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The three-circle model of family business is one of the most widely accepted frameworks used to understand the complexities of entrepreneurial ventures that are owned and managed by families. This model was introduced by Renato Tagiuri and John Davis in 1978, and it provides a clear way to analyze the overlapping roles and interests within a family business. According to the model, there are three interrelated circles: family, ownership, and business. Each circle represents a _________ __________ ________ _______ ______ ________ ___ _________ _________ ___ _____ __________.
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