Current and future challenges of family businesses
Family businesses are an important part of every economy. They are characterized by long traditions that combine aspects such as trust and reliability, as well as by features such as innovativeness, foresight, long-term focus and flexibility. Both family businesses and the entrepreneurial families t...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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AGH UNIVERSITY PRESS
2020-05-01
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| Series: | Managerial Economics |
| Online Access: | https://journals.agh.edu.pl/manage/article/view/3799 |
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| _version_ | 1846115233645461504 |
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| author | Jessica Hastenteufel Mareike Staub |
| author_facet | Jessica Hastenteufel Mareike Staub |
| author_sort | Jessica Hastenteufel |
| collection | DOAJ |
| description | Family businesses are an important part of every economy. They are characterized by long traditions that combine aspects such as trust and reliability, as well as by features such as innovativeness, foresight, long-term focus and flexibility. Both family businesses and the entrepreneurial families themselves do have some weaknesses and face current challenges like digitization, internationalization and demographic change. These issues must be kept in mind in order to constantly develop appropriate solutions that will help them survive and thrive in the market. Moreover, the high relevance of the family in a family business is associated with opportunities – for example, when a family strategy with clear values, roles and goals is defined, and a so called family business governance is developed. |
| format | Article |
| id | doaj-art-4d8a31a3ba154d98a168d6b68283dc1d |
| institution | Kabale University |
| issn | 1898-1143 2353-3617 |
| language | English |
| publishDate | 2020-05-01 |
| publisher | AGH UNIVERSITY PRESS |
| record_format | Article |
| series | Managerial Economics |
| spelling | doaj-art-4d8a31a3ba154d98a168d6b68283dc1d2024-12-19T16:07:16ZengAGH UNIVERSITY PRESSManagerial Economics1898-11432353-36172020-05-0120210.7494/manage.2019.20.2.119Current and future challenges of family businessesJessica Hastenteufel0Mareike StaubIUBH International University of Applied Sciences and Saarland UniversityFamily businesses are an important part of every economy. They are characterized by long traditions that combine aspects such as trust and reliability, as well as by features such as innovativeness, foresight, long-term focus and flexibility. Both family businesses and the entrepreneurial families themselves do have some weaknesses and face current challenges like digitization, internationalization and demographic change. These issues must be kept in mind in order to constantly develop appropriate solutions that will help them survive and thrive in the market. Moreover, the high relevance of the family in a family business is associated with opportunities – for example, when a family strategy with clear values, roles and goals is defined, and a so called family business governance is developed.https://journals.agh.edu.pl/manage/article/view/3799 |
| spellingShingle | Jessica Hastenteufel Mareike Staub Current and future challenges of family businesses Managerial Economics |
| title | Current and future challenges of family businesses |
| title_full | Current and future challenges of family businesses |
| title_fullStr | Current and future challenges of family businesses |
| title_full_unstemmed | Current and future challenges of family businesses |
| title_short | Current and future challenges of family businesses |
| title_sort | current and future challenges of family businesses |
| url | https://journals.agh.edu.pl/manage/article/view/3799 |
| work_keys_str_mv | AT jessicahastenteufel currentandfuturechallengesoffamilybusinesses AT mareikestaub currentandfuturechallengesoffamilybusinesses |