Current and future challenges of family businesses

Hastenteufel, Jessica; Staub, Mareike

doi:10.7494/manage.2019.20.2.119

Cited by 3 publications

(1 citation statement)

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“…In marketing operations, big data, machine-learning algorithms, and natural language processing and virtual reality are also being used (Doborjeh et al, 2022 ; Filieri et al, 2021 ; Zhang et al, 2017 ). Digitalization can also play important role in family businesses (Hastenteufel & Staub, 2020 ; Saura et al, 2022 ). Thus, we propose the following: Proposition P5: A high level of digitalization can lead to an increase in firm performance.…”

Section: Theoretical Backgroundmentioning

confidence: 99%

Entrepreneurial behaviors that shape performance in small family and non-family hotels during times of crisis

et al. 2022

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Recent economic and public health crises have posed important challenges to family businesses – particularly those in the hospitality sector. While sustaining a business, performance becomes critical; there is insufficient knowledge on the use of entrepreneurial behaviors in mitigating the impact of a crisis by family businesses. To help fill this gap, this study explores the configurations of entrepreneurial behaviors that lead to improved performance in small firms under crisis market conditions – particularly, risk-taking, innovativeness, proactiveness, flexibility, and digitalization. This study employs fuzzy-set qualitative comparative analysis (fsQCA). The sample consists of 117 one- and two-star Polish hotels that are comprised of both family and non-family businesses. The data was collected in November and December 2021. The results confirm the core role of risk-taking, proactiveness, and flexibility in increasing the performance of these small firms. However, performance outcomes depend on the configurations of the firms; differences between family and non-family businesses stood out. In family hotels, risk-taking is accompanied by flexibility as a core factor, and digitalization does not play an important role in achieving higher performance. Overall, these results contribute to the literature on organizational entrepreneurship (especially entrepreneurial orientation) as well as family business crisis management in the tourism sector. These findings offer implications for managers by indicating combinations of entrepreneurial behaviors that can help foster business performance.

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Section: Theoretical Backgroundmentioning

confidence: 99%

Entrepreneurial behaviors that shape performance in small family and non-family hotels during times of crisis

et al. 2022

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Learning COVID-19 Mitigation Strategies Using Reinforcement Learning

Denis

El-Hajj

Drummond

et al. 2021

Fields Institute Communications

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A Study About Family Businesses in Kanyakumari District

2024

jbab

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Family Businesses are the oldest form of commercial organization and plays a crucial role in the development of the economy. It is a distinctive organization form with concentrated ownership, deep-rooted tacit knowledge, and lengthy family tenures. These are commercial organizations which are passed on from generations to generations and hence, the members in the family tend to influence the business decision making process (Baltazar et al. 2023). Family business aids in the survival of an individual when there is high unemployment rate and it provides job opportunities as well. However, there are problems involved in family businesses such as inability to incorporate business knowledge to the other family members. This can cause hindrance in the development of the business and even lead to the closure of the business. (Amenah et al. 2023) The research objective of the study is to analyse the issues faced in family businesses and providing the required suggestions. The primary data collection is through convenience sampling, and the sample size is 120. The secondary data collection was through journals, books, websites and databases. The statistical analysis revealed significant differences between age groups and the advantages of family businesses, particularly in areas such as long-term vision, commitment, trust, and agility. Similarly, key challenges like family conflicts, lack of succession planning, and resistance to change were found to significantly impact family businesses, highlighting the need for targeted interventions.

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Current and future challenges of family businesses

Cited by 3 publications

References 1 publication

Entrepreneurial behaviors that shape performance in small family and non-family hotels during times of crisis

Entrepreneurial behaviors that shape performance in small family and non-family hotels during times of crisis

Learning COVID-19 Mitigation Strategies Using Reinforcement Learning

A Study About Family Businesses in Kanyakumari District

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