Family Business Essay Example | Topics and Well Written Essays - 2000 words

Family Business - Essay Example The paper tells that the family business is an enterprise governed and managed for the purpose of pursuing and developing the vision of the business â€Å"held by a dominant coalition controlled by members of the same family or a small number of families† for its potential sustainability across generations of the family, sometimes in business association with some of its extended families. Most definitions of family business centre around the kinship of family members owning and managing a venture, state Rogoff and Heck. According to Habbershon, Williams and MacMillan, it is the intersection between family members, the family, and the business that epitomises the distinctive set of characteristics that explain performance differences between family and nonfamily businesses. The intersection may also be a source of conflict within the family and the business. In the domain of family business leadership transition, Hartel, Bozer and Levin consider an adaptation of executive coac hing to be helpful in the process. Family systems are important in family enterprises. Further, family businesses form the foundation stones of evolving economies state Gomez-Mejia, Takacs, Nunez-Nickel et al as well as Hunter and Wilson. Two-thirds of organisations are family-owned and managed. The fact that this segment of the economy is facing an impending crisis is disquieting, particularly in view of the fact that there is little governmental assistance for family business owners to resolve the emerging threat successfully. Thesis Statement: The purpose of this paper is to investigate the theory of family business, examine the crucial role of the family system in family business, and determine whether the adaptation of executive coaching can successfully support leadership transition in family enterprises. The Theory of Family Business The lenses through which academic research and literature on family businesses are viewed and interpreted is the theory explaining different asp ects of family business management. Research helps to reinforce theory. For example, Sharma, Chrisman and Chua (2003) use the theory of planned behaviour to help explain the extent to which family businesses engage in succession planning. At the same time, a broad theory of family business is more important because it will help in setting the parameters for research in the domain of family businesses. A broad theory will also function as a tool for retaining, expanding, and propagating knowledge on the field. The theory of the family firm explains the concept of the family business, the reason for the existence of the same, and the determinants of their scale and scope. It is a comparatively new area of study in relation to rigorous theoretical investigations. However, there are identifiable trends in defining family business, and in differentiating between family firms and non-family firms, thereby addressing the existence of family firms, the factors that support their survival, g rowth, and the creation of long-lasting economic and non-economic value. Habbershon (2006) as well as Chrisman, Chua and Litz (2003) reiterate that the family business exists because of the reciprocal economic and non-economic value created through the integration of family and business systems. The joining of the two systems leads to capabilities of â€Å"familiness† that cannot be duplicated, and which contribute to the survival and growth of family businesses. A resource-based view of the family business explains how it identifies and develops capabilities of familiness, how they transfer those capabilities to new leaders and new family business structures, and their methods of renewing their capabilities during the transformation in circumstances and conditions. On the other hand,

Disaster Preparedness & Response Essay Example | Topics and Well Written Essays - 500 words

Disaster Preparedness & Response - Essay Example This phase also tries to minimize the effects of disasters. Because of this, they are not dealing with the disaster directly, and have time to make long term plans and programs that are best suited for them to carry out. These plans include things such as making building and zoning codes, which this phase is mot adept for because of the time they have not during the crisis to plan out these codes. You wouldn't send in a quick recovery team to try to figure out planning codes. This phase is also best for planning out and figuring out which areas are vulnerable to disaster, and analyzing this data and figuring out what can best be done about it. And lastly, the Migation Phase can best handle public education, as they have the time when there isn't a disaster going on to help educate the public about emergencies. The Preparedness part of the cycle is just as important, but can best handle its own inner workings. If is best left to making the preparedness plans, as they are going to be the ones using them and putting them into action. They are also the best to handle the warning systems, as they know how to best set up a system that can be ready to go and prepared to help people if an emergency is to happen. The Response Team has its own activities that it is best at.