The main objective of this research proposal is to analyse how the entrepreneurial activity of family businesses continue over generations. The transfer of vision, reason and the extent to which it converts into entrepreneurship across different generations of the family business area will be critically analysed.
Many articles have identified few issues that come up when a business is given from the owner to its next generation. This research proposal will examine the background of developing family research and project found research about succession. The continuation of innovation and entrepreneurial behaviour from one generation to the next has been interpreted as entrepreneurial succession. It is necessary to perform further research about the management and strategic planning process of entrepreneurial succession. Fletcher observed that there is an underdeveloped important research area about the overlap and bond of entrepreneurship in family businesses. It can be demonstrated by a founder transferring his/her goal to the next generation through the process of succession, keeping in mind the successors primary vision for the betterment of the business. Hoy and Verser stressed to perform further research on members of the family receiving the vision of the founder. As outlined earlier, despite having literature about succession issues available, the integration between entrepreneurship and family business literature is lacking. Family operations are known to be unique and feature succession processes. According to the studies of Davis, there is a certain positive moving force family businesses possess towards entrepreneurial activities. However, stability of the enterprise and perpetuity could possibly result in expansion and development of new economic sustained investment goals. With further research, discussions and analysis, family business will be strengthened.
This research gives a clear understanding of the relationship between generational entrepreneurship and the link with family businesses. It shall be expressed on theoretically as well as empirically. The primary reason to observe family businesses is because majority of businesses these days are owned by families. The following questions have come across due to the obvious breach in family business literature. What guarantee does a family business have that entrepreneurial activity shall continue over generations? Are the current leaders threatened about the upcoming generations being more entrepreneurial? Is there a possibility to learn from the positive experiences demonstrated in family businesses through their succession process? The above questions are all linked towards the succession inquiry of family business.it focuses on the importance, purpose and the vision of entrepreneurship. The last question focuses on how an individual can learn about the process of succession, problems involved, issues concerned in family businesses. It hardly emphasises on appreciating the family business positive aspects.
The accustomed influences of ambitious businesses absorb the action of an individual or a family that accept an ambition and usually acquire agnate values. For a family business, the literature demonstrates that values Ã¢â‚¬â€¹Ã¢â‚¬â€¹are fundamentally agnate and may be less of an obstacle to the construction of a team of people with altered ideals.
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