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  • Essay / Chapter 1: Which to Choose: Family or Business - 562

    In Chapter 1 Which to Choose: Family or Business, the authors begin by explaining how the family system and the business system typically have different sets of norms and of beliefs. , and the values. They then explain why families still choose to go into business even though it can potentially cause friction within the family. For some businesses, they choose to make decisions based on the family, while others choose to make decisions based on the business. The authors suggest that there should be a healthy balance between the two. When decisions are made by one side, the opposing side suffers, which is why business leaders must be aware of the impact of their choices on the family and the family business. The concept that really stands out in Chapter 1 is that of the enterprising family. According to the authors, “an entrepreneurial family is one that integrates a family-first and business-first orientation. It achieves a unique competitive advantage by strengthening both its capacity and its ability to manage paradoxes. (Schuman, A., Stutz, S. and Ward, JL 2012, p. 24) The authors then suggested that it i...