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Entrepreneurship and the Family: Panacea for Resilience, Sustainability, and Socioeconomic Development
Abstract
Entrepreneurship and the family are fast becoming the linchpin of contemporary societies, especially since the global economic crisis of 2008 and the COVID-19 pandemic. Entrepreneurs confirm that support from family in addition to resources developed by the family has contributed to their ability to be resilient in crises and grow sustainable businesses. Policymakers thus need to create a favourable environment to enable societies to derive the benefits of the interplay between entrepreneurial activities and family support in times of crisis. This chapter aims to contribute to an understanding of how an integration of family resources into entrepreneurship positively influences socioeconomic development and fuels resilience and sustainability. As the environment continues to be volatile, uncertain, complex, and ambiguous globally, this chapter provides a theoretical and practical understanding of the interplay between family and entrepreneurship, in generating socioeconomic development, through resilient and sustainable entrepreneurial activities.
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