Entrepreneurship Theories and Family Business

The scope of paper is to review the theoretical foundation for entrepreneurship and its connection to family business. We reserved the theoretical materials in part 3 because we want to defined the concept in part 1 and see the developmental path of a successful entrepreneur in part 2. In part 3, we provide the theoretical basis for their development. In the last installment of this series, part 4, we will explore how family business functions within the larger “system” context or the economy. We examined the theories from the European continent, and contrasted with the American perspective. These theoretical perspectives are classical in a sense that they are old, but their explanatory power remains as forceful as they were in their time. Research in entrepreneurship remains unorganized.