Family entrepreneurship is the interaction of family and business. High income families provide more financial resources allowing entrepreneurs to seek opportunities. Some family businesses are Walmart, Volkswagen, Samsung and Tata. Family entrepreneurship helps develop skills for families to work together effectively while building relationships.
In tourism, family entrepreneurship involves family relationships affecting firm performance. Also, children play a role in becoming educated as entrepreneurs by parents.
A conceptualization and literature review is offered, with a research agenda. Disentangling complex relationships enables examining how entrepreneurship is affected by family businesses.
Indian groups include Tatas, Birlas and Bajaj. Definitions depend on the author. Generally, it involves family members influencing through ownership and management. The intention is to pass to heirs.
Advantages include shared vision and values, increasing loyalty and commitment. Control comes from family shareholding. Mutual interest affects policies. Real focus should be the family rather than business. Using ventures as vehicles, families create value and impact.
Values to economy include unique features advantageous to business, family and staff. Policy actions support family entrepreneurship. Case studies show successful examples.
Family businesses provide transparency, efficiency and trust. Risks require planning and organization. Consultants assist establishing and expanding family businesses.
The social phenomenon remains understudied. Historical perspectives reveal roots of entrepreneurship research. Variety of approaches let spirit flourish across generations. Culture mediates capital production processes.
Most businesses are family-owned, contributing significantly to the economy. Organizational structure depends on size and communication. Research should examine the interface between family business and corporate entrepreneurship.
Advantages include shared vision and values, increasing loyalty and commitment. Characteristics include rethinking family, separating work, following dreams.
Focus is on studying behaviors of family, members and businesses. Research should examine the interface between family business and corporate entrepreneurship.