THE POWER OF FAMILY-OWNED ENTERPRISES IN SHAPING TOURISM IN UZBEKISTAN

Family Business is considered the world's oldest business institution and a special form of organization of activity, with its own history and many examples of success, among which the most famous are large family corporations and holdings. The development of the theory of family entrepreneurship was initially focused on these examples. At the same time, it is important to study the features and trends in the development of this form of organization in small and medium-sized business. This phenomenon is currently in the initial stages of research; many definitions are not established and are debatable. For a business to be successful, it must be family-owned.”[1] However, family business is defined differently in different sources and by different scholars. According to Demassis et al. a business in which multiple members of the same family have influence on the firm’s strategic actions and directions[2]. In another definition a family business is defined as any business in which a majority of the ownership or control lies within a family, and in which two or more family members influence the direction of the business, through ownership, management, or both[3]. More recent definition about family business is very similar to others which says that family business is a business governed and/or managed with the intention to shape and pursue the vision of the business held by a dominant coalition controlled by members of the same family or a small number of families in a manner that is potentially sustainable across generations of the family or families involved[4]. In nearly all definitions the role of family members is emphasized much. For example, Seaman et al. (2017) consider the interactions between family, business and friendship networks. Other authors also advance relevant knowledge on this topic.[5]