Titlebook: Entrepreneurial Family Businesses; A Textbook on Innova Veland Ramadani,Erick P. C. Chang,Esra Memili Textbook 2024Latest edition The Edito

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Nature of Family Businessalance Point Model) will be discussed. The chapter ends with entrepreneurship in family business, economic contribution of family business, and advantages and disadvantages of the family business. This chapter presents a review of some general, but very important issues, related to family businesses.

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Governance in the Family Businessesstantial discretion in decision-making. In terms of governance, family firms are different from not only non-family firms but also other family firms depending on the level and nature of family involvement as well as the governance tools and mechanisms utilized.

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Conflict Management in Family Businessesxamples of how such conflicts are solved are provided in this content. The role of organizational culture, as well as the best approaches to resolving these issues, is elaborated. Other important issues related to conflict management that can be applied to family businesses are explored.

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Strategic Management in the Family Businessescompetitive landscape, effective strategic management is the sine qua non for all types of firms. The distinct types of family involvement in the business lead to differences in family firm strategies. Also, the family firms’ risk-taking facilitate or limit the implementation of strategies such as innovation, internationalization, and branding.