THE CHALLENGES OF FAMILY BUSINESS

Aleksandra Stoilkovska
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Aleksandra Stoilkovska: University of Tourism and Management in Skopje, Macedonia.

UTMS Journal of Economics, 2011, vol. 2, issue 2, 181-188

Abstract: Small businesses give a lot of possibilities for realization of your own creativity and inventivity. Employment of new family members creates work atmosphere that cannot be felt in other companies. Organizational culture results from the employee cohesion and from their devotion to the organization and to the work, and therefore cannot be achieved in other organizations and with any other motivational techniques. These excellent working conditions are a great base for fulfilling the organizational aims, as well as for united and satisfied family. The work in the family organizations is specific from two aspects: from the advantages that it offers and from the problems that arise from this kind of business. Knowing the conditions in the family business, i.e. knowing the factors that influence the effectiveness and efficiency of family business enables more efficient work. Family business development with change of generation or with the increase in the number of family members brings new moments. In addition, one good story can be transformed in an unpleasant conflict and can get to disunion in the family as well in the business. Knowing the possibilities and threats in connection to the factors that influence the family business enables preventive actions in order to avoid undesirable situations.

Keywords: family business; organizational culture; family conflicts; possibilities; threats; tradition (search for similar items in EconPapers)
JEL-codes: D19 L21 (search for similar items in EconPapers)
Date: 2011
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