FAMILY, BUSINESS AND FAMILY BUSINESS

This research explores intersections between family, business, and family business. The study characterises the difference with the aim to clarify conceptual differences and their individual role in the society. While family refers to a social unit tied by emotional bonds, business represents a commercial activity driven by financial goals. Family business, however, is a unique combination of the two. Family businesses are uniquely positioned to balance the personal concerns with professional concerns and focuses on longevity and identity over quick profitability. This study provides a key difference that emphasises on how each aspect is different and yet they complement each other. Factors such as governance, leadership, and the role of family values are explored. The paper aims to contribute to a deeper understanding of family and non-family business and explore how family harmony and business success is maintained.