Nicholson, Lawrence A., and Jonathan G. Lashley. Understanding the Caribbean enterprise: Insights from MSMEs and family owned businesses. London: Palgrave Macmillan, 2016. Print.

This book provides a rationale for the study of small and large enterprises, mainly family owned businesses, both from a global and English speaking Caribbean perspective. It repeatedly acknowledges the fact that family businesses form the “economic foundation of many economies.” The regions occupied by Caribbean diasporas, as well as the native Caribbean countries are no different from that either. However, the ideas of defining what is a family owned business and what are micro, small, and medium enterprises are not completely straightforward as the context should be thoroughly explored. According to the book, a family business is defined as a business managed with the intention to pursue the vision of the business held by a dominant group of members of the same family. In the Caribbean regions, the business private sector was largely represented by “concentrated ownership” and families that had the potential for future growth. However, family businesses are influenced by their culture, ethnicity, education and gender which is dominated by a “moment in time” approach rather than a “process oriented” approach. All these characteristics are evident in the businesses that are part of the caribbean diaspora as well. In my exploration of the prominence of family owned businesses in the caribbean community, this book sheds light into various characteristics that highlight the importance of such businesses to the economy of a region. This is crucial in understanding the growth of a community that places importance in financial aspects such as industries and small scale businesses, like the Caribbean diasporic community.

 

Gersick, Kelin E. Generation to generation: life cycles of the family business. Boston, MA: Harvard Business School Press, 1997. Print.

This book takes a more general approach towards family businesses (not specific to the Caribbean community) as it explores how the life cycles of family business, all around the world, continue to evolve. Since family business is a predominant form of enterprise around our world, marketers realize the advantage that the image a family business brings to the customers. Every aspect, mainly the administration and management side, of a family business is different from that of a regular business firm. The functions of important positions like the CEO, Chairman and Board of Directors vary based on who takes up those positions. Such differences lead to both positive and negative consequences that affect the company in the long run. Throughout the book, different models of family businesses are explored in detail. However, another interesting component about family businesses explained in the book is the separation and individuation of the younger generation. Depending on the culture and traditions of the family, the parents raise their children with certain expectations. Sometimes those expectations go beyond their current business and force the children to explore other business ventures on their own, when they are adults. This leads to the the separation of the next generation from the family business, which entails the closure of the business once the parents retire. But in many cases the children stick with their parents, (sometimes even living with them in their 20s and 30s) ensuring that the company is in safe hands even after the time of their parents. This book presents such interesting ideas and models that many of the family businesses in  the Caribbean replicate. Hence, it helps to thoroughly analyze those businesses and learn more about the Caribbean community.

 

Pounder, Paul. “Entrepreneurship and gender disparity in the Caribbean.”  Journal of Research on Women and Gender, vol. 6, 2015, pp.4-23. Accessed 13 April 2017.

This journal focuses on women’s role as an entrepreneur acknowledging how their contribution can lead to economic growth and development. However, it also stresses on the gender disparities that plague the businesses among the Caribbean population. Some statistics show that women comprise half of the world’s population and perform two thirds of the work. But only a small percentage consider entrepreneurship as a way to earn their living. While education and entrepreneurship are viewed as components that empower women, men in the Caribbean community significantly outnumber the women in both aspects. The journal article also talks about various characteristics of women entrepreneurs that distinguishes them from the men. Unlike men, female entrepreneurs in the Caribbean focus their efforts only on a single venture. They don’t constantly look for opportunities in risky markets, as sometimes they even sacrifice growth and development to get settled with their family. The journal mainly inspects a study that was conducted to understand the factors that resulted in the gender disparity among entrepreneurs. By analyzing such factors it is evident that by promoting entrepreneurship among women there is a benefit of improving the position of women in society. This journal is very relevant to my study of successful family businesses in the Caribbean diaspora. In most major family business, women play some key role, regardless of how small it may be. Their presence and support gives encouragement to the men in the family to run the business in a successful manner. However, some women even lead particular family businesses. Hence, it is important to understand what are the main factors that are involved when women take the decision of becoming entrepreneurs. This journal provides the perfect platform to explore that facet of family businesses.

 

Panjwani, Ashok, et al. “Family Business: Yesterday, Today, Tomorrow.” Indian Journal of Industrial Relations, vol. 44, no. 2, 2008, pp. 272–291. Accessed 15 April 2017.

This article compares family businesses from all over the world, mainly India, and observes what are some of the common characteristics shared by them, regardless of the region. Family businesses are usually led by the principles and the ideals of the founder, who is more often than not, a self made person. They are shaped in such a way that the family influences the business and the business environment influences the family. It is this interdependent relationship that influenced many successful family enterprises to be where they are today. However, with the changing times, the family businesses undergo huge transformations as they move from one generation to the next in leadership and ownership. Succession is a firm test for each family business because it is a lifelong process that “integrates the development of family and the business.” To better understand the foundations of Caribbean family businesses among the diasporic community, it is important to understand such general trends and characteristics of businesses all around the world. Even though their experiences might not be identical to those of the Caribbean’s, both can be seen as similar in many ways. Hence, a firm understanding of the succession challenges of common family businesses, can help us understand Caribbean businesses in a more holistic manner.

 

Nicholson, Lawrence A. “Jamaican Family-Owned Businesses: Homogeneous or Non-Homogeneous?” Social and Economic Studies, vol. 59, no. 3, 2010, pp. 7–29. Accessed 15 May 2017.

Through this article, the author aims to shed more light on the scope of family-owned businesses in Jamaica (like number of family-owned businesses, the economic impact, and contribution to GDP), examine their characteristics and major challenges faced by them. Family businesses are present in almost every society and cover many industries, from small size ventures to large Fortune 500 companies. Most of them cover a range of industries, including manufacturing, wholesale, retail, and construction. The article also inspects a study about Jamaican family businesses. The data of the study shows that family businesses represent a vital component of the Jamaican economy, contributing 30-32% of the GDP. However, an interesting characteristic of Jamaican businesses implied from the data is that there is an apparent correlation between the general attitude and approach towards business succession and ethnicity. It shows that there is significant difference in the attitude towards succession planning and the role of education in controlling a business among people of varying ethnicities. In general, the findings from the study show that family-owned businesses in Jamaica are not “far removed” and distinct from those in other countries, using the comparisons explored in this study. Therefore, we can say that there is more evidence for homogeneity than non- homogeneity of Jamaican family businesses compared to family businesses in other areas. Understanding this concept enables to gain a better understanding of family businesses among the Caribbean diaspora and how their culture and ethnicity contributes to their business model.