Dilemma of Intergenerational Family Business among Albanian Students

Abstract

Despite the significant contributions to the economy, intergeneration businesses face numerous challenges that can threaten their sustainability. One of the most significant challenges is succession planning, which involves transferring ownership and management from one generation to the next. The aim of the study is to investigate whether the potential successors of family businesses in Albania advance their own careers as entrepreneurs, independently of the existing family ‘businesses’ or rather are they more inclined to ‘take over’ the family businesses and develop their entrepreneurial career within them. This research has been carried out with 100 voluntary students in Albania, based on the INTERGEN project questionnaire during February 2023. The study highlights the impact that culture and strong family relations have on the intention to pursue family business paths. Furthermore, the purpose of this study is to find out which characteristics can influence young people to become entrepreneurs and enable those who have potential (especially the unexposed). The study presents important findings in relation to the profile of those with entrepreneurship intention to establish their own business compared to others who are willing to be part of their intergeneration family business. We believe that the findings of this study will be valuable for academics and practitioners to shape education and training programmes toward entrepreneurship education. The study brings insights for policymakers to undertake effective policies in the direction of supporting young entrepreneurs, directly influencing the economic development of the country by fostering family values and connections, thereby further focusing on innovation and the start-up ecosystem within the country.