Family Education in Family Business Essay

625 Words3 Pages
FAMILY EDUCATION IN FAMILY BUSINESS Student’s Name: Institution: Date: FAMILY EDUCATION IN FAMILY BUSINESS Introduction In a business setting that is characterized by increased competition, companies that are owned by family encounter distinctive challenges. Partakers learn how to influence the strengths of management for the family business and successfully employ practices that make high performance, the loyalty of the shareholders and relationships that are healthy for the family. Through active interaction of the family and classroom learning sessions, the program for leadership development explore topics that are vital to business owned by family like control of ownership, succession and relationship of the shareholders. The participants realized ways to formulate the strategies for attaining common goals which plan and address any conflicts for a better family’s future (Coutts & Wylie, 2011). Summary Some small businesses have taken over the hospitality and tourism industry international and are of significant importance for the destinations competitiveness. Small hotels which are family businesses are described by numeral specific business processes which produce specific training and educational needs. It is progressively clearer that small businesses are not little versions of the larger ones, but they have diverse priorities, strategic objectives and structures. This research paper examines a number of management areas like behavior in this type of enterprise, strategy development and planning to realize the skills and gaps of competency. The survey here was conducted on small family hotel business. The growth of performance and the procedures for internal management were reviewed to explore the area of problem and to discover to absent skills in the industry of tourism (Poza, 2007). Discussion Originally, family businesses were mostly

More about Family Education in Family Business Essay

Open Document