FACTORS LEADING TO THE SUCCESS OF FAMILY BUSINESSES: A CASE OF BELGAUM CITY

Author Name: 1. Sandeep A. Jiragyal 2. Dr. Poornima. Charantimath

Volume/Issue: 02/02

Country: India

DOI NO.: 08.2020-25662434 DOI Link: https://www.doi-ds.org/doilink/08.2021-14654884/UIJIR

Affiliation:

1. Research Scholar, Rani Chennamma University. Belagavi, Karnataka, India
2. Research Guide, Rani Chennamma University, Belagavi, Karnataka, India

ABSTRACT

Family businesses play an important role in economic development of the country. This has spread wide and deep in routes of the economy which is helping in possible growth. The family businesses are age-old practiced, and operated. In some cases, it is as young as one or two decades and as old as generations. The performance of the family business is a key essential to be noticed and acts as an essential indicator of the success of family businesses. To ascertain the success research article lists out various attributes that are grouped into family and business domains. The response is solicited from 50 entrepreneurs using snowball sampling. Regression analysis revealed that the statistically significant attributes contributing to the success were entrepreneurship followed by professionalization, governance, ownership, and management. In contrast, succession planning, philanthropy, and culture attribute's contribution are less and statistically insignificant. It can be concluded that the dedication of entrepreneurs and maintaining the enterprises professionally helps run family business successfully.

Key words: Family Businesses, Entrepreneurship, Governance