Impact of Family Dynamics on Entrepreneurial Decision Making in Family Business in Nigeria
Abstract
The topic of this research is impact of family dynamics in entrepreneurial decision making in family business in Nigeria. The aim of the study is to investigate the impact of family dynamics on entrepreneurial decision-making in family businesses in Nigeria and to offer valuable insights for family business owners, policymakers, and researchers. The study examined the intricate relationship between family dynamics and entrepreneurial decision-making within family businesses in Nigeria. The research adopted qualitative approach, utilizing in-depth interviews, case studies, and observational techniques to capture the nuanced realities of family businesses in Nigeria. Using qualitative approach, the study explored how familial relationships, cultural norms, and intergenerational interactions influence strategic choices and family business operations and sustainability. By providing comprehensive analysis of the interplay between family dynamics and entrepreneurial decision -making. The study presented comprehensive analysis of the interplay between family dynamics and entrepreneurial decision-making. Our findings revealed that family cohesion, effective succession planning, and effective conflict resolution strategies play crucial roles in shaping entrepreneurial decisions with specific reference to family business. The study identified unique challenges and opportunities presented by the Nigerian cultural context where nuclear family is almost inseparable from extended family members. This research contributes to the understanding of effective family business management in emerging economies and provides insights for practitioners and policymakers in fostering sustainable family enterprises.
