Small Business Firms

4. The fourth factor essential to the success of familyowned businesses and small business enterprise generally is the availability of venture capital (Kets de Vries, 1993, pp. 5971). Insufficient capital is the number one reason for the failure of small business enterprise. The significance of sufficient capitalization for small business firms cannot be overemphasized.

Small FamilyOwned Business Management

The typical writing on small business activity indicates that the individual characteristics required for success are ability, education, and a willingness to take risks (Kets de Vries, 1993, pp. 5971). Risk taking is often said to be absent in the individual who seeks a career in a large corporation; however, in actual fact, it is simply the nature of the risks involved that are different. The following list of characteristics includes those that an ownermanager of as familyowned business firm, a small business owner, or an entrepreneur should possess. The fact that the same characteristics would serve an individual well within a large organization does not diminish their value to the ownermanager of a familyowned business, a small business owner, or an entrepreneur.

1. The first of the characteristics is daring (Dumas, 1992, pp. 4155).

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uency quality impact. In Gray, W. A., and Gray, M. M. (Eds.). Mentoring: Aid to excellence in career development, business and the professions. (2nd ed.). Vancouver, British Columbia: University of British Columbia, pp. 4451. Anderson, E. M., & Shannon, A. L. (1988). Mentoring. Journal of Teacher Education, 39(1), 3842. Angle, H. L., & Perry, J. L. (1986). Dual commitment and labormanagement relationship climates. Academy of Management Journal, 26, 3156. Aronoff, Craig E., & Ward, John L. (Eds.). (1991). Family business sourcebook. Detroit: Omnigraphics, Inc. Bales, Robert F. (1988). A new overview of the SYMLOG system. In Polley, R. B., Hare, A. P., & Stone, P. J. The SYMLOG practitioner. New York: Praeger Publishers, pp. 319344. Bales, Robert F., & Cohen, Stephen P. (1979). SYMLOG: A system for the multiple level observation of groups. New York: The Free Press. Bales, Robert F., Cohen, Stephen P., & Williamson, Stephen A. (1979). SYMLOG: A system for the multiple level observation of groups. New York: The Free Press. Bales, Robert F., & Isenberg, D. J. (1982). SYMLOG and leadership theory. In Hunt, J. G., Sekaran, U., & Schriesheim, C. A. Leadership beyond establishment views. Carbondale, Illinois: Southern Illi
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