ADMS 3920 Chapter Notes - Chapter 3: Business Ethics, List Of Forgotten Realms Nations, Social Capital

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Family business a company that has two or more members of the same family own or operate together or in succession. Ownership passes through one generation of the family, to the next. Family concerns: care and nurturing of family members, employment and advancement in the firm, loyalty to the family. Business concerns: production and distribution of goods and/or services, need for professional management, effective & efficient operation of the business. Organizational culture patterns of behaviours and beliefs that characterize a specific firm. Cultural configuration - total culture of a family firm, consisting of the firm"s business, family, and governance patterns. The culture of a family firm may be a strategic resource that promotes learning, risk taking, and innovation. Distinctive values that motivate, guide, and help to create a competitive advantage: a special way of delivering customer service, core values and business ethics permeate the growth. There is also the risk of a negative imprint on culture.

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