Influencers of successful selected family-owned businesses

Abstract

The purpose of this study is to determine the influencers of successful selected family-owned businesses. An entrepreneur must be able to develop and manage the company that implements his or her idea. Being an entrepreneur requires special drive, perseverance, passion, and a spirit of adventure, in addition to managerial and technical ability. The researchers gathered information to reach its objective by using survey questionnaires. These questionnaires were distributed to 30 family-owned businesses in Davao City as participants. They used the stratified random sampling method because it gives each member of the population an equal probability of being chosen. As a result, in 30 total of business respondents or 100 percent, there are 80 percent operated in 21 years and above, and 20 percent for 16 to 20 years in bracket. In terms of types of business, 50 percent are manufacturing business, 40 percent for merchandising business, and 10 percent for service business. Moreover, it was concluded that there is no significant difference on the level of influencers of successful selected family-owned businesses when analyzed according to their profile. The overall mean in terms of management and governance is 4.47 or “agree”, on the other hand, in terms of relationship with staff is 4.39 or “agree” and lastly, in terms of succession planning the overall mean is 4.59 or “strongly agree”. Based on the result, the successful family-owned businesses are more focused on succession planning, which means, it has the highest influence in terms of successful family-owned businesses. The researcher recommends to the School of College of Business Administration Education that they need to encourage their business students to make and create new ideas, seek out new ways to do things, be inventive and teach them about improvisation of methods for solving a problem so that the business students are more creative and innovative.