3. Discussion

Based on the theory of the entrepreneurial process and family business successor, I came out with the new model to proven that family business successors were naturally born to become an entrepreneurship (Figure 1)

The paradigm of human capital may include “skills, abilities, personality, appearance, reputation, and appropriate credentials”. In this article, I only focused on skills and abilities that can be developed as a result of education and work experience. Sardeshmukh (2008) argues that investment in education can be argued to be investment in completely general human capital. Formal education, particularly business education can teach concepts and skill that are generic enough and can be applied to most business context. Education can give the successors an ability to grasp the management concepts, and use them in their business. It also exposes the potential successor to new ideas and trends in management.

Sardeshmukh (2008) also defines work experience as events that are experienced by an individual that relate to the performance of some job. Work experience is undoubtedly an important component of development and learning; the experiential component is particularly important for managers. The primary outcomes of work experience include increased work knowledge and skills, motivation, values, and attitudes and subsequently performance.

Entrepreneurial processes include the wish to start a business or the specific business idea that was being pursued. Such business ideas may be externally stimulated decisions, a desire to start a business, or an internal search for business opportunities. The development of a solution from the experience of a problem solving and the knowledge that others have the same problem and are happy to pay for a solution may provide opportunities to apply the new skill in a particular problem solving activity and also generate a potential business opportunities.

References

Bygrave, B. 2004., “The entrepreneurial process In W. Bygrave & A.E. Zacharkis (Eds.)”, The portable MBA in entrepreneurship (pp. 1–28). Hoboken, NJ: John Wiley & Sons.

Drake, A., 2009, “Understanding Family Business: A practical guide for the next  generation”, Institute for Family Business.

Gaddefors, J. 2007, “Metaphor use in the entrepreneurial process”, International Journal of Entrepreneurial Behaviour & Research, Vol. 13, No.33, pp. 173-193

Hisrich, Robert D., Michael P. Peters, and Dean A. Shepherd. , 2005, “Entrepreneurship 6 ed”. New York: McGraw-Hill Irwin.

Moroz, P. W. & Hindle, K., 2011, “Entrepreneurship as a Process: Toward Harmonizing

Multiple Perspectives”, Baylor University – 1042-2587

Mathews, J., 2008, “Entrepreneurial Process: A Personalistic-Cognitive Platform Model” Vikalpa, Volume 33, No. 3, July-September

Sardeshmukh, S.R. 2008, “Successor Development in Family Firms”, Rensselaer Polytechnic Institute Troy, New York

Shepherd, D., & Haynie, J. M., 2009, “Family Business, Identity Conflict, and an expedited entrepreneurial process: A process of resolving identity conflict”, Journal of Entrepreneurship Theory and Practice,  1042-2587 Baylor University.

Walsh, G., 2011, “Family Business Succession: Managing the All-Important Family Component”, KPMG Enterprise

Wang, C. 2010, “Daughter Exclusion in Family Business Succession: A Review of the Literature”, Springer Science + Business Media, LLC.