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The viability of a family business has been a subject of considerable debate in the context of entrepreneurship and small business management. A family business is defined as one in which decision-making is influenced by multiple generations of a family—related by blood, marriage, or adoption—who have ownership and control over the enterprise. In the context of the management of new and small enterprises, the viability of a family business depends on a multitude of factors including succession planning, governance structure, resource availability, innovation capability, and adaptability to change. Family businesses constitute a significant segment of small enterprises across the globe. In many economies, they are the backbone of local commerce and contribute substantially to GDP and employment. They are particularly prevalent in sectors such as retail, agriculture, manufacturing, hospitality, and services. In India, for example, family-run businesses form the majority of small and medium enterprises, often starting as small-scale ventures and expanding across generations. One of the major strengths of family businesses is their long-term orientation. Unlike corporate entities driven by quarterly performance and shareholder expectations, family businesses are often guided by a ___ _____ __________ __________ _________ _____.
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