An Era Of Globalisation What Is The Future For Family Run Businesses? Discuss Using Examples From Two Sectors

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In an era of globalisation what is the future for family-run businesses? Discuss using examples from two sectors?

Globalisation is a channel by which the world is rapidly connected due to massive trade and culture change .It has increased the development of goods and services. Many countries around the world now have subsidiaries rather than national firms. It has taken hundred of years to establish itself but has raised in the last half of the century. The international trade has increased due to the presence of globalisation. The companies started to operate in more than one country because of it. The global economy started heavily depending on globalisation. The movement of capital, services and materials …show more content…

They are basically depending on one talent in the family. Secondly, as the market change happens rapidly they are not having the required skills for the next upcoming generations. They are only able to retain some level of customer loyalty in the business as they don’t have wider market trends.(Harris, 2016)

Below is the Example for both the sectors in UK
Jewellery Sector:- The W Carter & Son
It is a jewellery family run business which was started 200 years ago. . The eldest brother in the W Carter& Son family, Brain Holmes started the company with his brother after their father passed away in 1950’s. To keep the heritage of the name of the company ,the fa Brain’s grandfather took it from the family of Carter. They are now focusing on the clients base who are in Salisbury which is a English medieval city. The main business of the company is rings. It is because the brides mother and grandmother choose it from the same place. The company even not even changed their carpets and paints because they want to maintain the reputation in the company. Despite many availability of competitive priced products in the market, through various television sources and through internet they are still able to hold their business together. Many of the family business gets to the third generation. It always depends on the country and economy you are performing. There are many advantages and disadvantages for having a family owned business in

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