The evolution of entrepreneurial resourcefulness in the context of family business

Abstract

The main purpose of this paper is to investigate and propose a concept of Entrepreneurial Resourcefulness in the context of family business. The critical concern derives from the fact that succesful economic performance is getting increasingly complicated, and requires constant learning from experience. Family firms offer versatile research ground for this phenomenon due to their dynamic characteristics, one being the strive for longevity. Emotionality adds the pervasive complexity in family business, therefore situational resourcesfulness is frequently needed. Evolutionary approach and systemic view are employed to investigate the interconnected processes and conditions between the individual and the family business systems. Invoking the human side of the business, we argue that entrepreneurial resourcefulness represents the very heart and the underlying core logic of entrepreneurial performance. Study was set out to investigate why and how entrepreneurial mind becomes prepared for contingency, i.e. resourceful in the face of possibilities and constraints. The evolution of entrepreneurial resourcefulness is empirically explored by cases of biographies and in-depth interviews with family business owners. Psychological theories of personal development are selected to facilitate deeper understanding of how entrepreneurial resourcefulness can be developed in a way that cumulates creativity, emotional well-being and sustainability for the person, family and business.