How Entrepreneurial Orientation and Stakeholder Engagement Shape Innovation Culture at Family Business

Carlos Martins; Adélia Monarca; Isabel Torres; Paula Rodrigues

doi:10.59573/emsj.7(3).2023.27

Authors

Carlos Martins
Adélia Monarca
Isabel Torres
Paula Rodrigues

DOI:

https://doi.org/10.59573/emsj.7(3).2023.27

Keywords:

Entrepreneurial Orientation, Stakeholders Engagement, Innovation, Family Business

Abstract

The paper aims to verify how the Entrepreneurial Orientation (EO) of Family Business (FB), through the Stakeholders Engagement (SE), develops an Innovation Culture (IC) – ideas, learning through try-error and relations network to become sustainable in the long term. The study used a qualitative approach, using sixteen interviews with current managers and other stakeholders from family businesses from different sectors of activity. The results demonstrate that FB need to analyze the current state of their market, as well as its evolution (such as consumer habits and perceived risk), to plan, evolve and innovate upon the perceived changes. A successful FB achieves a positive and effective approach to deal with risk, making use of the know-how and value of employees, and the external community.

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