Exploring Entrepeeneurial Strategies Towards Sustainability Of Family Business
Subject Areas : General Management
Keywords: Entrepreneurship, Family business, Sustainability, Entrepreneurial Strategies, Business Strategy and Manageme,
Abstract :
A family business is generally recognised as a famous business practice worldwide Despite the considerable contributions of family businesses to the industry, family business sustainability is seen as a critical issue. One of the reasons for family business failure is a challenge in implementing the effective entrepreneurial strategies required to sustain the family business. Therefore, there is a need to address sustainability in family business because of its higher contribution to economic growth and development of country. This motivated to investigate the most effective entrepreneurial strategies in family businesses solely for the purpose of ensuring the sustainability of the family business. This study used a qualitative method to explore the impact of entrepreneurial strategies for the sustainability of the family business. Successful entrepreneurial family business have been selected for this study to know what strategies they are using to sustain their family business. A interview method used to explore in depth knowledge regarding this study. According to the findings of the study, four main themes based on fifteen various entrepreneurial strategies are identified in this study. These entrepreneurial strategies are; (i) business strategy; (ii) management strategies, (iii) marketing strategies and (iv) product strategies which are required for the sustainability of the family business. Based on the literature, many studies explained the strategies in a different context which contributed to the concept of entrepreneurial strategy. However, a comprehensive model of entrepreneurial strategy for the sustainability of the family business is ignored by the previous authors.