Family and Business are Important Parts in Every Family Enterprise

Abstract

An important part of any economy is family-owned enterprises, especially in developed countries, which have a long tradition of entrepreneurship and private ownership. A family business is a combination of two different terms - family and business. On the one hand, a family is a group of people in which a person is born, grows up, who also cares for and protects him until the moment he creates his own family, in which the same cycle repeats itself over and over again. The enterprise, on the other hand, is also a group of people, but it is bound by the interest of pursuing a profit-making activity that ensures the employees’ daily existence, and the owners of these companies achieve their ultimate goal, which is to maximize personal wealth. The aim of this paper is focusing the attention of future entrepreneurs on some of the most important components of any successful family business. Key words: Family; Business; Leadership; Entrepreneurship; Economy