Family Entrepreneurship as a Tool of Social Support for Low-Income Categories of Citizens in Russia

Abstract

Family business (family entrepreneurship) is of particular relevance in modern conditions, since it combines family values and business interests with due regard to the complex international political situation and the need to find new tools for social support. Family entrepreneurship is characterized by a high degree of loyalty between family values and business interests, which ensures reliability and sustainability of an enterprise. In addition, family entrepreneurship allows solving social problems such as unemployment and low income of the population. This can be an important factor in economic development of both individual regions and the whole country.The author concludes that family business can become one of the keys to getting out of a difficult economic situation. Many foreign enterprises have left the Russian market due to the sanctions of unfriendly states. Thus, it is not necessary to replace them with Chinese and other foreign analogues. It is necessary to invest money in the development of family enterprises today so that tomorrow they can become competitive business units and produce high-quality and in-demand goods.Based on the data analysis, the author identifies possible ways to solve problems in the field of family entrepreneurship in the Russian Federation. They include creation of special support and assistance programs for aspiring family entrepreneurs, including tax incentives, loans and assistance in finding financing; targeted promotion of family entrepreneurship in social networks and the media; organization of support and training in marketing, business planning and business analytics; training in practical skills for successful business; creation of projects for the joint use of resources and infrastructure for family entrepreneurs. The paper provides proposals aimed at creating favourable conditions for the family business development.