Staying alive: entrepreneurship in family-owned media across generations

Abstract

Purpose This study provided a unique opportunity to analyze five generations of a small but continually evolving family-owned media organization with multiple media outlets operating across delivery platforms. The purpose of this paper is to identify variables that contributed to entrepreneurship and sustainability, holding the family business intact for more than 100 years. Design/methodology/approach This study used organizational ecology in a qualitative case study to interview entrepreneurs from three of five generations. Additionally, current employees, family and friends, along with letters, cards, published articles and financial data were included in the analysis. Entrepreneurial themes based on organizational ecology were identified including variation, selection, retention, as well as values, innovation, service and adaptability. Findings The company in this study began with the purchase of newspapers and start-up of a news service in 1904. By the third generation, entrepreneurial initiatives included additional newspapers, as well as a television start-up. In the fourth and fifth generations, the company evolved into what the family termed a “media development company” with a mix of revenue platforms including electronic newspapers, websites, radio stations, live events and syndicated programs. Research limitations/implications Limitations included sample size and focus on the perspectives of family members. More research is needed to identify the struggles within the family media firm and the more troubling aspects of a family company as indicated in the literature and their possible downside to both employees and family members who work for the short term or long haul in smaller, family-owned companies. Practical implications Sustainability of family-owned media organizations occurred through a balance of entrepreneurial activities and family values. Revenue flows resulted from adapting business models from selling advertising in local newspapers to providing funding and other support to local businesses gaining footholds. Market innovation, risk and community-minded solutions resulted in survival through stages of variation, selection and retention. Social implications For family media companies to thrive, entrepreneurship and adaptability are key. Significant contributions to theory from this study indicated organizational ecology is a useful tool in analyzing the evolution of a media company through stages of variation, selection and retention. After almost 80 years of operation in the retention stage, the company started over in the variation stage with new products including radio, internet, live events and community business ventures. Timely diversification was key as media and community landscapes changed. Originality/value Unique findings indicated sustainability came through a family-oriented approach to business that carried on throughout generations: a long-term view with a commitment to family values, the promotion of entrepreneurial opportunities for family and non-family members and an external focus as media development companies on the success of local businesses and communities in which they operated.

Economic, Non-Economic and Critical Factors for the Sustainability of Family Firms

“…On the other hand, the literature points out that risk aversion and limited resources make family firms take a gradual and cautious approach to internationalization processes in order to make them more sustainable, and that close relationships with employees and international partners are a success factor in the internationalization process [34]. Other initiatives at the strategic level are moving towards a more internal orientation of the organizations and are based on innovation, risk control, and community-oriented solutions, as well as on entrepreneurship and adaptability, confirming that this makes higher levels of survival possible [87].…”

“…Ultimately, sustainability is achieved through a family-oriented approach to business, applied over generations, with a long-term vision, a commitment to family values, and the promotion of firm opportunities for family and non-family members [87].…”

Human resources management in family enterprises

“…Da bi porodične medijske kompanije napredovale, preduzetništvo i prilagodljivost su ključni [14]. Pored toga, zarad istog cilja, neophodan je preduzetnički pristup koje obezbeđuje kontinuirane faze razvoja i eksterni fokus [14].…”

Entrepreneurial Use of Gamification for Knowledge Sharing inside Organization; A Public Service Media from Middle East

“…In a competitive and unpredictable environment, media companies have to employ organizational sources, such as knowledge, in order to adapt to changes (Roshandel Arbatani et al, 2018;Costello & Oliver, 2018a;Eisape, 2020;Labafi et al, 2017;Murschetz et al, 2020;Nel, et al, 2020;Powers & Zhao, 2019;Roblek et al, 2014;Salamzadeh et al, 2019) and to create organizational value by extracting opportunities (Bali & Zarea, 2018;Khajeheian, 2018;Labafi, 2017;Sharifi et al, 2019;Omar Bali et al, 2020) .…”