What are the three types of family business?

How many types of family business management are there?

As such, there are various definitions of family business given looking at the different aspects of family business. For the convenience of understanding, all definitions have been broadly classified into two types based on the structure and process involved in family business.

What defines family business?

A family-owned business may be defined as any business in which two or more family members are involved and the majority of ownership or control lies within a family. Family-owned businesses may be the oldest form of business organization.

What are the 2 types of family?

Family life

  • Nuclear family – a family unit consisting of two adults and any number of children living together. …
  • Extended family – grandparents, aunts, uncles, and cousins, either all living nearby or within the same household. …
  • Reconstituted family – also known as a step family.

What are theories of family?

Family theories focus on the dynamic interactions among family members, describing changes in typical patterns of parent–child relationships, and the characteristics of family interactions that enhance or disrupt development.

What are the major types of family business running in India?

The list includes:

  • Tata Group – Founded in 1868 by Jamsetji Tata.
  • TVS Group – Founded in 1911 by T V Sundaram Iyengar.
  • Aditya Birla Group – Founded in 1857 by Shiv Narayan Birla.
  • Kiroloskar Group – Founded in 1911 by Laxmanrao Kirloskar.
  • Godrej Group – Founded in 1897 by Ardeshir Godrej and Pirojsha Burjorji Godrej.
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What are the components of family business?


It includes Family, Business and Ownership as the three main components of the business, which form the pillar of any family business.