SOCSCI 2EN3 Chapter Notes - Chapter 3: Canadian Tire, Business Matters
22 Oct 2016
School
Department
Course
Professor
Document Summary
Family enterprise share future operate together or in succession. Family primary function care and nurture family members: family goals personal development and creation + rewards. Business function production and distribution of goods/services: business goals profitability and survival. 3-2 family and business overlap: mainly small but have ability to grow. Business must deal with differences in competence and merit. Business whiling competing in global economy = instability. Commitment is about staying with the company + affects what a person does. Typically passing the business onto the next generation. Working with someone you truly trust and to share more of your lives together. Set boundaries and make routines to cope w/ demands of everyday life. Exposure from parents and see what the company does to the company. Issue: personal freedom: child must be granted the freedom to choose a career of their own. 3-5 the need for good management in the family firm. Good management is needed for success of any business.
