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Small Business Ch 5

Small Business Management Ch 5

QuestionAnswer
Co-Preneurs Husband and wife teams who own and manage businesses
Cost-Based Commitment Commitment based on the belief that the opportunity for gain from joining a business is too great to pass up.
Desire-Based Commitment Commitment based on a belief in the prupose of a business and a desire to contribute to it.
Family A group of people bound by a shared history and a commitment to share a future together, while supporting the development and well-being of individuals members.
Family Business An organization in which either the individuals who established or acquired the firm, or their descendants, significantly influence the strategic deisions and life course of the firm.
Family Business Constitution A statement of principles intended to guide a family firm through times of crisis and change.
Family Council An organized group of family members who gather periodically to discuss family-related business issues.
Family Protocol An extension of the constitution incorporating additional agreements.
Family Retreat A gathering of family members, usually at a remote location, to discuss family business matters.
Need-Based Commitment Commitment based on an individual's self-doubt belief that he or she lacks career options outside the current business.
Obligation-Based Commitment Commitment that results from a sense of duty or expectation.
Organizational Culture Patterns of behaviors and beliefs that characterize a particular firm.
Stages in Succession Phases in the process of transferring leadership of family business from parent to child.
Transfer of Ownership Passing ownership of a family business to the next generation.
Unity Oneness of mind, feeling, and action as among a number of persons.
Created by: dengler
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