Family Business in the Czech Republic

Abstract

The modern history of private entrepreneurship as well as family businesses in the Czech Republic began a quarter of a century ago, which, compared to traditional democracies, is a relatively short period of time. During this period, companies underwent turbulent changes, and although the perception of entrepreneurship has not changed much since the 1990s, and entrepreneurship is still not held in much esteem by society, the image of family firms and their actual sophistication is much more positive. The purpose of the research was to map out the current situation of small and medium-sized family businesses in the Czech Republic, the perception of barriers for the business and the perception of positives associated with the typical features of a family business. This paper also offers a structured basic identification of the pros and cons of family business in the environment of young democracy perceived especially by the family businesses themselves. It is based on the quantitative survey conducted among 505 respondents – family businesses in the segment of small and medium sized enterprises (SMEs). This research has filled the gap in knowledge about the topical priorities of SME family business; it is these top priorities which provide the most valid signals about the current condition of this part of the national economy.