DRIVING GROWTH AND PERFORMANCE THROUGH BUSINESS MODEL INNOVATION IN FAMILY FIRMS

This study examines the role of business model innovation (BMI) in driving the growth and performance of family firms. Family firms are known for their unique characteristics, including long-term orientation, strong family ties, and a focus on legacy. However, despite their historical success, many family businesses face challenges related to innovation and adapting to changing market conditions. This research aims to investigate how business model innovation can help family firms enhance their competitive advantage, drive growth, and improve performance. The study employs a qualitative approach, analyzing data from interviews with senior executives of family businesses across different industries. The findings indicate that business model innovation is a critical factor for sustained growth and performance, with family firms leveraging their values, culture, and long-term vision to successfully implement innovative business models.