The Obstacles Facing Businesses that are Run by their Families as their Primary Owners

  • Steffi. R Assistant Professor, Department of Electronics and Communication, Vins Christian College of Engineering, Tamil Nadu, India
  • S. Suman Rajest Professor, Bharath Institute of Higher Education and Research, Chennai, Tamil Nadu, India
  • R. Regin Assistant Professor, Department of Computer Science and Engineering, SRM Institute of Science and Technology, Ramapuram, India
  • Shynu T Master of Engineering, Department of Biomedical Engineering, Agni College of Technology, Chennai, Tamil Nadu, India
Keywords: Awareness, SME, Obstacles Facing Businesses, Company's Success and Profitability, Performance, Leadership

Abstract

The purpose of this study is to investigate the factors that drive performance and profitability in family-oriented firms and to identify the elements that play an important part in generational succession. The fact that family-owned businesses are not only the foundation of the economy in many countries but also a significant contributor to the economy of the world, as well as the fact that many family-owned businesses struggle to prosper and thrive across all generations, are the primary factors that contribute to this problem. This analysis was carried out by utilising a design for exploratory research and qualitative methods derived from previously carried out publications, reviews, and observational studies pertaining to this industry. Some of the studies discussed the aspects that have an impact on the performance of families, while others discussed the important considerations that should be taken into account while planning the succession of firms. It had been determined that money was not the only indicator that should be used to evaluate an organization's performance; other metrics should also be considered. The study placed a strong emphasis on the variables that enable family businesses to expand and, as a result, break free from stagnation. The impact that the firm has had on the performance and profitability of the company has been taken into consideration.

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Published
2022-11-30
How to Cite
R, S., Rajest, S. S., Regin, R., & T, S. (2022). The Obstacles Facing Businesses that are Run by their Families as their Primary Owners. Central Asian Journal of Innovations on Tourism Management and Finance, 3(11), 145-163. https://doi.org/10.17605/cajitmf.v3i11.371

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