Describe a family business
You should say:
- a. What is the business
- b. What type of customers
- c. How you know it
- d. What product it sells
- e. Why do you like it
● I belong to Phagwara and it is the hub of small scale industry.
●There are many spare part industries run by families.
● My friend Aman’s father runs an industry by the name of Akal Industries.
● I can say that it is a successful business because I have seen it grow to great
heights in the past few years.
● His father, Jatinder Singh and his uncle, Parminder Singh are partners in this
● One brother looks after the sales and the other looks after the manufacturing
● Four years ago Aman’s cousin, Inderpal joined them and now Aman is planning
to join them after completing his course in Business Management.
● This business was started by Aman’s grandfather with a handful of workers about
50 years ago but now they have 300 people working for them round the clock .
● They manufacture and supply auto spare parts to various countries like Germany,
France, US and Canada.
● They have a very good rapport with their workers and whenever they fulfil big
orders, they give bonus to them.
● Aman tells me that his mother and aunt look after the needs of the workers’
families from time to time.
● They make them feel part of their family and that is why they have never faced
shortage of labour.
● Aman tells me that if any worker is absent or not well, his father takes his place
and does not let the work suffer.
● They also give a lot of emphasis on quality and that is why their products are in
great demand in Germany and France.
● Although Aman’s family is very rich, they are very humble and magnanimous.
● His father keeps donating for charity on special occasions.
● So, this is the successful family business that I know of.
Part 3 – Follow Up Questions
1. Do you think governments should regulate exports?
Yes, of course. Regulation is very essential. The quality of goods to be exported should be checked, otherwise it may ruin the reputation of the exporting country.
2. Do you think globalization is a positive development ?
Yes, globalization is a positive development. It has not only brought people closer, but also helped them prosper by providing more opportunities to travel, study, and work anywhere. This has also led to greater exposure to other cultures, making people more broadminded and accepting. Also, trade with other countries has become easier.
3. How to be a successful businessman in your country?
The government in India is encouraging selfemployment. However, to be a successful businessman/woman, one needs to have good business management skills and also, leadership skills. Hard work, determination, dedication, perseverance, patience are some of the traits that a person should have. Besides these skills and qualities, market demand and consistency in providing good quality products and service can make any business successful.
4. Do people in your country like to work for big companies or small companies?
I think that it is a matter of personal preference, as both the big and the small companies have their benefits and drawbacks. So people choose an organization according to their interests, career aspirations, circumstances, accessibility, and many more such factors.
5. What are the advantages and disadvantages of having relatives in a family business?
- It keeps the family together. Family members understand each other better. Maximum efficiency is ensured. They are more committed than outsiders. Most family members have good informal internal training. This is because such businesses are usually passed down the family..
- Misunderstandings at home could also be brought to the office and the family expenses could be deducted from the business.
- Some of the family members might become too comfortable knowing that their own family is working, and as a result there may not be proper planning and budgeting which may result in misunderstandings later on.
- Family businesses also tend to appoint family members even if they lack training or experience. Outsiders might have ideas and skills that can be useful to the family business but their ideas won’t be incorporated because they are outsiders.
- There can be conflicts among the family members, which may result in total collapse of the business at times.
6. Are men and women equally good at running a business?
There are no gender differences nowadays. It is a matter of personal aptitude. As more and more girls are opting for management courses, they are successfully entering the world of business. We have many examples, such as Kiran Majumdar, who is the CEO of Biocon company.
7. Is market research important for export business?
Yes, definitely. Market research is important for any business and not just for export business. If China exports those products which are not in demand, then it will be out of business very soon. Even if we talk about small scale business, without adequate market research nothing will sell properly. For example in a poor country, branded showrooms will not survive.
8. Is it important to be competitive and why?
Yes, it is very important to be competitive nowadays. We belong to an era of competition. Today, we are not competing with the person nextdoor or in the same town or country. We are competing with the people of a global village.
9. In business, do companies need to be competitive?
Yes, definitely. Business is all about competition. If you don’t compete how can you run a business? You have to sell your products and for that you have to compete with your rivals. Otherwise they will succeed and you will lose.
10. Should companies promote competition and why?
Yes, surely. Companies should promote competition because if they don’t compete how can they run a business? They have to sell their products and for that they have to compete with their rivals. Otherwise they will fail and others will succeed. However, they should promote healthy competition and should not use unethical means to compete.