Family businesses in the Czech Republic

Does business plan determinate market success

Abstract

Family businesses represent dynamic and significant part of market, national economy respectively. They are drivers of economic growth as well as innovations; moreover, they are a specific form of social relationships. Regarding this, it is important to reveal, what are the main determinants of their market success. In this paper, we focus on the relevance of business plan existence for market success of family businesses. It was interviewed approximately one thousand family business registered by Association of Small and Medium-Sized Enterprises and Crafts and we revealed that business plan existence is positively associated with success, expressed by growth of revenues and productivity.