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Chapter 10

Entrepreneurship Chapter 10.docx

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COMM 320
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Entrepreneurship Chapter 10Family Business90 of all the businesses in Canada and the US are family ownedAre reported to be 13 of the fortune 500 list of large firmsFamily Business Defined as a business in which 51 of the business is owned by a single family at least two family members are involved in the management activities and transfer of leadership to next generation is anticipatedAdvantages and disadvantages of family businessesAdvantagesoValues that hold the family together allow them to have a clear identity and a strong sense of mission to succeedoFamily spirit allows them to overcome crises and promote family unity in difficult timesoConfidence trust quality and personal involvement are common characteristics associated with successful family firmsoOffers economic independence to family membersDisadvantagesoFilled with conflict and family fightsoDecisions concerning family members hiringpromotion and compensation often lack objectivityoSuccession process from generation to generation is far from orderlyDual relationshipFamily businesses must balance the dual relationship of the social function and the business functionoUnder the social function the family tries to satisfy different social and emotional needs such as the need for belongingoDecision making in the social function is based on emotional and biological imperatives
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