Akademik Məlumat İdarəetmə Sistemi
70th International Scientific Conference on Economic and Social Development Development, Baku, Azerbaijan, 25 - 26 June 2021, pp.449-458, (Full Text)
Family entrepreneurship refers to a significant number of companies around the world in which one or more members of a family are active in business operations and have the primary responsibility for ownership or power. Families may operate small businesses or multinational corporations. Family-owned companies often save money by using the financial and other resources of family members, allowing them to meet long-term business objectives at lower costs. The family business is an efficient segment in the non-oil sector as well, thanks to its duty and confidence, as well as its clear management. As a result, it assists in the resolution of social concerns in a market economy, as well as economic development and citizen jobs.The main aim of this paper is to investigate the opportunities and prospects for the formation of family businesses in Azerbaijan's Karabakh region. To achieve this aim, the concept of family business is theoretically applied to explain the current state of family businesses in Azerbaijan’s Upper Karabakh and Kalbajar-Lachin economic regions and to recognize opportunities for family business growth. In addition, proposals for the growth of family businesses in the area have been developed. The following is a breakdown of the paper's structure. The first section includes details about Azerbaijan's economy and economic landscape as well as economic potential of Karabakh region of Azerbaijan. The second part examines the latest research on family businesses. The third sections discusses opportunities for family businesses in Azerbaijan and aims to uncover potential in Azerbaijan’s Karabakh region. At last, conclusions will be drawn and shared to summarize the papers.