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Pages 5 (1255 words)
This report analyzes the business idea of a mother and a daughter who started a new venture with the name of Zatswho. The report identifies tips for making a family business successful as well as pitfalls that family members should avoid to make the family business a success.
The report also discusses about the kind of ownership that family business should have. Target market of the product has also been defined along with a memo to promote the company’s offerings in a better way. In the end of the report, recommendations have been given to improve the website of Zatswho. QUESTION # 1: Tips for Making Family Business Successful: There are several things that are to be considered in order to make a family business successful. One of the main tips to make a family business successful is that the roles and responsibilities of the partners or family members should be clearly defined and every family member should know what their responsibilities are and what they are supposed to do. Pitfalls That Should Be Avoided To Make Family Business Successful: It is important for every business to grow with the passage of time and in a family business, a stage comes when the growth of the business becomes static and at this point of time it is important to seek advices from outside advisors or people who are not in the family so that the business could have some fresh ideas and it could start growing again. QUESTION # 2: Because there are two people involved in the business therefore it is recommended to have a partnership rather than sole proprietor. As the business would be a partnership therefore the agreement of both Cooper and Schwinoff would be required while taking important decisions. ...
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