Each entrepreneurial venture is risky and it has both, advantages and disadvantages. When you are starting your family business, it is vital to have the support from members of your family. Also, coordination of the family’s interest and the interest of the business are very important. In business, it is important to satisfy the needs of the customers and to have long-term plans. You have to set up your goals and try to achieve them. It is not enough to just offer certain product or service. Entrepreneurs need to improve and upgrade their products and service as well. Management and surroundings are unpredictable. For example, companies don’t know how the product or the service will develop, what are the intentions of other competitors, or how customers’ opinions and needs will change. It is very important to accomplish sustainable competitive advantage and to follow the current trends. Motivations of the employees and their quality of work have a major role in the business world. If employees are motivated enough, their efficiency is increasing. Family business represents one of the key elements in the economic system in the Europe. Difference between family business and traditional business is that family businesses are focused in maintaining the sustainable business, and not directly on profit. Family businesses are very important for the stabilization of economy. Negative characteristics of the family business are emotional involvement and informal decision making. Furthermore, employees often don’t have enough knowledge about the specific expertise. These negative characteristics of the family business can lead to the business collapse. If it comes to a bankruptcy, the family business would cause family problems, such as conflicts between the members of the family In these paper, the specifics of the family business are showed on the hair salon “Daria”, which has been successfully operating for constant 4 years. Hair salon and every family business has certain advantages and disadvantages, as well as many ups and downs. Big advantages of the family business are balanced interests in business and family that allows success and quality of business.