Journal article Open Access

The Role of family Business in the Economy

Louangrath, Paul

The scope of paper is the role of family business in the economy. This topic is important because family business is the platform from which most SMEs sprung and a significant part of the GDP in many countries, particularly those of the ASEAN, depends on SME and family businesses. We assert that family business is a form of direct domestic investment for the economy. Success in family business means economic growth for the nation. As such, the success or failure of the family business serves as an indicator for the health of the national economy. Family business springs from successful entrepreneur; since an entrepreneurial is the source of innovation, family business also serves as an incubator for innovation which, in turn, contributes to economic growth.

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