Describe family enterprise and apply the concept to your business concept.
What will be an ideal response?
This essay will have different answers depending on the student’s business concept. Here is the information on family enterprise: A family enterprise is a business which is owned and managed by multiple family members. What makes family enterprising part of the portfolio of entrepreneurship types is that each generation has an opportunity to bring the organization forward in new, innovative ways. An entrepreneurial agenda to move the family business forward is essential to business survival, as demonstrated by the fact that the survival rate of family businesses transitioning from the first to the second generation is less than 30%. However, another 50% of family businesses don’t survive when they move from the second to third generation. This may be because the family owners become stuck in the old ways of doing things and are unwilling to change their business structure as a result.
Many leading organizations which are family businesses are generally considered to be more stable, not only because of their past history and experience, but because of their ability to take a long-term view, which inspires commitment and loyalty from their employees. Yet, a long-term view that becomes stagnant is detrimental and can lead the company into a downward spiral.
Family enterprises are the dominant form of business organization worldwide. It is estimated that 80% to 90% of US businesses are family-owned or controlled by a family and 65% of the US workforce is employed by a family business (see Figure 1.3). Widely known businesses such as Wal-Mart in the US, supermarket chain Carrefour in France, and auto company Fiat in Italy are all long-standing family businesses that continue to go from strength to strength. To continue their cycle of growth and continuity, family members must pass on their entrepreneurial mindsets as well as their business ethos. It is this mindset that ensures the survival of the family business for many years to come.
You might also like to view...
An Employer Identification Number (EIN) is needed for
a. submitting insurance premiums to insurance companies; b. all payroll forms sent to the IRS; c. W-4 forms; d. all of these reasons; e. none of these reasons.
According to the text, the most common entry-level position in the marketing research industry for people with bachelor's degrees is ________
A) assistant project director B) project director C) operational supervisor D) research analyst E) account executive
List the procedure for conducting one-way analysis of variance
What will be an ideal response?
Anne, a sales representative for a software firm, is heading to Europe for a sales presentation. Anne is unsure about the practice of gift giving and wants to make sure that she is perceived as ethical by the other firm
Which of the following should Anne LEAST likely do in this situation? A) Check the company policy about gift giving. B) Ensure that the gift is a small, thoughtful token. C) Give the gift before doing any business with the customer. D) Avoid giving the impression of buying the customer's favor. E) Ensure that the customer views the gift as a gesture of goodwill.