Topic > Chapter 1: Which to Choose: Family or Business - 562

In Chapter 1 Which to Choose: Family or Business, the authors begin by explaining how the family system and the business system typically have different sets of norms and beliefs and values. They then explain why families still choose to go into business even though it could potentially cause friction within the family. For some companies they choose to make decisions based on the family while others choose to make decisions based on the company. The authors suggest that there should be a healthy balance between the two. When decisions are on one side, the other side suffers, so company leaders must be aware of the impact of their choices on the family and the family business. The concept that stands out most in Chapter 1 is that of the Enterprising Family. According to the authors, “an enterprising family is one that integrates family and business orientation. It gains a unique competitive advantage by building both its own capacity and the ability to manage paradoxes.” (Schuman, A., Stutz, S., & Ward, JL 2012, p. 24) The authors therefore suggested i...