Entrepreneurial characteristics and performance of family owned business: evidence from western province in Sri Lanka

Abstract

The family owned businesses are considered as common, popular business type that makes a significant contribution to the wealth of a nation in all over the world also, are important in internationalization of economies. There are ample research based evidences that the performances of the family owned businesses are better than that of non-family owned business. The inherent characteristics of family owned businesses may determine the higher performances. Therefore, the proposed research attempts to investigate the determinants of the performances of family owned business in Sri Lankan Context. Data were collected directly form owner managers of family owned businesses in Western Province, Sri Lanka. The findings of the study help to identify the Entrepreneurial characteristics and family owned business performances, and provide insight to lead such businesses to success. The study focuses on three entrepreneurial characteristics: planning, achievement and power competency. The findings establish a significant impact of planning competency of entrepreneurs on family owned business performances. On the basis of these findings, managerial implications of this study and future research direction were highlighted.