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Family firms as an example of one of the oldest forms of entrepreneurship

Komarnicka Anna

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2024

z. 192

577--590

Purpose: The purpose of the paper is to analyse diverse definitional approaches to family firms emphasising various aspects related to this form of business. Additionally, the underlying idea and specific characteristics of family businesses are presented, including the role played by these businesses in modern Polish economy. Design/methodology/approach: The theoretical approach adopted is based on an analysis of primary and secondary sources and a review of literature on the subject. The paper uses the desk research method. Findings: In view of an analysis of the available literature on family firms, it should be noted that, in spite of the efforts made in this regard, a uniform, universally accepted definition of a family business is yet to be formulated. While definitional approaches differ, there is one attribute common to all approaches - the fact that a family firm is managed by members of a single family. Family firms play a key role in creating a stable and sustainable economy, in terms of both employment and their ability to attract investors, which distinguishes them from non-family businesses. The combination of family and business aspects shapes the specific conditions in which these businesses operate, with an emphasis on mutual trust and the long-term perspective of running a business over generations. Originality/value: The present study contributes valuable insights to the discussion on defining family firms by showing their specific characteristics and emphasising the important role they play in modern economy.