A Study Of Certain Problems Associated With The Management Of The Family Firm

With the deepening of the Reform & Opening-up of our country, the family firm is gaining an increasingly prominent position in the socialist market economy. Following China's accession to the WTO, the globalization of the world economy is taking shape. Against the backdrop of growingly fierce market competition, the state-owned enterprises in China are taking steps to restructure in compliance with the market economy rules. In this way, the entire economic environment is forcing family firms to rapidly move close to the modern management practices in an effort to stay consistent with the international practices. This paper sets out to explore the essential features that family firms must possess through a study of the spirit of entrepreneurship, long-term planning, internal/external communications to identify problems typically facing family firms. Through an analysis of the foregoing problems, this paper outlines a number of recommendations on promoting the healthy growth of family firms.