Module description
Tensions between the past and the future are at the heart of family business. On the one hand, family businesses may be risk averse, reluctant to innovate and slow to change. On the other hand, key family business attributes such as long-term orientation, quick decision making and patient capital may provide an enabling environment for entrepreneurial activities. This module prepares students to understand these tensions and how to harness the positive influence of families on business to create value across generations.
Family businesses account to 90% of all firms across the globe, and 70% of employment and GDP worldwide. Given their prevalence and relevance, gaining knowledge in family firms matters not only for business owners and the next generation, but also for those considering careers in management, advising, and consulting. Through a combination of lectures, tutorials, case studies, discussion forums and guest talks, teaching in this module equips students to develop evidence-based insights into the best practices of entrepreneurial family businesses. Selected case studies cover a variety of family businesses from small to large, both public and private, in different industries and countries.
Assessment details
Group Presentation (25%)
Individual coursework (75%)
Educational aims & objectives
To demonstrate an understanding of how family businesses may embrace entrepreneurship by moving from a survival orientation to a focus on the creation of value across generations.
To identify strengths and weaknesses in the entrepreneurial mindset and resource base of family businesses, and potential consequences to the achievement of financial and nonfinancial goals.
To provide a critical overview of key family business topics (e.g., governance, succession) through the lenses of entrepreneurship research.
To derive best practice insights for enterprising families from a wide range of academic research in the social sciences.
Learning outcomes
By the end of the module students should be able to:
- To demonstrate understanding of how families may prepare (or fail to prepare) their businesses for the creation of transgenerational value.
- Analyse the entrepreneurial orientation and familiness profiles of family businesses, and connect these to entrepreneurial, financial, and social performance.
- Apply different theoretical perspectives and models to key topics impacting the entrepreneurial potential of family businesses, such as governance, succession, corporate social responsibility, and the management of tradition and innovation.
- Analyse cases and provide recommendations to family businesses by critically evaluating evidence-based best practice in transgenerational value creation.
Teaching pattern
Across the semester teaching will normally comprise of:
- 2hr weekly Lecture
- 1hr weekly Tutorial
You will also be expected to spend time preparing for classes and working on the assessment tasks each week. The combined hours of classes and independent learning should equate to at least 15 hours a week.
Suggested reading list
M. Nordqvist , and T. Zellweger. 2010. Transgenerational entrepreneurship: exploring growth and performance in family firms across generations. Northampton, Mass. Edward Elgar Publishing
Zellweger, Thomas M., 2017. Managing the family business: theory and practice. Cheltenham. Edward Elgar Publishing