Strategic Drivers of Family Business

Family business can be considered as a very important part of national economies. Family businesses contribute significantly to GDP and employment The family business produces almost 80% of gross domestic product in Europe. The family businesses make up the worldwide solid backbone of the economy, the paper is focused on issues in the environment of Czech companies. In comparison with other European countries, the family business remains still underrated in the Czech Republic Family business has in the recent history of the Czech Republic relatively short tradition, which is of course determined by political developments in the country. In the Czech Republic there was the development of private enterprise and family business after Velvet Revolution which marked the fall of the former totalitarian regime in general. But if we continue questing in history, particularly in the era of the First Republic, we would find that at this time was family business relatively well developed especially in small businesses, which had been handed down from father to son; this procedure in the transmission of family craft was completely normal. The paper is focused on strategic drivers of family business and on advantages and disadvantages of this type of business. The approach combines a literature review that highlights family business and key strategic drivers with primary data from questionnaire survey in family businesses. The key strategic drivers related to family business issues that are required to build and strengthen the adaptive capacity of Czech family business are the objective of the paper.