Familipreneurship: A comprehensive approach of Entrepreneurship

FAMILIPRENEURSHIP means the individual and collective power of a family member to combine and utilize personal and family capitals (Financial, Human, Physical, Social, Knowledge, Cultural, Intangible and natural capital) individually and collectively through their bondages, bri

dges and linkages."

 #FAMILIPRENEURSHIP denotes entrepreneurship of a family as an entrepreneurial unit which enables them to transform their individual and collective scattered capitals into performing capitals to maximize wealth. #Familipreneurship refers to the entrepreneurial spirit running through the family as a whole and not just confined to a single individual. The promotion of #Familipreneurship will create a natural environment of transferring inherited knowledge, skill and important lesson and experience across the generations. This courageous collective effort will enable them to be blended together to reach their goals.

#Familipreneurship is an interactive and evolving phenomenon.Internal relationships (bonding), relations with other communities (bridging) and relations with their natural and institutional environment (linkage) are the largest social capital of mankind which remains mostly unused, even undetected. #Familipreneurship unfolds the opportunities to utilize social capitals through the matrix relationships of individuals and family with society, nation and the world. Utilization of social capitals accelerate the process of wealth optimization through maximizing performing capitals by accumulating scattered, unused and undetected resources and pave the ways for shaping the future towards an entrepreneurial planet.

Credits or grants are not a permanent solution to fight against poverty. Even having wealth is not ‘enough’ to guarantee ‘poverty’ free life. Ultimate solution to poverty is being wealthy! The easiest way of being wealthy is belonging to a wealthy family! Poverty free nation means poor family free nation. Human civilization cannot exist without the family. Family is not a place; it is an institution. Whole is greater than the sum of its parts; a group is more powerful than the sum of same individuals. As a group, internal bondage among the family members are highly defined and often determined by moral obligation. Kinship is the largest social capital, which is the foundation of our social life. Using a family as an agent of enterprising could be more sustainable than the individual efforts. Enterprising is a tested and trusted way of employment generation and economic growth that consequently diminish poverty. #Familipreneurship proposes promoting family enterprise as a tool for poverty reduction, employment generation, and economic growth in the context of developing and less developed economy.

It is historically proven that Family is the most primitive and long lasting institutions of human history. As an institution family is contributing maximum benefit to the society, which is commonly remaining unrecognized and uncounted. As an organization ties within a family is highly defined and explicit than any other forms of organization. Family is the fundamental unit of our social construct. Family is the miniature of society; even it is a prototype of a country in terms of its functionalities. Culture of a society mostly depends on families' culture of that society because individual characteristics of a person predominantly influenced and shaped by family environments.

Recent research and data shows that family enterprise outperform than non-family enterprise. Existing researcher are concentrated on the business hour activities of family enterprise and individual aspects of entrepreneurs and ignore family dynamics behind the shadow but Familipreneurship proposes families as a single unit and considered their 24*7 activities to solve the unresolved questions relating. The family behind the family enterprise significantly influences the behavior of the family enterprise and family entrepreneurs. Family as a group is more capable of creating new and develop existing family enterprise including other forms of enterprises. Study on Familipreneurship will enrich our knowledge through discovering unknown dimensionality of family ventures and open a new perspective on a comprehensive approach to entrepreneurship.

Through #Familipreneurship, every single individual of a family achieves the power and capacity to combine, transform and utilize personal and family wealth and scattered resources into capitals. Knowledge and skills of #Familipreneurship are transferable from generation to generation. #Familipreneurship creates a natural environment for generating and transferring indigenous knowledge and skill to reach their personal and collective goal which will accelerate the whole enterprising process, as well as economic development. Promoting #Familipreneurship could be the best solution to create new family venture or any other types of ventures; especially in a less or under or least developed economy where inadequacy of resources is strongly prevalent.

Why Familipreneurship?!

Family is the most primitive and long lasting institutions of human history. As an institution family is contributing maximum benefit to the society, which is commonly remaining unrecognized and uncounted. An organizational tie within a family is highly defined and explicit than any other forms of organization. Family is the fundamental unit of our social construct. Irrespective of all other difference we all belong to a common identity i.e. family identity. Family is the miniature of our society; even it is a prototype of a country in terms of its functionalities.Family bondage is a unique and irreversible relationship based on the ethical obligation. Family is the first place to learn for individuals and learning of basic life skill grows from family and mindset are shaped by family cultures which have everlasting and enormous effects on the rest of the life. Culture of a society mostly depends on families' culture of that society because individual characteristics of a person are predominantly influenced and shaped by family environments.

Family Based Capitalization (FBC) is a (proposed) program for restoring family as a changing agent towards an entrepreneurial society through promoting#Familipreneurship. Familipreneurship is an interactive and evolvingtool which capacitates a family to utilize their individual and collective scattered capitals (Financial capital, Human capital, Physical capital, Social capital, Knowledge capital, Cultural capital and Intangible capital and natural capital) as performing capitals to optimize wealth. Internal relationships (bonding), relations with other communities (bridging) and relations with their natural and institutional environment (linkage) are the largest social capital of mankind which remains mostly unused, even undetected. Familipreneurship unfolds the opportunities to utilize social capitals through the matrix relationships of individuals and family with society, nation and the world. Utilization of social capitals accelerate the process of wealth optimization through maximizing performing capitals by accumulating scattered, unused and undetected resources and pave the ways for shaping the future towards an entrepreneurial planet.

FBC proposes family as a level of intervention and analysis for socio-economic development which is the most effective way of desired and sustainable change towards an inclusive society to establish a virtually boundary less/borderless entrepreneurial world to ensure the evolution of an equitable and just human civilization.

Vision of Familipreneurship:

• Wealth maximization for equitable and healthy society.
• Restoration of inherited but shrink tradition and indigenous knowledge, culture and practices.
• Establishing social norms and values through enriching Family values.
• Multidimensional role of family as a social catalyst to remove all sorts of discrimination and injustice.
• Institutionalization of social educational system (Familipreneurship Education) through family and Community.
• Promoting entrepreneurial culture
• Converting family into Enterprise by counting its in-house non-monetary activities in GDP
• Making scattered/unused/undetected resources into performing Capitals
• Integrating work and family
• Family reunion
• Optimum utilization of social capital
• Reduced reliance on Finance capital

Mission of Familipreneurship:

• This will enable to:
• DEVELOP entrepreneurial skills;
• UNDERSTAND the process of starting new ventures;
• CREATE, identify and evaluate new venture opportunities;
• TRANSFORM opportunity into success;
• OPTIMIZE strength to overcome threats & weakness;
• INTERPRET circumstances and quantify the value proposition;
• NAVIGATE the alternative resources option;
• USE social capital;
• ENHANCE and expand linkage & networks;
• INCREASE applied knowledge in solving personal and social problems;
• OBTAIN basic banking knowledge & funding options for credit/advance procedures;
• GAIN financial and professional support;
• CALCULATE credit worthiness before applying for funding;
• PREPARE an action plan with time frame;
• ASSESS the needs of resources for success;
• START to transform dreams/ideas into earning ventures;

To put the world in order, we must first put the nation in order; to put the nation in order, we must first put the family in order; to put the family in order; we must first cultivate our personal life; we must first set our hearts right. -Confucius