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Family Business  

Frank Hoy

Family business is a multidisciplinary subject area of critical importance to practitioners. The global volume of family business owners and managers is enormous. The firms are significant components of national economies. Yet they are often underappreciated and have been under-represented in business and economic research. Scholars have the potential for contributing to the survival and prosperity of these firms. The boundaries of the field are ill-defined. Family business scholars are seeking recognition from their colleagues. Opportunities for future research are unlimited.

Article

Innovation in Family Business  

Alfredo De Massis, Emanuela Rondi, and Samuel Wayne Appleton

The involvement of families in firms’ ownership, management, and governance is a key driver of organizational attitudes, behaviors, and performances, especially those related to innovation. Starting from the beginning of the 21st century, the academic interest toward family firm innovation has bloomed. This body of research has mostly emerged from family firm scholars, while mainstream innovation scholars have often overlooked family variables in their studies. Indeed, innovation is one of the main areas in family firm research, integrating family and business aspects, leading to a plethora of sometimes contradictory findings. Initially, research compared innovation between family and nonfamily firms. While this approach has been beneficial to the rise of this stream of research and underlined the idiosyncratic characteristics of family firms on this matter, it soon emerged that within family firms there is a high degree of heterogeneity, especially in their attributes and the way they relate to innovation. Therefore, scholars have delved deeper into the heterogeneous influence that different types and degrees of family involvement in the firm can exert on innovation. This vast body of literature can be reconciled according to an antecedents–activities–outcomes framework allowing to attune current understanding of family firm innovation and recommend directions for future research. While most of current research has examined the antecedents of family business innovation, further examination of the activity of innovating in family firms is needed. Fostering accessibility to this literature allows students, practitioners, and scholars to grasp and digest this insightful area of family business research. It also encourages an extension of the range of perspectives adopted to examine innovation in family firms, contributing to advance current knowledge.

Article

Socioemotional Aspects of Entrepreneurship for the Classroom  

Alexander Bolinger and Mark Bolinger

There is currently great enthusiasm for entrepreneurship education and the economic benefits that entrepreneurial activity can generate for individuals, organizations, and communities. Beyond economic outcomes, however, there is a variety of social and emotional costs and benefits of engaging in entrepreneurship that may not be evident to students nor emphasized in entrepreneurship courses. The socioemotional costs of entrepreneurship are consequential: on the one hand, entrepreneurs who pour their time and energy into new ventures can incur costs (e.g., ruptured personal and professional relationships, decreased life satisfaction and well-being, or strong negative reactions such as grief) that can often be as or more personally disruptive and enduring than economic costs. On the other hand, the social and emotional benefits of an entrepreneurial lifestyle are often cited as intrinsically satisfying and as primary motivations for initiating and sustaining entrepreneurial activity. The socioemotional aspects of entrepreneurship are often poorly understood by students, but highlighting these hidden dimensions of entrepreneurial activity can inform their understanding and actions as prospective entrepreneurs. For instance, entrepreneurial passion, the experience of positive emotions as a function of engaging in activities that fulfill one’s entrepreneurial identity, and social capital, whereby entrepreneurs build meaningful relationships with co-owners, customers, suppliers, and other stakeholders, are two specific socioemotional benefits of entrepreneurship. There are also several potential socioemotional costs of entrepreneurial activity. For instance, entrepreneurship can involve negative emotional responses such as grief and lost identity from failure. Even when an entrepreneur does not fail, the stress of entrepreneurial activity can lead to sleep deprivation and disruptions to both personal and professional connections. Then, entrepreneurs can identify so closely and feel so invested that they experience counterproductive forms of obsessive passion that consume their identities and impair their well-being.