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Human resources

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Contents 1. Family Business & Entrepreneurship 3 What is an Entrepreneur? 3 Extremes of Entrepreneur 3 The Nature of Entrepreneurship 3 Characteristics defining an entrepreneur 4 Definition of Small Business 5 Definition of Family Business 6 Under which category does Family Business fall? 6 Scope of Presentation 6 2. SMEs & Family Businesses 7 Current Situation 7 Strengths and Challenges of SMEs and Family Businesses 8 SMEs in a Globalised Environment 8 New Entrepreneurs 9 Services to SMEs and Family Businesses 9 What is a Family Business? 11 Advantages and Disadvantages of Family Business 13 The Family Business Life Cycle 14 Conflict of Cultures 15 3. Human Resources & Human Relations 16 Introduction 16 Recruitment and Retention 16 Cranfield Survey 18 Leadership 19 Delegation 19 Investment in Training 21 Communication 22 4. Owner-Manager Types 23 Heroes 24 Artisans 24 Meddlers 25 Strategists 26 Relationship between the Owner-Manager and His Key Staff in a Growing Firm 27 5. Why Family Businesses Die 28 6. Family Business in Malta 31 7. SWOT Analysis 36 Basic SWOT Analysis 36 Strengths of family business 37 Weaknesses of Family Businesses 38 Opportunities of Family Business 39 Threats of Family Business 39 8. Conclusion 40 9. Reference 41 Family Business and Entrepreneurship What is an Entrepreneur? Entrepreneurs are people who create new business activities in the economy, usually by launching new companies. The new business activities can also be created by setting up a new product or developing a new market. Extremes of Entrepreneur At the very least, the entrepreneur is an independent spirit and a risk taker. Entrepreneurs simply create a new business in the economy, introducing a new product or creating a new market. At the very best, he or she is a creator and an innovator. The difference between a successful entrepreneur and a less successful entrepreneur is that the former increase quickly their new business activities. ...read more.


d) Prepares more people for promotion or the rotation of responsibilities We can conclude that delegation is a form of risk- taking. If you cannot deal with a few mistakes you will never be able to delegate. On the other hand, when delegation is carefully planned and well executed, it will result in freeing some of your time and also in a more efficient and profitable business. Investment in Training One of the problems in small businesses is that sometimes workers are viewed as another source of problem rather than a valuable resource. Owners of small business are often accused of not investing enough in training and upgrading of their workforce. This is because many small businesses face unique capacity and resource barriers to provide worker training. * Reasons brought forward by owner managers for lack of investment in HRD: a) Training is not generally considered as an investment but as a cost that could easily be done without b) Employers fear that their workers will leave for higher paying jobs with other companies Many firms, particularly small and medium sized firms, lack experience in using workplace training as a tool for achieving their business goals. They often lack resources and expertise to design and implement a learning plan for their organization and lack access to good information on training, training providers, and labour market conditions. Communication Owner managers of small businesses are generally reluctant to share or control day to day running of the business. Instead they prefer to be in the driving seat all the time despite the huge cost they have to pay in terms of personal well-being, family relations and business effectiveness. Due to this employees may feel that someone else is either is not listening to them or does not value their opinion. Today's workers expect to know what is going on at their company, how their work fits into the whole picture and what the future holds in store. ...read more.


If a competitor decides to move for something else within the market and takes your customers, then you should follow your competitor's tracks and try to provide something which could better attract customers. Never lay back, it could result in serious problems - problems which could lead to closing down your doors. You need to be good at recognizing phases of growth and managing your way through these phases. This could only be done by getting a hand at achieving up to date and accurate information about every aspect of business from marketing to human resource management. The creation of a more enterprise-friendly environment through the removal of excessive bureaucracy and a better use of resources would help to better make your way through. Becoming a better thinker and planner, be able to give an ear to others' experiences, and be able to reflect on your clients' needs, are necessary issues to become the entrepreneur you really need to be. Reference Agius, M. (2001) An analysis of the perceived causes of small business failure in Malta. Unpublished B. Acc. (Honours) dissertation, UOM. Burns, P. (2001) Entrepreneurship and Small Business. New York: Palgrave. Camilleri, M. [n.d.] Will your firm survive? [online] available at http://www.fhrd.org/article.asp [Date of access 27 February 2006]. Goodman, C. (2000) Family Business Means Business, Research Report. Dublin: Irish Management Institute, March. Keasey, K. and Watson, R. (1993) Small Firm Management Ownership, Finance and Performance. UK: Blackwell Publishers. Moorman, J. and Halloran, J.W. (1993) Entrepreneurship. Cincinnati OH, South: Western Publishing. Schein, E.H. (1998) Career Anchors: Discovering Your Real Value. Boston MA: Sloan School of Management, Massachusetts Institute of Technology. Simon, M. (1997) Investing public resources to support incumbent worker training [online] available at http://www.ngo.org/cda/files/120897publicrelations.pdf.html [Date of access 27 February 2006]. Van Voorhis, K. (1980) Entrepreneurship and Small Business Management. United States of America: Allyn and Bacon. Vella, M. [n.d.] Women told tax credit are not for family employment [online] available at http://www.maltatoday.com.mt/2005/05/08/t8.html [Date of access 24 February 2006]. ?? ?? ?? ?? Human Resource Management Family Business & Entrepreneurship 1 ...read more.

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