring

-- So long a Private/ Partnership/ or Pvt. Limited Co., the rule is not violated

-- when a Limited Co., their choices are limited - they must open themselves

In the situation Akbar refers to the company boss has installed his own family members in important positions in the company that could be the beginning of nepotism which may lead to those family members either gaining experience on the job or failing to justify their appointments. Nevertheless, family business is the most dominant form of ownership pattern around the world and important positions are held by family members to keep management control in their hands. Inducting outside members is professionalism where appointments are based on talent and skills rather than pedigree.