Familipreneurship: A comprehensive approach of Entrepreneurship!

FAMILIPRENEURSHIP means the individual and collective power of a family member to combine and utilize personal and family capitals (Financial, Human, Physical, Social, Knowledge, Cultural, Intangible and natural capital) individually and collectively through their bondage, bridge and linkage.

FAMILIPRENEURSHIP denotes entrepreneurship of a family as an entrepreneurial unit which enables them to transform their individual and collective scattered capitals into performing capitals to maximize wealth. Familipreneurship refers to the entrepreneurial spirit running through the family as a whole and not just confined to a single individual. The promotion of Familipreneurship will create a natural environment of transferring inherited knowledge, skill and important lesson and experience across the generations. This courageous collective effort will enable them to be blended together to reach their goals.

Familipreneurship is an interactive and evolving phenomenon.Internal relationships (bonding), relations with other communities (bridging) and relations with their natural and institutional environment (linkage) are the largest social capital of mankind which remains mostly unused, even undetected. Familipreneurship unfolds the opportunities to utilize social capitals through the matrix relationships of individuals and family with society, nation and the world. Utilization of social capitals accelerate the process of wealth optimization through maximizing performing capitals by accumulating scattered, unused and undetected resources and pave the ways for shaping the future towards an entrepreneurial planet.

To Marx ”The modern family contains in embryo not only slavery (servitus) but serfdom also, since from the very beginning it is connected with agricultural services. It contains within itself in miniature all the antagonisms which later develop on a wide scale within society and its state.” Angel argues that family is the root cause of many social injustice and domination. But despite all criticism it is historically proven that Family is the most primitive and long lasting institutions of human history. As an institution family is contributing maximum benefit to the society, which is commonly remaining unrecognized and uncounted. As an organization ties within a family is highly defined and explicit than any other forms of organization. Family is the fundamental unit of our social construct. Family is the miniature of society; even it is a prototype of a country in terms of its functionalities. Culture of a society mostly depends on families' culture of that society because individual characteristics of a person predominantly influenced and shaped by family environments.

Enterprises are the backbone and entrepreneurs are the driving force of global economy. Family Enterprise literature says that 70 to 80% enterprise of the world is family enterprise. In the European Union, family enterprises represent, depending on the country, 60–90% of economic activities and are responsible for two thirds of GDP and workplaces. In the mid-1990s, in the USA, family firms were over 90% of the total and produced more than half of the goods and services; moreover, a third of the “Fortune 500” enterprises were controlled by one family or by the founder family that took part in the business management.

Recent research and data shows that family enterprise out perform than non-family enterprise. Existing researcher are concentrated on the business hour activities of family enterprise and individual aspects of entrepreneurs and ignore family dynamics behind the shadow but Familipreneurship proposes families as a single unit and considered their 24*7 activities to solve the unresolved questions relating. The family behind the family enterprise significantlyinfluences the behavior of family enterprise and family entrepreneurs. Family as a group is more capable to create new and develop existing family enterprise including other forms of enterprises. Study on Familipreneurship will enrich our knowledge through discovering unknown dimensionalities of family ventures and open a new perspective as a comprehensive approach of entrepreneurship.

Through Familipreneurship every single individual of a family achieves the power and capacity to combine, transform and utilize personal and family wealth and scattered resources into capitals. Knowledge and skills of Familipreneurship is transferable through generation to generation. Familipreneurship creates a natural environment of generating and transferring indigenous knowledge and skill to reach their personal and collective goal which will accelerate the whole enterprising process as well as economic development. Promoting Familipreneurship could be the best solution to create new family venture or any other types of ventures; especially in a less or under or least developed economy where inadequacy of resources is strongly prevalent.