Summary
Summary Principles of Management IIB (Entrepreneurship) Chpt.13 - Family Entrepreneurship
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Advantages of Family Businesses, Differences Between Family And Non-Family Enterprises, and Succession Planning.
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Principles of Management IIB (Entrepreneurship) by ProfessorBurgerQueenFamily Entrepreneurship
- A family business is commonly defined as a business started by a family member
and has been passed, or is expected to be passed, to successive generations
of the family, sometimes through marriage
- Descendants of the original founder(s) will own and control the business;
- Members of the family work, participate in, and benefit from the enterprise
Overlapping Systems
- Family:
- Emotion-based
- Lifetime membership
- Subconscious behaviour
- Inward-looking
- Adverse to change
- Caring and sharing
- Business:
- Task-based
- Unemployment
- Reward performance
- Conscious behaviour
- Outward-looking
- Embraces change
- An important element of understanding how family businesses operate is the
awareness of the background and the unique perspective of each of the major
participants;
- The co-operation of the various participants in the family business and the underlying
relationships are important for the ultimate success and survival of the business:
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