Solidarity Fosters Family Business Development

Solidarity among family members is key to a family business’ prosperous growth and successful development. Upholding positive values such as mutual respect and trust in turn helps enhance solidarity among the family members of a family business.

The family unit has long been a key component in traditional Chinese society. Each family member would fight hard and struggle to sustain the reputation and power of the family he or she belongs to. Nevertheless, due to the cultural changes in modern society, many Chinese have abandoned the 5,000-year-old traditional culture of family solidarity, which has led to the decline of family business.

In fact, family members who stick together can foster the development of a family business as a whole by reinforcing positive values such as entrepreneurial spirit, professionalism, collaboration and loyalty. This can result in a harmonious combination of family and corporate values.

The leader of a family business should be able to fine-tune the development of the company and unite family members to support the development of the business, as well as invest the company’s wealth wisely to contribute to the development of company.

Find out more in a feature article published in WEALTH《財富管理》magazine’s September 2014 edition. The article is co-authored by Kevin Au, Associate Professor of Department of Management and Director of Centre for Family Business; and Dr. Wong Kam Shing, a Family Entrepreneur-in-Residence of Centre for Family Business at The Chinese University of Hong Kong Business School.

This article is available in Chinese only, and please click the images below to read the full article published in the magazine.

The article has also been reprinted by eight online media outlets in mainland China so far, including Sina, Eastmoney.com《东方财富网》and more.

Source: WEALTH《財富管理》
Date published: September 2014