Browsing by Author "Amponsah, Livingstone"

Now showing 1 - 1 of 1
  • No Thumbnail Available
    Item
    The effect of socio-cultural practices on the growth of family business. The case of the Ashantis in Ghana.
    (KNUST, 2012-07) Amponsah, Livingstone
    Family firms are widely recognized as a major source of technological innovation and economic progress. Family business as have become conservative and unwilling to take risk to elicit entrepreneurial spirit, the study show how the family ownership and management could promote entrepreneurship. The paper aims to increase the understanding of family business and its contribution to the growth and development of the economy. The effect of socio-cultural practices on the growth of family business which is the backbone of the private sector in the economy. It is through the family businesses that innovations, creativity and entrepreneurship are unveiled for growth and development. Although there has been considerable research based on the psychological and economic approaches to family business, the influence of socio-cultural practices on family business development remains understudy. Therefore, the aim of this research is to integrate the various stakeholders from a theoretical perspective and elicit the various socio-cultural practices that affect the operations of family business. Also brief overviews of the challenges facing the family business have been highlighted for further considerations and research. The study also brings to light the problems associated with family firms such as family conflict over money, nepotism leading to poor management and infighting over succession of power from one generation to the next.