Factors Affecting Family Business
Factors influencing the sustainability of Family Business
1.1 Overview
This chapter covers the background of study, which is the factors influencing the sustainability of the family business like small medium-sized enterprise in Malacca. The family businesses are the important part of the business which it contributes so much of strategic planning and succession planning to business. In meanwhile, the explanation is provided in the justification of the study and the scope of this research is also identified. Lastly, we also defined some element which contributes to sustainability of family business.
1.2 Background of Research The family business is defined as the majority of the decision of the commercial organization is making or influencing
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The education level of their offspring provided by their parents in term of formal and informal (M. Morris, R. Williams, D. Nel et al, 2012). Another that, the training or the years of work experience in the company or outside company. As we know entrepreneurship (business course) was offered in many universities. So, the knowledge and concepts of business provided in universities can help the heirs avoid the risks in management (I. Bili, A. Prka, G. Vidovi, 2011). From the previous studies level of preparation of heirs has been discussing the impact toward continuity of family business operates. The preparation level of heirs exists and identified as the variable affect the continuity of the family business …show more content…
According to M. Duh and J. Belak (2009) stated that the strong integrity relationships among family business are the key to maintain the standard of the family business. The family members can commit their income to keep the family business running prevent from bankrupt in critical situation. In meanwhile, the family thought that highlighted in promotional materials may differentiate them from their competitors. Sometimes, the perception of tradition and achievement inherit from above can be useful to orientate the process of business including hiring of non family workers. The inheritance of family culture and values provide the long run thinking for family firms which they can speedy reflect the issues is arise refer the experiences of predecessors. another advantages of family businesses is their stability. Family owners tend to objective the long-term financial and human capital strategies than public companies, their stock market constraints obsession, at least from 1960 quarterly (church 1993: 28; detouze et al. 1989). However, the long-term development and sustained prosperity must have a balanced attitude to outsiders. Otherwise, companies will become alone and introverted (Wiersema
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