Journal article Open Access
This paper is part 4 of 4 parts series called Entrepreneur and Entrepreneurship. The scope of part 4 is to discuss “how does family business operate within the larger system: economy.” As a larger system, the economy provides a fully functional super-infrastructure within which the family business submerges itself and exploits the system. This perspective stands at a contrast to the common argument that the market exploits the individual; here, the successful individual entrepreneur, who transformed the enterprise into a family business, exploits the system. In so doing, the entrepreneurial enterprise continues to develop and transform itself by moving from the informal sector into the formal economy. In doing so, the family business becomes more organized and structured. Internally, as a formal organization, the newly transformed family business undergoes continued restructuring in operations, finance, and management. The family operational and management boundaries also are redefined. We end the paper with the reflection on does a family transform itself into SME in order to continued search for value creation.
ARTICLE 1, vol 1, No 4, System Exploitation by Family Business.pdf