The experts agree that family businesses can (and do) flourish both in developed and developing markets. Some of the advantages, they say, are the same wherever you go. Insead professor Blondel is a strong believer in the model, calling it the “natural” way to do business. She observes that often entrepreneurs get their head start using family funds, or they invite family members to help staff the business. Moreover, a family business is a place in which “you trust the people you work with.” A family member will often be placed in charge of finance, for instance. “And in a market where the legal, contractual framework is not very developed, trust is even more key to doing business.”
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