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Ural Federal University , Yekaterinburg , Russia
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Faculty of Business Economics Bijeljina, University of East Sarajevo , Bijeljina , Bosnia and Herzegovina
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Ural Federal University , Yekaterinburg , Russia
Faculty of Business Economics Bijeljina, University of East Sarajevo , Bijeljina , Bosnia and Herzegovina
Family entrepreneurship should be recognized as not just a significant type of economic activity, but also crucial social activity. The aim of the research is to review models of family entrepreneurship in various countries, drawing upon open-source data from official sources. The relevance of this research is determined by the fact that family entrepreneurship contributes to the socio-economic stability of countries by providing the population, especially younger generations, with reliable employment, stable income, hands-on business/professional training, and a sense of belonging. We comparatively explore how family entrepreneurship impacts these factors in Republic of Srpska, China, Russia, Vietnam and Mauritania. A significant number of studies prove that family business allows for higher economic efficiency due to the possibility of transferring entrepreneurial skills and abilities to younger family members and the higher motivation of all employees connected by family ties
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