EXPLORING THE FUNDAMENTAL AND EFFECTS OF ENTREPRENEURSHIP WITHIN FAMILY BUSINESS

Family businesses are the lifeblood of American enterprise and since the days of our founding fathers, have excelled at identifying needs in the marketplace. By developing skills and building businesses to meet those needs, generations of families have passed along their skills and knowledge to their children, reaffirming the work ethic and entrepreneurial spirit that have made America a leader throughout the world. Today the tradition thrives, underpinning the U.S. and world economies with the stability, integrity and commitment to success that distinguish family enterprise. Balancing many issues and facing unprecedented transitional challenges that other business do not have to contend with, the family business is a viable option for many who have innovative ideas and products to deliver to the market place. Despite popular misconceptions, family businesses constitute a major force in American business, which recent studies indicate that their reported mean annual revenues are up by 30 % with the majority of family businesses expressing strong optimism for their companies ’ prospects over the coming years