Factors Creating Competitive Advantage for Family-Owned Business

Abstract

Management concepts have evolved as a separate discipline after the industrial revolution. In connection with this development, this discipline has combined so many different theories from different disciplines and approaches from different researchers and applications from different managers and other professionals. This amazing development of management has reached its peak in today's global business environment. Strategy concepts like vision, mission, SWOT, and competition on war footing for markets were influence of military science. Different contemporary management techniques, approaches, and implications are applicable in this unstable, dynamic, and knowledge-intensive environment. Among the various approaches, competitiveness, competitive strategies, and competitive advantage are at the core of organizational growth, development, and sustainability. Adopting a grounded theory approach with in-depth literature review, this study aims to discuss and deliberate on factors creating competitive advantage for organizations, especially family-owned SMEs, irrespective of their stage of development.