**5. Family businesses and self-employment**

A small business is not necessarily a family business. In the family business, ownership and management are concentrated in the family members, predominantly a family-based intraorganizational relationship. Family nature issues are prioritized against other objectives. For example, the company's property control by the family will not be sacrificed to fund the development and growth of the business. Indeed, family property is not diluted to include non-family investors. Therefore, the available financial resources are those generated by the company and those of the family itself. However, credit may be used with banking institutions to finance the growth of the business.

The uniqueness of the family business lies in the integration of family and business in the same context. The collaboration of the family members in the company may be an indication that the admission criteria are not governed by the higher academic and professional qualifications, which are more suitable for the performance of duties [19]. However, instead of prevailing the replacement of generations in the management of the company, the owners can choose to hire professional managers to create wealth but preserving the intra-family relationship in the company. On the other hand, family firms often find it difficult to attract and retain highly skilled managers, partly because of the limitations of career advancement and the absence of personal reward policies, as well as the lack of goal-oriented professional management and continuous improvement.

#### **5.1 Self-employment: advantages and disadvantages**

There are immense advantages and disadvantages of self-employment (being your own boss), and the entrepreneur must be aware of both before starting a business. We start by highlighting the three main advantages:

1.*Autonomy*: the need for independence and freedom to make decisions are the main advantages. The feeling of being your own boss is very satisfying to most entrepreneurs.


If self-employment were easy to achieve, there could be a much larger number of self-employed people. In fact, it is one of the most difficult professional careers anyone can choose. Some of the disadvantages of this life option are described below:


In short, small businesses' ability to innovate stems from their learning of the market, recognition of the need for rapid change, and organizational flexibility [20]. These valences are a support to the decision-making in the self-employment before the obtained feedback of the market.
