Developing potential in the family business - Learnings from a Queen concert

Abstract

Psychological Capital (Hope, Optimism, Resilience, Efficacy) is a powerful psychological resource to leverage the idiosyncratic potential of the family firm and to enhance performance through the attainment of goals. By developing Psychological Capital, the family firm can address critical issues which threaten sustainability, including reduced access to financial, human and social capital resources. The family firm is unique in terms of human capital due to the psychological attributes which are rooted in the duality of the organization, namely, family and business. As a result, the family business has a high dependency on the collaboration of both family and non-family members. This article demonstrates the benefit of developing Psychological Capital through lessons learned from a Queen concert.