Family Entrepreneurship Research

Summary:

As entrepreneur is wide among all field, surprisingly a little research were on done on involvement of family firms in entrepreneur, remarked by Lumpkin, Brigham & Moss. Fortunately as we are in globalised era the growth of entrepreneur in family firms are in countable quantity. Corporate entrepreneurship is also known as firm-level entrepreneurship in other words. The definition of corporate entrepreneurship is widely referred to both firm-level entrepreneurial content and the firm-level entrepreneurial process. Corporate entrepreneurship is defined as strategic renewal and also a medium of venturing. In this article, corporate entrepreneurship has its components known as innovativeness, risk-taking, pro-activeness, autonomy and

Both pro’s and corns of the corporate entrepreneurship in family firms are still existing in recent publications that add cognitive approach to corporate entrepreneurship.

At the pro side, it’s added that entrepreneurial opportunities are better found in family firms, either in both in static and dynamic environments, than non-family firms. Family firms’ peculiar conditions give them distinctive advantages in opportunity identification are abundant. Those peculiar conditions are such, family bonding between members, lesser turnover, long leader tenures, noneconomic aspirations, prevailing socio-cognitive familial bonds and long term orientation.

On the corn side, argued in an empirical paper, family firms usually blocks away the opportunity identification processes that are impulsive, spontaneous and creative. If they do find new opportunities in family entrepreneurships, it would be less innovative and less creative that is found by non-family

The research was done in every angle of dimensions by developing the general prospective and by deepened the dynamics of knowledge and learning and investigating the actual flow of corporate venturing. Apart from it new trajectories were traced for the betterment of future research. It is believed that in future better enhancement could be taken is the strategic renewal in any family firms. In this globalised era many family firms are required to have involvement in strategic renewal for a better future plus longer survival. According to the research on the future basis, few papers were unexplored in the family business literature. Internationalization as an entrepreneurial was not conceived to family business which is caused by the management team capability to identify and venture the opportunities available in