AA3: Newstory or workplace experience
Running Head: APPLICATION ASSIGNMENT 1
APPLICATION ASSIGNMENT 3
Application Assignment
Student's Name
Institutional Affiliation
Application Assignment
Different theories in the concept “family” provide an analysis of the processes in the unit that have led to the emergence of family business units. The phenomenon is viewed as a system whereby various events occur. The thriving of the concept is based on the social exchange theory. It is perceived that families are institutions through which relationships are maintained if the rewards are more than the cost. This insinuates the link to thrive. The compensation should be promising. This has led to the mushrooming of the business units on a family basis due to the enhanced relationship. This paper will evaluate the Vikram Bhalla view family business.
Summary of the resource
Vikram Bhalla focuses on analyzing the weaknesses and strengths of a business founded on a family unit in the contemporary world. According to his research, it was evident that this type of business is trending in the emerging economies, and other companies are adopting the kind of management strategy. He argues the family businesses are meant to stay and conquer the current markets. This is based on contrasting mom and pop store with family businesses (Bhalla, 2015)
The ideology of Bhalla is confirmed by other scholars who argue that cooperation amongst stakeholders endures in a family business that is not the case in different types of business units (Neubauer, 2016). This is based on the ideology that the workers view that they are working for themselves. This is in line with module three context that assumes that the reward is more than the cost. This factor promotes the thriving of these business units.
Interpersonal skills are critical in ensuring that a business entity succeeds in its endeavors. These skills include patience, teamwork, cooperation, transparency, etc. the values are hard to preserve based on the complexity of human nature; human beings are dynamic, possessing different personalities. Bridging this may be problematic in some institutions.
In my case, based on our family business, whereby we engage in the sale of electrical products in a store while we also deliver to different customers who order goods. The sales team and the team of directors are made up of family members whereby the senior family members that are uncle, parents compose the executive committee. His team is essential in the management of the organization. The sales team is made up of the junior members of the families that are the offspring to the uncle and aunts.
This business structure has been critical in influencing cooperation amongst all members. This is based on the natural respect between the two levels, which is the executive committee and the sales team. Instructions from above are respected, as we are ready to go against our elders. This is due to the parent-child relationship. This has been significant in the management process. The family is a phenomenon in determining accountability (Robinson, 2016). This is in relation to the findings of Bhalla that family units are there to succeed. This is due to success in management.
Reference
Bhalla, V. (2015) Family Business is here to stay, and thrive https://www.ted.com/talks/vikram_bhalla_family_businesses_are_here_to_stay_and_thrive?utm_campaign=tedspread&utm_medium=referral&utm_source=tedcomshare
Neubauer, F., & Lank, A. G. (2016). The family business: Its governance for sustainability. Springer.
Robinson, J. D. (2016). Accountability in social interaction. Oxford University Press.