A Key Factor of Success in a Family Business Is

question 86

Multiple Choice

A key factor of success in a family business is:

• A) commitment to organizational strategies.
• B) family unity.
• C) following ethical principles.
• D) contingency planning.

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Definitions:

Structure

The arrangement or organization of elements within a system, providing a framework or order.

Group Cohesion

The sense of solidarity, unity, and togetherness experienced within a group, contributing to its members working effectively towards a common goal.

Conformity

The act of matching attitudes, beliefs, and behaviors to group norms, policies, or societal expectations.

Status Hierarchies

The ranking of individuals or groups within a society or organization based on prestige, authority, or social position.