Incorporating the family dynamic into the entrepreneurship process

Abstract

This research furthers our understanding of the interaction between the fields of entrepreneurship and family business. It presents a framework that introduces the family dynamic to Timmons’ driving forces model of entrepreneurship. The framework highlights the influence of the family in the entrepreneurship process and the importance of the fit among the three driving forces and the family. It highlights the importance of, and the pivotal roles played by, outside boards of directors when entrepreneurial activities are undertaken by family businesses. Using extracts from interviews with family and non-family executives and board members, the research employs a single case study that describes an actual series of events to provide a practical application of the theory.