Abstract:
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In the face of intense competition and rapidly changing market requirements,
business must confront economic uncertainty, environmental risk, social change and
other volatile forces. To execute successfully in this difficult environment, company
must embrace a new way of thinking, one that makes human capital the centerpiece of
their business strategy. Dynamic change demands robust human capital that is fully
engage and agile, aggressively developed and skillfully deployed. Previous research
suggested that work passion energizes motivation and inspires individuals to persist
through the trials and tribulations associated with accomplishing difficult tasks.
Being passionate generates energy, determination underlying the persistent
involvement that make individual fully dedicate to an activity
The purpose of this research is to examine firstly, what is work passion for
successors in SMEs family businesses and how it contributes to entrepreneurial
success and secondly, uncover the factors that lead to work passion for successors in
SMEs family businesses so as to understand where it comes from. This research
employed both qualitative and quantitative methods to obtain richer and more
complete explanation in understanding work passion for successors to strive for their
family business.
To explain what is work passion for successors to strive for their family
business, an insight interviews were employed involving 12 interviewees from 5 companies across different industries. To find factors leading to work passion,
surveys employed involving 400 participants from both successors and other family
business members. The participants were selected based on purposive and
convenience sampling. The majority of participants were the successors that derived
from Thai-Chinese Chamber of Commerce (TCCC) and from snowball sampling
technique.
In finding the meaning of work passion for successors in SMEs family
businesses, participants described their work passion variously, however, all seem to
perceived work passion as an important element for their businesses’ success. They
viewed work passion as distinct feelings, which create powerful energy that enable
them to take action in their ventures. The major themes that described work passion
were presented in the aspect of affective (contentment, anxiety, excitement), cognitive
(concentration on developing family business, concern for both family and business),
and behavioral or intent (nurturing family business, peak performance, performance to
prove ability, entrepreneurial action) dimensions. The findings suggested that work
passion came from successors’ internal force that provoked by the stimuli that they
find it important. Then their logical cognitive component made an assessment
involved opportunity evaluation and their venture growth so as to improve the whole
organization. Passionate successors performed in a productive manner to create
values and benefits to both family and business. Successors also showed their
determinant and persistence performance in order to maintain and sustain their family
legacy through time.
The results from quantitative part of the study set out to find factors leading to
work passion for successors to strive for their family businesses. The quantitative part
employed variable relationships, and also analyzed correlation and multivariate
general linear model (GLM) analysis to address research question. There were
significant, and partially significant results from the analysis. Meaningful work and
task variety were significant to all components of work passion. Organization
endorsement was the dimension that was most affected by eight independent variables
(collaboration, procedural justice, meaningful work, autonomy, feedback, workload
balance, task variety, and quality of relationship). While absorption and striving for excellence was the dimension that was least affected by only four variables
(performance expectation, meaningful work, feedback, and task variety)
The implications of this study were to provide guidelines with useful
recommendations and best practices for the development and preparation of
successors in SMEs family businesses. For future research, it is important to consider
the limitations of this study such as data generalization and self-reported problem
carefully
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