Impact of family businesses in the development of the national economy in the Republic of Macedonia

• Main Authors: MSc. Goce Markoski, MSc. Lidija Gosevska
• Format: Article
• Language: English
• Published: Felix-Verlag 2012-12-01
• Series: ILIRIA International Review
• Subjects: family business; entrepreneur; development; market
• Online Access: http://iliriapublications.org/index.php/iir/article/view/156

The family-run business companies present a driving force of the society in which they function and take great part in identification of market needs. By developing skills and building new types of business, the business owners strive to satisfy those needs, reaffirming the work ethics and entrepreneurial spirit as a solid base for family-run business. The purpose of this paper is to emphasize the importance of family-run business and to recognize its significance in the new social, political background and economic system of our country. By developing strategies for family-run business, the country should boost confidence of young people regarding the possibilities these kinds of business offers in accomplishing individual ambitions. To be able to successfully the challenges of the environment, Family businesses have to adapt to new market conditions. Following the market supply and demand and appropriately responding to the same family businesses contribute to strengthen their market position. Also spur innovation, contributes to this kind of businesses to successfully cope with market competition. Development documents in all these years of independence of the Republic of Macedonia contain provisions for strengthening the small business sector by providing financial support to the operations of the companies, especially new and young enterprises. But despite the fact that several projects were opened several institutions and provide some funds for financing, there remains the conclusion that helping and strengthening the development of family businesses should be treated as a permanent process in the interest of faster employment, using creative potential employees, laid-off workers, young and educated people. Commitment to helping the development of family business is a constant and long-term process, which should be a permanent task and goal of macroeconomic policy. The absence of a quick and relatively easy access to capital, information and new technology, requiring long-lasting process in the policy of encouraging the development of family businesses.