Entrepreneurial Legacy: Role of Family in Nurturing Entrepreneurial Ventures

Abstract

The entrepreneurship is a wide subject and it is spread to the family ventures, which holds the major share in the business sector. This study discusses about this area of entrepreneurial legacy where the family has a significant role of their determinants on the longevity and legacy of the business. The factors like legacy, support and care from the family, mentorship from the family elders and the succession portrays the outline of the family businesses’ success ingredients. The literature supports the relationship between these factors that plays a vital role in the legacy of the entrepreneurial venture started by the idea of a family. Extensive study for this research paper will give the insights about the family’s role in the entrepreneurial ventures making it a continuing legacy through the businesses of Pakistan in the categories of small-medium enterprises (SMEs) and large business enterprises. The research method used for this is through interviews of four different family business owners, due to convenience sampling, the interviewees openly shared the data and provide the accurate insights needed to achieve the significance level of the research. This empirical study and the literature provides the evidence that the elements of family in the family business ventures acts as the success factor for the business and contributing component to the economy.

Keywords: Family business, Longevity, Family Role, Entrepreneurial Ventures