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Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
Choice of succession in african and asian owned business
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Choice of succession in african and asian owned business

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  • 1. International Bulletin of Business AdministrationISSN: 1451-243X Issue 11 (2011)© EuroJournals, Inc. 2011http://www.eurojournals.comGrowth, Sustainability and Inhibiting Factors of Family Owned Businesses in the South East of Nigeria Ifekwem, N. E. Department of Business Administration, University of Lagos Akoka-Yaba, Lagos, Nigeria E-mail: nkyifek@yahoo.com Tel: +2348033253217 Oghojafor, B. E. A. Department of Business Administration, University of Lagos Akoka-Yaba, Lagos, Nigeria Kuye, O. L. Department of Business Administration, University of Lagos Akoka-Yaba, Lagos, Nigeria Absrtact This paper presents and discusses the various challenges in family owned businesses in the South East of Nigeria. The attitudes of business owners in the region and inadequate planning often lead to the limited life span of most businesses. The responses from two hundred and fifty small business owners/executives in the South East of Nigeria confirmed that family owned businesses suffer many management and attitudinal problems ranging from individualistic spirit, lack of planning and basic information, lack of political awareness, wrong line of business, and poor book keeping among others. The implication is that businesses start and fail, rarely succeeding the owner. It is strongly recommended that business owners should invest heavily in training and courses locally and abroad to sensitize, orientate and change their mindset as well as adequately develop their management skills and abilities. It is also imperative for business owners to adequately scan the Nigerian business environment so as to identify the opportunities and threats therein, and develop the various techniques that will help them to adapt to the changing environments as they emerge. Keywords: Growth, Sustainability, Family-Owned Business,1. IntroductionNigeria is a country made of thirty six states and zoned into six geopolitical zones namely: North West,North East, North Central, South East, South West and South South Zones. The South East of Nigeria,one of the geo-political zones, is made up of five states namely Enugu, Anambra, Ebonyi, Imo, andAbia. They are predominantly Igbos, ethnically. Igbo culture impacts the enterprise culture. The Igboindividual is that equalitarian and republican who is very enterprising but without firm economic baseand economic power and also lacking in political power and perspicuity. He does not have all it takesto operate, compete and succeed in present day Nigeria (Nwankwo 2000). 149
  • 2. In the journey of Nigeria’s first generation entrepreneurs, the early Igbo tycoons likeOdimegwu Ojukwu and others who went from produce buying to becoming a transportation magnatemade sizeable fortunes. It is true however that few of the early wealthy families have been able tosustain wealth past one generation, many of the ventures have in fact failed rather than changeownership (Utomi 2008). Developing economies like Africa and Asian countries have come to realize the value andsignificant role family owned businesses play in their economic development. In these countries, muchof the entrepreneurship activities and wealth lies with family owned businesses hence, they arebecoming the fastest growing sector of the economy. They are seen to be characterized by dynamism,witty, innovations, efficiency, and their small size allows for faster decision making process. In somecountries many of the largest publicly listed firms were family owned. Indeed, Charkrabarty (2009)maintains that many businesses that are now public companies were family businesses. A family business is a business in which one or more members of one or more families have asignificant ownership interest and significant commitments towards the business’ overall well being(Charkrabarty, 2009). According to Charkrabarty (2009), a firm is said to be family owned if a person is thecontrolling shareholder, that is a person (rather than a state, corporation, management trusts and mutualfund) can garner enough shares to assure at least 20% of the voting rights and the highest percentage ofvoting rights in comparison to other shareholders. Family business may have owners who are not family members. Family business may also bemanaged by individuals who are not members of the family. However, family members are ofteninvolved in the operations of their family business in some capacity and in smaller companies usuallyone or more family members are the senior officers and managers. Nwankwo (1990) is of the opinion that when family business is basically owned and operatedby one person, he or she usually does the necessary balancing automatically. For example, the foundermay decide that the business needs to build a new plant and decide to take less money out of thebusiness to live on for a period of time in order for the business to generate the cash needed to expand.In making this decision, the founder is balancing his personal interest (taking cash out) with the needsof the society (expansion). The people of the south East of Nigerian are believed to be hardworking and enterprising, andfamily owned business is a common phenomenon in this part of the country. The question is how manyof these businesses survive the founders? There is probably a high level of small business failure in theSouth East of Nigeria. Factors responsible for these failures may include poor management, lack ofbasic information and planning, wrong line of business, poor book keeping, and inadequate start-upcapital, among other environmental factors. Since the vital aspect of any business is its survival andgrowth, this paper examines the necessary strategies for the survival and growth of family ownedbusiness (FOB) in the South East of Nigeria. The study, among other things, examines successionplanning, management, finance, internal and external environment of business, and other challengesthat family owned businesses face.2. Review of Literature2.1. The Role of Family Owned Business in Economic DevelopmentMany management and economic theories and concepts are relevant in discussions of economicdevelopment without the exclusion of developing countries. The developing economies including African nations are yet to attain technological andindustrial threshold. Most African countries generally have remained increasingly poor in spite of theirabundant resources with incidence of poverty rising from 28.1% in 1980, 65.6% in 1986 and further to70.6% in 1999 (Neshamba, 2004). Even now, the trend has not changed. For any meaningful economic 150
  • 3. development to take place the trend must be reversed and strategies for development must take intoaccount the people’s historical socio-cultural and institutional realities. In making a case for planning African economies, Neshamba (2004) argued that meaningfuleconomic development must aim at total transformation of the entire economy from traditionalsubsistence society to a modern monetized, industrial and self sustaining economy. This transformationcan only be achieved if the small-scale enterprises (family owned businesses included) are encouragedto grow through the provision of the badly needed financial and other resources. The Central Bank of Nigeria (CBN) in its monetary policy circular No. 36 declares that the roleof small scale enterprise (FOBs inclusive) in employment generation, skill acquisition, output growth,enhancement of local technology and mitigation of rural – urban drift cannot be over emphasized(CBN, 2002). The few large scale multinational companies, state corporation etc where they exist havefailed to provide employment to teeming unemployed Nigerians. For example, in Nigeria, the frequentupheaval in the oil rich Delta region caused by dissatisfied and frustrated youths of the locality is amanifestation of the failure of the multinational companies. If the impact of these multinationalcompanies can not be felt in the localized operational areas, their capacity in providing the catalyticimpetus needed for national economic development becomes very much in doubt. Family firms introduce dynamic personalized control that is different from the institutionalizedcontrol in non family firms, significantly affecting the strategic orientation and processes of these firms(Charisman, Chua,and Sharma, 2005).2.2. Financing Family Owned Business and SourcesAll businesses, not withstanding size, need adequate funds for start off and for healthy operations.Most family owned businesses like many small scale enterprises have greater disability in sourcing therequired funds because of institutional inadequacies, their inability to provide necessary collateral andaccess the capital market. Finance is an indispensable ingredient in any business establishment, the size not withstanding.It is the life wire that determines the success or failure of the business entity; a lubricant that insuresthe proper functioning of the system. Ardener (1995) reiterated that every new business requiresfinance to get started just as existing ones need the same for expansion and growth. Sources discussed relate to both new and existing family owned business and are broadlyclassified into internal and external sources:Internal SourcesArdener (1995) asserts that whatever the form of business organization, the promoters are requiredboth by business ethics and commercial prudence to provide reasonable part of their start up capital.The types and sources of their contributions to the new venture depend on the type and legal form ofthe business organization. So, in family owned businesses, the owners majorly rely on what they canprovide. For a more formal organization such as cooperative society, internal sources of fundinginclude share capital contribution, thrift savings, special deposits and loans from members etc(Akeredolu-Ale, 1975). According to Akeredolu-Ale (1975), retained profit accounts for half of thetotal finance used by the business sector in recent times. In business the undistributed profit constitutedominant source of internally generated fund.External SourcesFor small scale businesses in Nigeria, important external sources of fund include trade credits, short-term loans/credits, factoring and prepayment. Trade credit is in effect a loan made by supplier when hedelivers goods to the buyer in anticipation of payment at a future date to the extent that goods delivereddo not have to be paid for on receipt. The company receiving the goods obtains credit for the periodallowed before payment. Odueyungbo (2006) asserts that trade credit constitute the largest source ofshort term finance for business firms collectively. However, trade credit carries some costs which have 151
  • 4. to be considered. Besides building higher prices, trade credit carries opportunity cost in terms of cashdiscount foregone. There is also possible deterioration in credit rating or loss of future credits as aresult of stretching accounts receivable beyond the net period allowed. Another source of externalfunding is bank credit facility which may be overdraft or loan. Such facility could be granted on cleanbasis or against security depending on the company’s asset base, the operating level and results, theintegrity of key officers and associated accounts.2.3. Environmental Strategy in Family FirmsA firm’s environmental strategy is referred to a firm’s strategy to manage the interface between itsbusiness and natural environment (Kanter, 2009). Family involvement and unique family dynamicsimpact organizational strategy and performance (Sharma & Sharma 2011). Environment strategiesfocus on meeting legal requirements and implementing pollution controls. Family businesses pursuingsuch strategies are driven by instrumental factors such as avoiding legal sanctions or penalties andnegative impacts on a firm’s image or reputation (Russo & Fonts 1978 in Sharma 2011). Sharma and Sharma (2011) argue that family involvement in business influence the attitudes,subjective norms and perceived behavioral control of a firm’s dominant coalition. In non family firms,it is very difficult to link individual level beliefs, values and attitude with organizational level strategywithout examining processes that translate these beliefs into deep rooted and pervasive organizationaland cultural change. In contrast, in family firms, the long tenure of the leadership and the controllingfamily influence on the firm’s dominant coalition allow easier permeation of individual and familyvalues into the firm’s resource allocation decision.(McConaughy2000).2.4. Typology of Family FirmsIndications are that the kind of assumptions made by a family and their behaviour can generate acertain orientation in a family firm. Ward (1987) opines that the differences are strong enough towarrant the development of a typology of family firms. Table 1 below depicts the postulatedassumptions in family and business oriented family firms at the boundaries of Ward’s continuum.Table 1: Likely Assumptions and Situations in a Family First Group Vs Business First Group 1 Family Assumptions Family First Group Business First Group Are more rigid in their views. A rigid family Are less Rigid in their views. More likely to allow things to struggles to prescribe the rules of the game as well as evolve. its outcome control. Are more likely to take risks. Crave to preserve the spirit of Are less likely to take risks. Would like to maintain risk taking that sparked the business initially. business in its present condition. Are more likely to strategically plan. Are less likely to strategically plan. Believe in ‘equality of opportunity’. Believe that after a Believe in ‘equality of results’. Provide each child certain point individuals should make their own way in the the same chance, regardless of ability. Job as a world and deserve no extra help in the supply of jobs for the birthright. family. Dependence. Think geographical separation implies Independence. Grant each member freedom to follow own emotional separation and is therefore a bad idea. path. 2 Family and Business Situations Family first Group Business First Group (i) Smaller Business Wealth. (i) Larger Business Wealth. (ii) Smaller Business Size. (ii) Larger Business Size. (iii) Fewer Family Members. (iii) More Family Members. (iv) Low-Tech Business. (iv) High-Tech Business. (v) More need for personal service (v) More need for invention / researchSource: Adapted from Ward (1987) 152
  • 5. Ward (1987) argues that the situations of the firm and family can influence the orientation. If,for instance, the firm is small and the family is large, a business orientation must prevail. As the tableindicates, Ward suggests that business income, size, technology and necessity to innovate along withthe number of family members working in the firm impact on the orientation3. MethodologyFace to face interview was carried out with two hundred and fifty small business executives in Onitsha,Anambra State and its environs to find out the challenges they face operating family businesses.Interview was done individually and in groups. Onitsha is a major business town in the South Eastwhere business people from all the five states of the zone are represented. For the purpose of sample selection, efforts were made to ascertain whether there was acomprehensive and up to date official list of small businesses in Onitsha but none was available.Therefore, quota sampling became an option. Onitsha and it environ, with numerous markets andbusiness outfits, were divided into five zones and assigned to five Research Assistants. Each of themwas mandated to directly administer copies of the questionnaire on the respondents in her zone.Samples were spread out across the entire zones and efforts were made to ensure that the variety ofsmall businesses (for example in terms of size, type of product and type of business) were included. There was a hundred percent response rate due to the fact that the responses were taken directlyby the research assistants.4. Findings and DiscussionsThe research revealed some factors that could slow down the growth or cause the failure of familyowned business in the South East, Nigeria:4.1. Lack of Basic Information and PlanningThe ability to carry out a successful business plan is still lacking in most family owned business in theSouth East of Nigeria, and this act as impediment to their survival and growth. Planning as the key toevery business be it small or big, new or old was very much absent. The study revealed that 193 out of250 (77%) started their business without any formal documented business plan. Each business plan ispeculiar to its nature of business and will be different from others (Burns 2007) Lack of planninginfluenced most family businesses to register as small businesses with the consequences of being put inhigh tax brackets. Authorities charged with the duties of facilitating the creation of small businessesinstead use loopholes created by the small business persons themselves to siphon monies from them,thereby scaring many businesses from registration. In the course of this research different reasons were given by the respondents for not planningtheir businesses. Some said it was expensive, others said they were discouraged by governmentpolicies, while majority complained of lack of knowledge and complexity of information to beanalyzed. They also argued about the possibility of rigidity. That is, after having invested in planning,there will be resistance to abandoning it considering the inconsistent Nigerian Business Environment. Agreed that planning is expensive, but literature suggests that planning is a good managementpractice and beneficial to business (Gibson, and Cesar 2002) and a road map (Burn 2007). Businessplan as a well analyzed piece of information relating to the opportunity eliminates uncertainly and soreduces risk (Wickman 2001). Oghojafor (1997) asserts that planning is a formal process whereby specific objectives are setand detailed resources together with ways or method of accomplishing these objectives are established.He also maintains that planning involves an advance consideration and arrangement of what is to bedone and how it is to be done. 153
  • 6. 4.2. Lack of Political AwarenessThe findings revealed that a typical Igbo business man has a lot of apathy to governance and what ishappening in government, not realizing that politics is who gets what, where and when. In support ofthe findings, Nwankwo (1990) asserts that the Igbo man cries and complains of marginalization, andhis mindset convinces him so. He alienates himself from the Nigeria socio–political chess board,concentrating only on his business, thereby separating business and politics which hitherto should gohand in hand. The Igbo business man, the Chinese of South East Asia, the Vietnamese and Jews inAmerica, as people, are usually unable or unwilling to get involved in politics and other social prestigeactivities, rather they become obsessively involved in economic pursuits, something Utomi (2008) calls“the emigrant economic ethic”. Politicization of the institution charged with the duty of facilitating small medium enterprises(SMEs) in Nigeria has contributed in impeding the growth and survival of family owned Business inthe South East, Nigeria. Most national institutions charged with the responsibility of promoting SMEswere promoting party politics instead. This undermines the government’s effort to facilitate the growthand survival of these businesses. In selecting people for small business financial assistance, selection is based on personalityrather than ability. This often stimulates corruption. Whereas, Evans and Leighton (1989) point out thatwhoever becomes a business person is decided not by personality but by entrepreneurial ability and theincentive systems.4.3. Individualistic Spirit / Orientation to Joint Stock EnterpriseFrom the study, many other factors found to be responsible for this short coming include individualisticspirit, lack of trust, and power tussle (since every one want to be the leader – Managing Director)among others. Utomi (2008) emphasizes that Igbo tradition of individualism make them more easily attuned tomarkets and free enterprise orientation. Utomi further stated that whereas Igbo people did not take thesense of community to the collective extreme that is discouraging individual venturing into institutionbuilding that should provide strong pillars for continuity in business. This position was supported by78% of the respondents who vow to maintain individualistic spirit as against sense of community. Theystrongly argued they would do better being alone in business than in joint business. Due to the individualistic spirit and for the fact that resources are not pulled together, mostfamily businesses in the South East are devoid of modern scientific business practices and effectivesuccession to corporate status with an apparatus of modern business management practices, corporatevision and objectives of progress or profit, survival and development (Nwankwo, 2000). Furthermore,Nwankwo believes that what today parade as Igbo Business men, are petty traders, single one manbusinesses or family businesses that do not operate on modern line. They have limited life spansbecause of lack of succession, the business fall sick when their owners fall sick, and die when theirowners die. Utomi (2008) further stressed the need for joint stock enterprise when he lamented that theremust be something in the DNA of Igbo man that makes it difficult for them to run joint stockenterprises. According to him, if you left enterprise at the level of the owner and his children (forinstance, Okeke and sons), it would be fine, but once others have an interest in the venture, crisesbecome imminent. Serious work has to be done to initiate Igbo man into governance culture for jointstock enterprise to enable all become more comfortable with pooling resources in building bettercapitalized companies that can win the big battles of wealth creation. Such companies have a betterchance of succeeding their owners. 154
  • 7. 4.4. Inadequate Startup CapitalFinancing family owned business and sources of fund has been extensively discussed earlier sincefinance is the life wire of any business. This Research confirms that most of the businesses were startedwith inadequate capital. This significantly contributed to financial problems and quick exit of manyfamily owned businesses. Majority of them (75%) were found to have their start capital from personalsavings and contributions, some from short-term loans since getting long term loans from the bank wasdifficult due to lack of planning that meet the bank’s requirement. According to Burns (2007), to obtaina bank loan, the business owner will need to establish a relationship of trust and respect and alsopresent the bank with a business plan. Most Igbo family businesses are started with little money, theyrely on hard work and it takes them a long time to succeed. These beliefs were found to have enslavedmost of them, forcing them to engage in many forms of odd jobs and irregularities during businessoperation to earn money and inject in the business which consequently make business performancedifficult to evaluate. Most times the correct amount of start up capital may not be identified due to poor bookkeeping and this is important to bridge the initial gap between existing knowledge and resourcesnecessary for business survival and growth. Levitskey (1996) states that most business learning takesplace during the process of startup requiring finances. Thus it is extremely important that the start upcapital is well calculated to provide for occasional surcharges.4.5. Record KeepingBook keeping helps to generate information needed to manage a business. Though, book keeping doesnot contribute directly to business profit, its importance cannot be undermined. This researchdiscovered that most family owned businesses in the South East of Nigeria (74% of the respondents)do not maintain any form of accounting records and those who tried to keep records keep misleading orhaphazard record. The reasons for not keeping records are attributed to fear of high tax and mostlyignorance of the need. The absence of good book keeping makes the evaluation of business progressdifficult both for the family business and the authorities concerned. Booking keeping is very important since people require information in order to assess whetherthey should confer legitimacy to a given business outfit. When a society does not understand how asmall firm earns its progress, they misinterpret the business the way they like. This can be devastatingespecially in African society where business progress or failure is very often associated withsuperstition. Isidro (2006) confirms that good record keeping over performance, basic information andplanning help to keep the business in track avoiding all ills that can result in high taxes and highinventory holding costs.4.6. Attitudes towards Human CapitalHuman capital if well utilized goes a long way in enhancing business ventures. According to Utomi(2008) most Igbo entrepreneurs are penny wise pound foolish where the deployment of human capitalis concerned. He stated that there are empirical evidence of the low quality and high turnover of staff inmost family businesses in the South East. Considering that labour is cheap and abundantly available,these entrepreneurs hire the unskilled, pay them poorly, invest in training them to get the job donewhile the staff see themselves as just managing until they find a better job. Once they find somethingbetter they move on and the various circle of investing in training continue at the business. This hasproved to be very expensive for the businesses that do not seem to realize they would save a lot if theyinvested more in hiring the right people and paying them well so that they stay much longer and thefirm profits from deploying & hiring quality human capital with attendant productivity gains. Mostrespondents (78) admitted they use mostly family members who may be ill qualified or ill skilled. 155
  • 8. 4.7. Wrong Line of BusinessMany family owned businesses were found to be in the wrong business and this resulted in capitalshortages. Carter (1982) argues that many businesses fail because the line of business is not wellchosen to fit the climate prevailing in the economy during that time. Isidro (2006) stresses the importance of understanding the need of the business environment.Opportunity identification has to relate to the requirements of the environment. Isidro further advisethat the first requirement for being a successful business person consists in choosing lines of business,where this does not happen the business suffers. In the course of this research, it was revealed thatmany family owned businesses seldom carry out feasibility studies to enable them identify the need oftheir business environment, to enable the choice of an appropriate business line. 60 percent (150respondents) of the businesses were started without any feasibility study. For example in the course ofthis research a case of an inappropriate business line was discovered. There is this family ownedbusiness outfit that carried a heavy stock of motor spare parts for sale in a remote environment wheremost people use bicycles and few motorcycles. Only the traditional ruler, a medical doctor who runsthe only clinic in the village and the principal of the community secondary school own cars. Whenasked “Why did you decide to start selling motor spare parts here? He gave the following answers: “I spent four years with my Uncle in Lagos learning trade on motor spare parts. At the deathof my uncle, I could not afford to pay for a shop in Lagos hence I decided to relocate to the villagebut since a year ago when I stocked the goods only one or two has been sold, I do not know whybusiness is not moving here”. It is obvious that the above respondent went into a wrong line of business. He could as welllearn a trade on bicycle parts or some other product that is needed in the environment. Theconsequence of wrong line of business is always financial crises as cash is tied to inventory.4.8. Lack of Secession PlanThis research was able to identify the non-availability of succession plan in most family businesses. 70percent of the respondents have no plans on who succeeds them. Those institutions which would havedeepened the roots of enterprises seem to be compromised by attitude towards use of professionals.Professionalizing business succession and planning, trust in ownership structure that makes a broadblock of stakeholders committed to ensuring smooth transition of enterprise leadership from one teamto another (Utomi 2008). Utomi (2008) further stated that modern successful enterprise go through certain processes thatinvolve three main activities: opportunities identification, commercializing the venture andinstitutionalizing the venture. This research observe that the entrepreneur of the south east of Nigeriatends to do well on the first two and due to lack of succession plan the business is rarelyinstitutionalized. It was identified that most Igbo family businesses are like one man business that donot operate on modern lines; they have limited life span because of lack of succession. Thesebusinesses fall sick when their owners fall sick and die when the owners die. Due to lack of successionthe businesses hardly survive their promoters or owners.Table 2: Response to the Questions on the challenges that slow down the growth of Family owned businesses in the South East of Nigeria. Frequency PercentageLack of basic information 193 77Lack of Political Awareness 180 72Individualistic Spirit 195 78Inadequate Set up capital 175 70Book keeping 185 74Attitude towards human capital 195 78 156
  • 9. Table 2: Response to the Questions on the challenges that slow down the growth of Family owned businesses in the South East of Nigeria. - continued Wrong line of business 150 60 Lack of succession plan 175 70N = 250Source: survey, 20115. Conclusion, Implication and Policy RecommendationAn economy that is made up of businesses that have limited life spans, absence of corporate cultureand growth structure can neither progress nor survive the vicissitudes of local and global competition.An economy characterized by berserk individualism, atomization of growth pillars and perverted valuesystems surely has no place in the evolving globalization of the 21st century characterized by megaconglomerates. There is the need for both policy makers and small business owners to address the issueraised. There should be a change of focus, a change of mindset and a change of the paradigm ofpolicies and approaches hitherto pursued. This can only be achieved with appropriate programmes. There are a number of growth and development implications of this research. For family ownedbusiness in the South East of Nigeria to grow, the research suggests that there is a relationship betweenbusiness planning, owner’s attitude and performance. The findings suggest an orientation and educational programmes to change the mindset ofbusiness owners to enable them graduate from atomistic sole proprietor, family business devoid ofmodern scientific business practice and effective succession to corporate status with an apparatus ofmodern business management practices and corporate vision. It further suggests some imperatives forpolicy makers concerned with promoting small business growth and sustainability in the South East.This has implication for the welfare and economic growth of the zone, Nigeria at large, and the muchpublicized fight against poverty. Government needs to motivate small business persons. They should be empowered to enablethem identify business opportunities. Getting the right information about business opportunities is anarea that the government needs to motivate family and small business owners. The awareness must becreated. Such information outlets should be given wide publicity. In a developing nation like Nigeria,small businesses cannot be ignored. They contribute enormously to the economy and need to bestrengthened.References[1] Akeredolu–Ale, E. (1975) “The Underdevelopment of Indigenous Entrepreneurship in Nigeria, Ibadan, Ibadan University Press[2] Ardener, S. (1995) Money-Go-Round: The Important of Rotating Savings and Credit Associations for Women Oxford Press Oxford[3] Burns, P. (2007) Entrepreneurship and Small Business Palgrave Macmillan Stations World net, and the Web, htt://s,a,businesscool.org[4] Carter (1982) In Burns Paul and Dewhurst (1986) ‘Small Business and Entrepreneurship” Macmillan press U.K[5] Chakrabarty S. (2009) The influence of National Culture and Institutional Voids on Family Ownership of Large Firms: A country Level Empirical Study [htpp://papers.ssm.com /so13/papers.cfm? Journal of International Management. 15[1][6] Chrisman, J.J., Chua, J.H., and Sharma, P. (2005). “Trends and Directions in the Development of a Strategic Management Theory of the Family Firm. Entrepreneurship Theory and Practice.[7] Evans P and Leighton (1989) Empirical Aspect of Entrepreneurship. American Economic Review 79, pp. 519 – 35 USA. 157
  • 10. [8] Gibson, B, and Cassar, G. (2002) Planning behaviour Variables in Small Firms – Journal of Small Business Management 40(3), pp. 171 – 186.[9] Isidro M (2006) Choosing a Business: Learn how to evaluate your business idea published by Power, homebiz.com[10] Kanter, R.N. (2009), “How Vanguard Companies Create Innovation, Profits, Growth and Social Good”. Crown Publishing Group New York.[11] Levistsky J. (1996) Small Business in Transition Economies: Promoting Enterprise in Central and Former Soviet Union London. Intermediate Technology UK."[12] McConaughy, D. L. (2000). “Family CEOs VS Non Family CEOs in the Family Controlled Firm: An Examination of the Level and Sensitivity of Pay to Performance”. Family Business Review 3, pp. 121 - 131[13] Neshamba, F. (2004) Business Support Services for Small Firms: Have the Providers got it right? Paper presented at the 49th International council for small businesses (ICSB) in Johannesburg – South Africa June 20 – 23 2004[14] Nigerian Business Info. Com 2001[15] Nwankwo G. O. (1990) The Igbo man in the Political Economy of the Fourth Republic Evergreen Associate P. I. Lagos.[16] Nwankwo G. O. (2000) Rethinking the Igbo man Evergreen Associates Lagos[17] Odueyungbo, F. (2006) Business Management: A Practical Approach. Nolachild Associates, Lagos[18] Oghojafor, B. (1997), Multiple Choice Questions in Management with Notes. Malt House Press Limited Lagos[19] Sharma, P. and Sharma, S. (2011) Drivers of Proactive Environmental Strategy in Family Firms. For Publication Consideration in the Special Issue of Business Ethics Quarterly 2011 http://www.pdcnet.org/pdfs/forthcoming/BEQ21-2_6.pdf Assessed 1st February 2011[20] Utomi, P. (2009) “Why Great Igbo Family Business Fail” Being Text of Paper Delivered at the South East Economic Summit – Daily Sun Mon Dec. 22 2008.[21] Ward, J.L. (1987) “Keeping the Family Business Healthy”, San Fransico, Jossey Bass.[22] Wickham, P. A. (2001) Strategic entrepreneurship. Prentice Hall. 158

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