Principles of good entrepreneurship in family businesses - how to develop a solid business foundation shown through the turnaround example of a German medium-sized company

Family businesses differ from other businesses and, due to their structural peculiarity, they have a high chance of operating successfully in the long term or failing badly. In the underlying thesis, five success factors for good entrepreneurship in family businesses are elaborated and examined. Through extensive literature research enriched with experiences from practice, it is shown how these principles(namely: innovativeness, professionalism, long-term thinking mindset, workforce, and company culture and family perspective)distinguish family firms and how they can be tackled with real action. This is illustrated using a practical case study of the turnaround of a German medium-sized company