INTRODUCTION: One of the biggest parts of a manager’s job is making decisions. The decision-making process is not as straightforward as saying “yes” or “no” to a presented option. Managers must decide to decide, decide how to decide, and decide on what should be done. Family owned business have a unique decision making system. In the following exercise you are asked to apply what you know about decision making to this unique model.
Have you ever been involved in a family business.? What type of business was it and who were they involved with? Discuss the advantages and disadvantages of family-run businesses as opposed to bigger operations? How does this impact the decision making process?