Family Business Starting and Running Dissertation

Open, View, and/or
Download this Document

Total Length: 2181 words ( 7 double-spaced pages)

Total Sources: 10

Page 1 of 7

1). Crane (2007) further asserts her perspective that the lack of success has a lot to do with a lack of formalized structure and the tendency to hire within the family even when those hires are not a good fit. Crane (2007) echoes much of what the others have said about success in family businesses requiring consistent, honest communication, transparency, and outside advice.

Evaluation

Karolyi Gymnastics Camp

In 1981, Bela Karolyi and his wife, Martha, founded a camp within the Sam Houston National Forest (in Texas) (Karolyi, 2010). It contains a 35,000 square foot gymnasium complex, a huge lake for boating, an exotic animal petting zoo, horse stables and space for horseback riding, trails for nature walks, and an Olympic size swimming pool (Karolyi). It is on these grounds that Bela and Martha host gymnasts from all levels, over 7 years of age, from all over the world (Karolyi). It is also on these grounds that Bela and Martha operate their own private gymnastics club and host the United States National Gymnastics Team (Karolyi).

Bela and Martha have had tremendous success in coaching and in running their business. Ultimately, they trust each other and they show one another complete respect. They clearly define roles and each have their own respective responsibilities that they ensure are completed for the purpose of performing well. When boundaries are overstepped because one or the other impedes upon the others responsibilities or attempts to micromanage the tasks of the business, the other has the opportunity to respond appropriately to ensure they stay on a successful course for performance.

Having run their club successfully for over 30 years with experience in running a successful gymnastics club in Romania before arriving in the States, they have proven that they understand success and how to achieve it. Another thing that makes the Karolyi's particularly successful is the commitment they have to one another.

Stuck Writing Your "Family Business Starting and Running" Dissertation?

View All Our Example Family Business Starting and Running Dissertation

Have A Custom Example Essay Written

When life at home is already solid and the relationship is well established then mixing family and business is more likely be successful. When a family shows its capability for establishing good boundaries and clearly defined roles at home, then they are highly likely to be able to do so at work together.

Bela and Martha have a number of employees and stakeholders in their business. They have a great deal of people trusting them and ultimately even their non-family member employees become like part of the family. Being a part of the staff at Karolyi's gymnastics training camp is about being a part of the Karolyi name and legacy. They very carefully choose their employees and guarantee the highest of quality in all instruction and for their gymnasts whether they are a part of the private club all year round or there for a limited time during the summer.

In the case of the Karolyi's business, they each have their own strengths and make up for each other's weaknesses. They also spend time grooming people who are now considered part of the family to take over when it is time for them to retire. They entrust a great deal to these potential successors who have become part of the family. It is a unique situation but seems to be one that shows great potential for continued success and thriving. Bela and Martha are great examples of a successful family business......

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Family Business Starting And Running" (2011, May 08) Retrieved May 31, 2025, from
https://www.aceyourpaper.com/essays/family-business-starting-running-44408
   

Open, View, and/or
Download this Document
order custom essay example