Publication detail

Strengths and Weaknesses of the Small and Medium-Sized Family Business in the Czech Republic

PETLINA, A. KORÁB, V.

Original Title

Strengths and Weaknesses of the Small and Medium-Sized Family Business in the Czech Republic

English Title

Strengths and Weaknesses of the Small and Medium-Sized Family Business in the Czech Republic

Type

conference paper

Language

en

Original Abstract

Purpose of the article: The purpose of the paper is to define the particular qualities of family business dividing them into the strengths and weaknesses of the family business. The object of research is family business as an economical phenomenon. There is a double subject of this study: firstly, to find out a specification of the family business and to an analyze family ties within the business in accordance with the law of the Czech Republic and, secondly, to identify the features of family business and difficulties faced thereby lying in the base of two main components: the system of family and the one of entrepreneurship. Methodology/methods: The article was prepared on the basis of general theoretical scientific methods, in particular analysis, synthesis, analogy, comparison, generalizations, deduction and methods of expert estimates. According to paper goal, a SWOT analysis was applied to find out the basic strengths and weaknesses of family business. For achievement of the research purpose, it was decided to verify the received information by interviewing several representatives of the family business in the Czech Republic. Scientific aim: The aim of scientific research is to improve the understanding of family business from the perspective of difficulties faced by family business. Findings: The results of this study allowed the finding of a definition for the family business based on family ties and the laws of the Czech Republic. In addition, the main strengths of family business are: the mutual agreement between family members; commitment; flexibility in work, time and money; the long-term working plan; a stable business culture; the speed of decision-making; pride and confidence; effectiveness. It was detected that the main weaknesses of family business are: strong family ties; reluctance to external sources of financing; necessity of high-quality channels of communication within the family and family business; high potential for conflicts; reduced ability to respond to global opportunities. Conclusion (limits, implications etc.): This study has contributed to the theoretical body of family business research providing an important first step to gaining insights into the strengths and weaknesses of the family business influencing its effective functioning.

English abstract

Purpose of the article: The purpose of the paper is to define the particular qualities of family business dividing them into the strengths and weaknesses of the family business. The object of research is family business as an economical phenomenon. There is a double subject of this study: firstly, to find out a specification of the family business and to an analyze family ties within the business in accordance with the law of the Czech Republic and, secondly, to identify the features of family business and difficulties faced thereby lying in the base of two main components: the system of family and the one of entrepreneurship. Methodology/methods: The article was prepared on the basis of general theoretical scientific methods, in particular analysis, synthesis, analogy, comparison, generalizations, deduction and methods of expert estimates. According to paper goal, a SWOT analysis was applied to find out the basic strengths and weaknesses of family business. For achievement of the research purpose, it was decided to verify the received information by interviewing several representatives of the family business in the Czech Republic. Scientific aim: The aim of scientific research is to improve the understanding of family business from the perspective of difficulties faced by family business. Findings: The results of this study allowed the finding of a definition for the family business based on family ties and the laws of the Czech Republic. In addition, the main strengths of family business are: the mutual agreement between family members; commitment; flexibility in work, time and money; the long-term working plan; a stable business culture; the speed of decision-making; pride and confidence; effectiveness. It was detected that the main weaknesses of family business are: strong family ties; reluctance to external sources of financing; necessity of high-quality channels of communication within the family and family business; high potential for conflicts; reduced ability to respond to global opportunities. Conclusion (limits, implications etc.): This study has contributed to the theoretical body of family business research providing an important first step to gaining insights into the strengths and weaknesses of the family business influencing its effective functioning.

Keywords

family, entrepreneur, family business, ownership, family ties, strengths, weaknesses

RIV year

2015

Released

30.10.2015

ISBN

978-80-214-5226-8

Book

Conference proceeding of the the 15th International Scientific Conference Perspectives of Business and Entrepreneurship Development

Pages from

1

Pages to

8

Pages count

8

BibTex


@inproceedings{BUT115469,
  author="Anastasia {Murínová} and Vojtěch {Koráb}",
  title="Strengths and Weaknesses of the Small and Medium-Sized Family Business in the Czech Republic",
  annote="Purpose of the article: The purpose of the paper is to define the particular qualities of family business dividing them into the strengths and weaknesses of the family business. The object of research is family business as an economical phenomenon. There is a double subject of this study: firstly, to find out a specification of the family business and to an analyze family ties within the business in accordance with the law of the Czech Republic and, secondly, to identify the features of family business and difficulties faced thereby lying in the base of two main components: the system of family and the one of entrepreneurship.
Methodology/methods: The article was prepared on the basis of general theoretical scientific methods, in particular analysis, synthesis, analogy, comparison, generalizations, deduction and methods of expert estimates. According to paper goal, a SWOT analysis was applied to find out the basic strengths and weaknesses of family business. For achievement of the research purpose, it was decided to verify the received information by interviewing several representatives of the family business in the Czech Republic.
Scientific aim: The aim of scientific research is to improve the understanding of family business from the perspective of difficulties faced by family business.
Findings: The results of this study allowed the finding of a definition for the family business based on family ties and the laws of the Czech Republic. In addition, the main strengths of family business are: the mutual agreement between family members; commitment; flexibility in work, time and money; the long-term working plan; a stable business culture; the speed of decision-making; pride and confidence; effectiveness. It was detected that the main weaknesses of family business are: strong family ties; reluctance to external sources of financing; necessity of high-quality channels of communication within the family and family business; high potential for conflicts; reduced ability to respond to global opportunities.
Conclusion (limits, implications etc.): This study has contributed to the theoretical body of family business research providing an important first step to gaining insights into the strengths and weaknesses of the family business influencing its effective functioning.",
  booktitle="Conference proceeding of the the 15th International Scientific Conference Perspectives of Business and Entrepreneurship Development",
  chapter="115469",
  howpublished="online",
  year="2015",
  month="october",
  pages="1--8",
  type="conference paper"
}