Unique approach to Family Business: Uzbekistan case

Abstract

The new law of “Family Entrepreneurship” was introduced in the Republic of Uzbekistan on the 26th April, 2012. Enforcement of this law has brought many changes in the domain of entrepreneurship. The main aim of this article is to state opportunities created by this new law and to point out differences of this law in relation to the norms practiced in foreign countries. In order to achieve this goal, we used comparison method of in our study. The results of the study show that this newly-introduced law on “Family Entrepreneurship”puts the meaning of family business uniquely different from the one practiced in the world and it has had a huge positive impact on entrepreneurship in Uzbekistan. Article can be a good guidance for the policy makers of developing countries to come up with better policy instruments to trigger the development of entrepreneurship environment in their relevant countries.