A Systems Perspective for Conceptualizing Sustainability in Long-lived Family Businesses. Research Proposals on Risk Taking and Innovativeness

2018 ◽  
Vol 36 (1) ◽  
pp. 111-127 ◽  
Author(s):  
Agostino Vollero ◽  
Alfonso Siano ◽  
Maddalena Della Volpe
Keyword(s):  
Risk Taking ◽  
Family Businesses ◽  
Systems Perspective

scholarly journals Entrepreneurial orientation in family firms – management and intercultural development

2014 ◽  
Vol 6 (4-1) ◽  
pp. 181-190 ◽  
Author(s):  
Wioletta Czemiel-Grzybowska
Keyword(s):  
Family Business ◽  
Family Firms ◽  
Family System ◽  
Open Systems ◽  
Family Businesses ◽  
Intercultural Development ◽  
System Perspective ◽  
Business Context ◽  
Systems Perspective ◽  
Business System

AbstractThis paper has taken an insight to the systemic models of family business from the open systems perspective. I focus on family business system models and on the subsystems content of family system and ownership system in family business context. The paper claim that the open system perspective on intercultural family businesses has both theoretical and empirical implications on family business research. Family businesses have many reasons, including family conflicts over money, nepotism leading to wrong management, and infighting over the succession of power from one generation to the other. Regulating the family’s roles as shareholders, board members, and managers is very important because it can help avoid these pitfalls. This paper will discuss the importance of the openness of the company through five the attributes of enduring family businesses: ownership, family, business and portfolio governance, wealth management, foundation. Dimension of attributes success have taken family business like five jewelers.

scholarly journals Exploring a Faith-Led Open-Systems Perspective of Stewardship in Family Businesses

2019 ◽  
Vol 163 (4) ◽  
pp. 701-714 ◽  
Author(s):  
Angela Carradus ◽  
Ricardo Zozimo ◽  
Allan Discua Cruz
Keyword(s):  
Open Systems ◽  
Family Businesses ◽  
Systems Perspective

Innovation orientation and performance of Kuwaiti family businesses: evidence from the initial period of COVID-19 pandemic

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Zainal
Keyword(s):  
Family Business ◽  
Risk Taking ◽  
Significant Relationship ◽  
Business Performance ◽  
Future Orientation ◽  
Family Businesses ◽  
Equation Modeling ◽  
Content Type ◽  
Openness To Change ◽  
The Impact

PurposeThis paper analyses the impact of innovation orientation on the family business performance in Kuwait. Further, the aim of this paper is to understand the innovation culture among Kuwaiti family businesses and the innovation orientation concept and its importance for these businesses.Design/methodology/approachThe study will use a quantitative research methodology in order to investigate the relationship between independent variables: creativity, risk-taking, future orientation, openness to change and proactiveness with Kuwaiti business performance as a dependent variable. A well-structured questionnaire is distributed to 150 family businesses that operate in Kuwait, where 114 of the respondents responded positively. Structural equation modeling (SEM) analysis was used for evaluating the proposed model.FindingsThe results show that creativity, risk-taking and future orientation have significant relationship with business performance, while openness to change and proactiveness do not have any significant relationship with business performance.Research limitations/implicationsThis research is conducted during the period of initial months of COVID-19 pandemic, March–July 2020 respectively, and responses might be influenced by the current situation.Originality/valueThe correlation between family businesses and innovation orientation is not studied so far in Kuwait. There is a lack of studies about family business in general in Kuwait since there are only very few research studies. This is the first research about this topic that covers Kuwait as a country.

Risk aversion in the family business: the dark side of caution

2014 ◽  
Vol 35 (5) ◽  
pp. 38-42 ◽  
Author(s):  
Martin R.W. Hiebl
Keyword(s):  
Risk Aversion ◽  
Family Business ◽  
Risk Taking ◽  
Family Firms ◽  
Family Businesses ◽  
Business Leaders ◽  
Dark Side ◽  
Content Type ◽  
The Family ◽  
Practical Implications

Purpose – This paper aims to shed light on the potential downsides of risk aversion in family firms. Moreover, it seeks to provide measures on how to balance risk taking and risk aversion in family businesses. Design/methodology/approach – The article first presents four “dark sides” of risk aversion in family businesses and then describes three groups of measures to balance risk aversion and risk taking. Both the dark sides as well as the measures to balance risk aversion and risk taking are derived from recent scientific research. Findings – Family businesses may decrease risk aversion and foster risk taking and innovativeness by creating transparency on their risk profiles and including outside knowledge in the form of non-family managers, directors or shareholders. Moreover, properly educating and integrating younger family generations might also alleviate an overly high focus on short-term risk aversion. Practical implications – Family business leaders might find the approach and findings presented in this paper helpful for securing the longer-term survivability of their firms and for improving innovativeness. Originality/value – This article is among the first to deal with the dark sides of risk aversion in family businesses, which might endanger their longer-term survivability.

scholarly journals How important is it for family businesses to maintain a strong entrepreneurial orientation over time?

2020 ◽  
Vol 25 (2) ◽  
pp. 235-250
Author(s):  
Thea Visser ◽  
Louise van Scheers
Keyword(s):  
Risk Taking ◽  
Entrepreneurial Orientation ◽  
Family Businesses ◽  
Entire Family ◽  
Entrepreneurial Spirit ◽  
Family Wealth ◽  
The Family ◽  
Influential Variable ◽  
Conceptual Study ◽  
Family Leadership

The purpose of this article is to explore how important is the entrepreneurial orientation for family businesses. Entrepreneurial orientation is an important concept within the entrepreneurship field and it should be maintained through family generations. Proactiveness, risk-taking and innovativeness form the essence of entrepreneurial orientation, while the generational level is an influential variable, related to entrepreneurial orientation. A preliminary and conceptual study of the described problem was undertaken. Although risk-taking is essential in developing entrepreneurship and sustaining the family legacy, family businesses are risk-averse, due to concerns about reduction in family wealth. Entrepreneurial orientation may be strong at the founder stage, but it decreases as the business moves through generations. Entrepreneurial families should have an entrepreneurial orientation towards business activities, as it provides the vision to mobilise the knowledge within the family business. Strong and consistent family leadership is needed to create a climate favouring entrepreneurial orientation. Families should develop an entrepreneurial spirit and orientation that can sustain the current generation and the entire family into the future.

ORGANIZATIONAL CULTURE SHAPED BY ENTREPRENEURIAL ORIENTATION IN FAMILY FIRMS

2021 ◽  
Vol 22 (2) ◽  
pp. 9-21
Author(s):  
Małgorzata Okręglicka
Keyword(s):  
Organizational Culture ◽  
Risk Taking ◽  
Entrepreneurial Orientation ◽  
Family Firms ◽  
Family Businesses ◽  
Five Dimensions ◽  
Entrepreneurial Culture ◽  
The Family ◽  
Competitive Aggressiveness ◽  
Dominant Influence

Contemporary enterprises are still looking for ways and methods of achieving a competitive advantage, which invariably include entrepreneurship. Entrepreneurial orientation is an organizational construct consisting of five dimensions: proactivity, innovation, competitive aggressiveness, autonomy and risk taking. Family businesses show a significant specificity of functioning in many areas due to the dominant influence of the family on the management of such entities. It is not a uniform group, and individual companies may significantly differ, e.g. depending on the profile of their activity. However, in cases, organizational culture can determine the level of entrepreneurial orientation of the organization. In this article, research efforts focus on differences in the level of entrepreneurial orientation and building an entrepreneurial culture depending on the profile of the business. The conclusions were based on the results of the own questionnaire survey conducted among 118 small family businesses in Poland.

scholarly journals Analysis of Innovation, Proactive, and Risk Taking as Presentations of Entrepreneurial Orientation towards Business Success of Second and Third Generation Family Business in Indonesia

2021 ◽  
Vol 10 (1) ◽  
Author(s):  
Christina Whidya Utami ◽  
Damelina Tambunan ◽  
Metta Padmalia
Keyword(s):  
Family Business ◽  
Risk Taking ◽  
Entrepreneurial Orientation ◽  
Family Members ◽  
Family Businesses ◽  
Business Success ◽  
Third Generation ◽  
Scale Family ◽  
The Family ◽  
Generation Family

Research Objective: To analyze the effect of entrepreneurial orientation towards the business success of second and third generation family businesses in Indonesia. Methodology/ Research Approach: This study used a cross-sectional, correlation research design. The survey was conducted to 153 medium-scale family businesses that have run for 5-50 years and categorized as middle-scale business ran by the second and/ or third generation family. Hypothesis testing was done via a multiple regression using SPSS. Findings: there is a significant effect between entrepreneurship orientation, which is the independent variable of this study, that covers three indicators namely innovation, proactive, and risk-taking abilities. Innovative and proactive have a significant and positive effect, while risk-taking ability has a significant and negative effect on the success of family businesses in Indonesia. Research limitation/ implication: This study investigates strategies that family businesses use, in terms of entrepreneurial orientation. The limitations of this study are: Bias in assessment perspective of fellow families and the scale of the family business only focus on second and third-generation middle-scale family business. The implication of this research is to create an entrepreneurial orientation culture in family businesses that tend to be lacking innovative, proactive, and risk-taking behaviors, considering the amount of interference and involvement of family members in the management of their family businesses. Practical implication: It is hoped that the second and the third-generation family members show a better perspective exploration in seeing whether entrepreneurial orientation has been implemented and has an impact in creating business success. Thus, family businesses are expected to scale-up their businesses into large-scale companies, and at the same time, survive the succession phase of the next generation. Originality/ value: This study offers an analysis of a unique entrepreneurial orientation, given the personality, family, ownership, and management system in family businesses in Indonesia are different from other countries. Besides, there are influences of technological advances that may interfere family businesses, particularly the family system, in Indonesia

scholarly journals Franchising and Entrepreneurship: High Reward or High Risk?

1998 ◽  
Vol 1 (1) ◽  
pp. 14-22
Author(s):  
Gad J. Selig
Keyword(s):  
High Risk ◽  
Risk Taking ◽  
Driving Forces ◽  
Family Businesses ◽  
Economic Environment ◽  
Entrepreneurial Spirit ◽  
High Reward ◽  
Start Up ◽  
Major Increase ◽  
Department Of Commerce

According to the Department of Commerce, start-up, small, and family businesses are among the fastest growing areas of employment. Even under the best economic environment, starting a business is risky. To reduce the risks and to establish their own businesses, an increasing number of entrepreneurs and corporate converts are buying franchises. Franchising has enjoyed a major increase in popularity during the early 1990s, fueled largely by the growing pool of available candidates made possible by significant corporate and government downsizing. According to the Department of Commerce, franchising accounts for nearly one-third of all U.S. retail sales and employs over 7 million people. If an individual has the motivation, skills, capital, leadership, entrepreneurial spirit, and risk-taking attributes required to start and manage a business, franchising provides a structured alternative to accomplish this objective. Franchising encompasses both high risks and high rewards. While it is not for everyone, franchising represents a method to start and/or transition into your own business. This refereed article describes the why, what, and how of franchising. It discusses the driving forces for franchising from both the franchiser's and franchisee's perspective, what it takes to be a franchisee, how to become an educated businessperson, what to do once you have selected a franchise, the do's and don'ts, the risks and rewards, and how to sell a franchise.

Boys With Epilepsy Are More Susceptible to Risk Taking

2010 ◽  
Vol 44 (10) ◽  
pp. 32
Author(s):  
PATRICE WENDLING
Keyword(s):  
Risk Taking
Sign in / Sign up

Export Citation Format

Share Document