ENT 501 Lecture Notes - Lecture 2: Intellectual Capital, Management System, Tacit Knowledge

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 501
• Professor: Mary Han

Document Summary

Boundaries among family, ownership, and management systems may become blurred. Problems determining if decisions relate to family, ownership or management issues. Family employment policy guides the employment of family members. Some family members are employees: others are responsible shareholders. The performance of employed family members reviews in the same manner as that of nonfamily managers. Family members are encouraged to work outside the business to get experience. When family member meet, conversation is both family and business oriented. Families and firms have a commitment to family and business continuity (the unique part of the business is to keep the family business going for generations to come) The strategic perspective: competitive challenges faced by family. Rapid change in distribution and value chains. Resource-based theory highlights unique capabilities or resources that family firms convert into competitive advantages. These resources are often referred to as organization competencies.