Family entrepreneurship and business sustainability in today's world: manufacturing firms in focus

Abstract

This work examined family entrepreneurship and business sustainability in manufacturing firms. It adopted a descriptive survey which is a questionnaire-based technique to sample opinions and derive answers to the challenges of family entrepreneurship and business sustainability. The primary data that were used for analyses were responses gathered from business owners, traders and artisans through the administration of structured questionnaires. Percentage frequency counts were used to analyze the distribution of the demographic variables of the respondents; while the 3.5 mean decision rule was used to conclude the research questions. Likert scale with SPSS was used to analyze and obtain the mean of each item in the research question. A T-test score of 0.05 level of significance was used to determine the relationship between the variable of the hypothesis; also with SPSS. The study showed that pressure to hire family members and strong commitment are not factors to consider for business sustainability. Hence, a Family entrepreneur succession strategy must be put in place ahead of time by developing a succession plan which can enhance sustainability; and real management succession must be included in the strategy. Without a people- and market-focused strategy, a such succession plan will fail and sustainability will be defeated.