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Reflection Paper on Case Study
Family Business Review article reflects on the domains present in the business studies. The article engages in competitive organizational studies that attract intellectual and financial resources for expansion of the business. The scholars get a chance in research towards family firms on the economic landscape in the global market. The study generates interest and gains attention on the field of the family business hence encouraging diversity in the business sector. Family firms have unique control mechanisms and create a unique design of gathering resources. The family firms have three general directions: articulation of multiple operations, development of scales and development of family firm typologies. The three directions determine the operational standards of the family firms and the voting criteria. Many family firms would like to retain their control and remain relevant in the global market. A good family firm engages in day-to-day operations and participates in community development.
The method used in the study is descriptive and analytical. Sharma (5) analyses different family firms and their role in community development. The family firms are in a competitive business and aim to remain in the leading position in terms of international recognition. Sharma distinctively provides the models present in the family business and the process of defining different sectors of the firms. Analysis process is in a table format that provides the status and directions of the family firms. The analytical table gives the positive and negative outcomes of the family dimension in relation to business dimension (Sharma 8). Furthermore, the study process divides into individual, interpersonal, organizational and societal levels. Individual level analyses the role of stakeholders and future prospects of expansion. Interpersonal level deals with the contractual agreement among family groups for the benefit of expanding the business sector.
The analytical methods integrate the business dimension and family prospects to increase chances of leading the family firms in the global market. The transition process has a significant role in research studies on behaviourism and succession process. The process of integration in the family firms enhances development and expansion of the cultural area. The organizational level of analysis identifies the management of resources present in the family firms. The scholars use resource-based theory in identifying the unique resources in different family firms. The research studies understand the sources of financial capital present in family firms and the reliability of the capital sources. Societal level of analysis focuses on establishing the economic value of the family firms in different nations. Studies reveal that the family businesses are the major contributors in the increase of Growth Domestic Product (GDP) of a country. Family firms are important towards the development of the nation
and the government should provide support on the family firms.
Opinion on the article gets basis from the analytical aspect of the family firms. Few studies are present on the family firms and their importance in the development of the country. Scholars are currently diverting their research studies towards family firms since they are on the increases especially in the current twenty-first century. The family firms require dedication and commitment in management and identify capital resources for the expansion of the sector. The knowledge on dissemination is improving the functionality of the family firms leading in utilizing the available resources. The major difficulties scholars face in research involving family firms is choosing the research topic. Mutual interaction enhances proper designing of the research question on family business.
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Work Cited:
Sharma, Pramodita. “An Overview Of The Field Of Family Business Studies: Current Status
And Directions For The Future.” Family business review 17.1 (2004): 1-36. DOI: 10.1111/j.1741-6248.2004.00001.x
