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Entrepreneurship and Small Business: International Perspective - Essay Example

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An author of the essay "Entrepreneurship and Small Business: International Perspective" claims that their characteristics such as family relationships, employment, management, succession, and business structure are not the same as other types of entrepreneurship…
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Entrepreneurship and Small Business: International Perspective
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"Entrepreneurship and Small Business: International Perspective"

Download file to see previous pages They focus on needs of workers. Unique characteristics of family enterprises Family enterprises have certain characteristics that make them different from other businesses. Some of their characteristics such as family relationships, employment, management, succession, and business structure are not the same as other types of entrepreneurship (Wash 2011, p.3). Succession process is one of the exceptional features of the family businesses. It is the process of transferring the business ownership from one generation to the subsequent ones within a family. All family members play vital roles in the succession of ownership and management of the family business (Wash 2011, p.3). Sometimes the processes may involve the trusted advisers such as accountants and legal representatives who are not family members. The family business succession plans consist of two processes that encompass the management and the ownership succession. The processes can result in conflicts and poor management of the business. All family members have to agree on who should be the next person to own the business. The members should choose successors based on their skills and not age. Some family members may be older, but they lack the required skills and knowledge to manage the business. The business will fail to realize its goals when corporate members choose such individuals to manage the business. This is because the family has a big influence on the enterprise because it provides economic support. The nonfamily enterprise owners cannot influence the decision-making process of the business because they have smaller shares. Additionally, they demand higher information charges. The family businesses are based on long-term decisions because the owners acquire them from the predecessors. Consequently, they aim at transferring the businesses to the next generation when they record better states than when they acquired them (Mojca & Jernej 2008, p. 188). The long-term view of the business leads to the implementation of sustainable staff policies. Studies show that the biggest family businesses in Germany increased their employees by 200,000. On the contrary, other big businesses in the state reduced their workers by 400, 000 between 2003 and 2005. This occurred because the family businesses have long-term employees’ policies (Bonn 2008, p.6). The long-term view of the business encourages the workers to forgo the immediate temporary benefits to achieve the sustainable goals. This is because they are less motivated by the temporary gains. This enables the businesses to align its resources with their expected outcomes (Norio 2010, p. 1). Furthermore, the decision-making processes take shorter periods in family businesses compared to the nonfamily ones. This is because the family members agree quicker because of the additional relationship between them. Additionally, it is possible for them to meet frequently and easily to discuss issues (Duh & Belak 2006, p 1143). Unlike other forms of businesses, family enterprises do not have specific legal forms. ...Download file to see next pagesRead More
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