Effect of Entrepreneurial Networks on Family Business Development: A Conceptual Consideration
Keywords:
Entrepreneurship, Entrepreneurial networks, Family business, Family business development, Tipping points.
Abstract
Family businesses are generally affected by resource constraints. These resource constraints are occasioned by the vagaries in the business environment. Consequently, budding and established family business entrepreneurs are now resorting to the acquisition and sharing of intangible resources as a strategy for achieving family business development. One type of resource that is increasingly being employed is entrepreneurial networks. In spite of the known supports entrepreneurial networks give to entrepreneurs at the different states of family business development, empirical evidences are still rear. Based on the foregoing, this study undertook a literature review and thereafter proposes that: the effect of family network on family business start-up is significant; the effect of intra-industry network on family business formalization is significant; the effect of professional network on family business professionalization is significant; the effect of extra-industry network on family business diversification is significant; the effect of social network on family business internationalization is significant; and the effect of intra-firm network on family business succession is significant. For family business development to be influenced by entrepreneurial networks, budding entrepreneurs, founder and/or descendant CEOs and employees of family businesses need to be actively involved in network relationships that encourage and facilitates resource acquisition and sharing. Moreover, an empirical study is recommended based on these propositions. This is to validate the propositions and to further add to the family business development and entrepreneurial networks literature.
References
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El-Chaarani, H. (2014). The success keys for family firms: Comparison between Lebanese and French systems. Lebanese Science Journal, 15(2), 133-150.
Esuh, O. L., Mohd, S. M. & Adebayo, O. I. (2011). A Conceptual framework of family business succession: Bane of family business continuity. International Journal of Business and Social Science, 2(18), 106-113.
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Gbadegeshin, S. A. (2013). Awareness of “ownership succession” and family business continuity. International Journal of Business and Management Invention, 2(9), 72-87.
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Greenwood, R., Suddaby, R., & Hinings, C. R. (2002). Theorizing change: The role of professional associations in the transformation of institutionalized fields. Academy of Management Journal, 45, 58-80.
Guillen, M. F. (2005). The rise of Spanish multinationals. New York: Cambridge University Press.
Hall, A. & Nordqvist, M. (2008). Professional management in family businesses: Toward an extended understanding. Family Business Review, 21(1), 51-69.
Hamid, N. F. B. A. (2013). Family business culture, entrepreneurial orientation and the new economic policy on family business survival: A study between the Malays and Chinese of micro and small-sized family business in Malaysia (Unpublished Ph.d thesis). The University of York, York.
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Heck, R. Z., Hoy, F., Poutziouris, P. Z. & Steier, L. P. (2008). Emerging paths of family entrepreneurship research. Journal of Small Business Management, 25(3), 317-330.
Hernandez-Trasobares, A. & Galve-Gorriz, C. (2016). Diversification and family control as determinants of performance: A study of listed business groups. European Research in Management and Business Economics, 23, 46-54. doi: 10.1016/j.iedeen.2016.04.001
Ichraikie, F. (2013). Intangible resources as key determinants of job network providers’ success: A resource-based study. Australian Journal of Business and Management Research, 2(11), 43-63.
Kekale, T. & Helo, P. (2014). The tipping points of technology development. Quality Innovation Prosperity, XVIII(1), 1-14. doi: 10.12776/QIP. V1811.211
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Le Breton-Miller, I., Miller, D. & Steier, L. P. (2004). Toward an integrative model of effective FOB succession. Entrepreneurship Theory and Practice, 28(4), 305-328.
Leitch, C., Hill, F. & Neergaard, H. (2010). Entrepreneurial and business growth and the quest for a “compressive theory”: Tilting at windmills? Entrepreneurship Theory & Practice, 34, 249-260.
Levie, J. & Lichtenstein, B. B. (2010). A terminal assessment of stages theory: Introducing a dynamic states approach to entrepreneurship. Entrepreneurship Theory & Practice, 34, 317-350.
Lin, S. & Hu, S. (2007). A family member or professional management? The choice of CEO and its impact on performance. Corporate: An International Review, 15(6), 1348-1362.
Liu, N & Zhang, H (2014). The role of CEOs intra-frim network in innovation orientation of hi-tech entrepreneurial firms. Biotechnology: An Indian Journal, 10(22), 14014-14020.
Luna, G. (2012). Planning for an American higher education leadership crisis: The sucession issue for administrators. International Leadership Journal, 4(1) 56-79.
Lungeanu, R. & Ward, J. L. (2012). A governance-based typology of family foundations: The effect of generation stage and governance structure on family philanthropic activities. Family Business Review, 25(4), 409-424.
Mazzola, P., Machisio, G. & Astrachan, J. (2008). Strategic planning in family business: A powerful developmental tool for the next generation. Family Business Review, 21(3), 239-258.
Mckelvie, A. & Wiklund, J. (2010). Advancing firm growth research: A focus on growth model instead of growth rate. Entrepreneurship Theory & Practice, 34, 261-288.
Memili, E. (2015). Performance and behaviour of family firms. International Journal of Financial Studies, 3, 423-430. doi:10.3390/ijfs3030423
Nelson, E. & De Bruijn, E. (2005). The voluntary formalization of enterprises in a developing economy: The case of Tanzania. Journal of International Development, 17(4), 575-593.
Nelton, S. (1998). Social network analysis as an intervention tool: Examples from the field. Group Organization Studies, 13, 39-59.
Nwadukwe, U. C. (2012). The effect of Igbo inheritance culture on management succession in private indigenous enterprises in south eastern Nigeria (Unpublished Ph.d thesis). University of Nigeria, Enugu Campus, Enugu.
Ogundele, O. J. K., Idris, A. A. & Ahmed-Ogundipe, K. A (2012). Entrepreneurial succession problems in Nigeria’s family businesses: A threat to sustainability. European Scientific Journal, 8(7), 208-227.
Ogunnaike, O. O. & Kehinde, O. J. (2013). Social networking and business performance: The case of selected entrepreneurs in Ota, Nigeria. Journal of Business and Management Sciences Research, 2(5), 116-122.
Omar, S. S. (2015). The entrepreneurial network of Muslim women entrepreneurs: The study of multiple-cases of small businesses in the southern region of Malaysia. Paper presented at the 2nd AFAP International Conference on Entrepreneurship and Business Management, Universiti Tecknologi Malaysia, Kuala Lumpur, Malaysia, January 10-11.
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Published
2018-07-21
How to Cite
Agbim, K. C. (2018). Effect of Entrepreneurial Networks on Family Business Development: A Conceptual Consideration. International Journal of Small and Medium Enterprises, 1(2), 13-25. https://doi.org/10.46281/ijsmes.v1i2.67
Section
Research Paper/Theoretical Paper/Review Paper/Short Communication Paper
Copyright (c) 2018 Kenneth Chukwujioke Agbim
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