Selection of partners and outcome of entrepreneurial teams: Should everything stay within the family?

Keywords: Entrepreneurial teams, Entrepreneurship, Family business, Heterogeneity vs homogeneity, Business creation

Abstract

The view of the entrepreneur as a lone hero is very common in society. However, many new businesses are created by teams. Indeed, team ventures are more likely to make a profit, survive in the marketplace and grow rapidly than solo ventures. But to achieve a better outcome from the entrepreneurship process, it is not enough to form a team since it is also necessary to choose the right partners. In addition, being the family a context in which to look for potential partners to form entrepreneurial teams, it is key to consider how the composition of the entrepreneurial team influences the outcome of new family businesses. This article aims to answer these questions based on theory and data in order to provide practical guidance for those who are starting new businesses. In this regard, careful team members selection is fundamental, along with consideration of the limitations that family business teams may have.

Recibido: 14 June 2023
Aceptado: 28 August 2023

Author Biographies

Sebastián Aparicio, Universidad Autónoma de Barcelona

Serra hunter Fellow in the Department of Business at the Universitat Autònoma de Barcelona. He is also affiliated as a Research Fellow in the Centre for Entrepreneurship and Social Innovation (CREIS-UAB) and the Centre for University Entrepreneurship (CIEU-UAB–), as well as a Junior Research Fellow in the Institute for Development Strategies at the School of Public and Environmental Affairs (IDS-SPEA, Indiana University), and a Researcher at Fundación ECSIM (Colombia). Previously he was an Assistant Professor of Entrepreneurship at Durham University Business School (UK). Holding a Ph.D. in Economics and Business (entrepreneurship route), Sebastian’s research focuses on the effects of entrepreneurship on economic development under the institutional lenses. Some of his research has been published in various international journals, such as Journal of World Business, Technological Forecasting and Social Change, and Small Business Economics.

Javier Montero, Universidad de Zaragoza

Associate Professor in the Department of Business Administration and Management at the University of Zaragoza. His research is focused on entrepreneurship. He has studied the influence of a country’s institutions on entrepreneurial activity, different types of entrepreneurship, entrepreneurial teams, the entrepreneurial process, and the social status of entrepreneurs. His work has been presented at important national and international conferences and published in journals such as the International Small Business Journal, International Entrepreneurship and Management Journal, Entrepreneurship Research Journal, Business Strategy and the Environment, and BRQ Business Research Quarterly. 

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Published
2024-03-22
How to Cite
Aparicio, Sebastián, and Javier Montero. 2024. “Selection of Partners and Outcome of Entrepreneurial Teams: Should Everything Stay Within the Family?”. Bulletin of Economic Studies 78 (234), 93-114. https://doi.org/10.18543/bee.2772.