Family BusinessAbstract:Family business begins with the best intentions, as time goes by most family members learn to work together, although emotions from time to time may obstruct business decisions. Conflicts possibly will arise as the family members see different growth perspectives in the business. The daily operations are troubled by conflict; when relatives as coworkers cannot derive to an agreement.
Introduction and Problem IdentificationAn article from the Family Firm Institute states, “the greatest part of America’s wealth lies with family-owned businesses. Family firms comprise 80% to 90% of all business enterprises in North America.” (J.H. Astrakhan and M.C. Shankar, “Family Businesses’ Contribution to the U.S. Economy: A Closer Look,” Family Business Review, and September 2003) What this means to the U.S. in the global perspective is that; an American family business contributes the majority of our global trade. We need to ensure the business culture and livelihood of our next generations and the business scenes that preserve our global trade powers. Obtaining key family values, from the examples of successful family entrepreneurship, can help to mold success for future family business.
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The Family Foundation promotes a “family-friendly” lifestyle for all Americans. It supports businesses and families with the opportunity to have better life experiences, more opportunities for a healthier home environment, and better health and safety for our children and grandchildren. Families with children deserve a healthier homes, a safer home environment, a better quality of life, and a better education system.
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