Family Owned Business
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Many business writers examining family owned business, small business, and entrepreneurial activity attributes every positive characteristic to individuals engaged in these pursuits. The inference in such writing is that such characteristics are absent in those individuals serving in large firms. If that inference were true, of course, there would be few successful large firms. Further, if these positive individual characteristics were all that were required to insure the success of family owned businesses and small business enterprise generally, the sector would be an overwhelming success. In point of fact, however, most small business start ups fail (Beckhard and Dyer, 1983, pp. 5 12). It is essential, therefore, to look beyond individual characteristics for the factors that are essential to the success of family owned business firms small business enterprise generally. The factors required to assure the success of family owned businesses and small business enterprise generally are both numerous and varied. In addition, many of these factors are closely related to some of the individual characteristics that are desirable in family owned business owners managers. The factors essential for the success of family owned businesses and small business enterprises generally in the United States are as follows: 1. The first factor is an ability to cope with and effectively respond to rapidly changing conditi
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nment. One result was that Apple Computer lost its advantages to IBM. A second result was that Jobs was forced out of the company he helped to found.
3. The third characteristic is imagination (Dumas, 1992, pp. 41 55). Imagination is an essential ingredient for progress in any endeavor.
4. The fourth characteristic is intelligence (Dumas, 1992, pp. 41 55). Instances may be cited of success by individuals of less than stellar intelligence; however, they are the exception, rather than the rule.
5. The fifth characteristic is knowledge (Dumas, 1992, pp. 41 55). Knowledge incorporates skills development. The possession of adequate business skills is essential.
6. The sixth characteristic is a singleness of purpose (Garrett, 1993, pp. 10 14). This characteristic is significant, whether the endeavor involves the start up of a new small business, or the introduction of a new product in a large firm.
7. The seventh characteristic is patience (Garrett, 1993, pp. 10 14). The individual must be willing to take the time to perfect an idea. This characteristic is one which is not always appreciated in large, growth minded organizations, and which frequently is not practiced in small business envir
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Approximate Word count = 2075
Approximate Pages = 8 (250 words per page)
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