U. N. Entrepreneurial Summit welcomes family business expert from KSU

Joe Astrachan‚ Director of the Cox Family Enterprise Center at Kennesaw State University…

Georgia (May 1, 2003) — U. N. Entrepreneurial Summit welcomes family business expert from KSU

Staff

Abstract

Joe Astrachan‚ Director of the Cox Family Enterprise Center at Kennesaw State University‚ spoke Tuesday April 29‚ at the first annual Entrepreneurial Advantage of Nations symposium. The Kauffman Foundation and the Business Council for the United Nations hosted the symposium‚ held at United Nations headquarters in New York. Attendees included high−ranking diplomats and development officials from across the world.



"Even at the U.N.‚ many people were unaware of the importance of family businesses‚" Astrachan says. "But after hearing that family−sponsored ventures generate significant employment and revenues‚ grow despite adverse economic conditions‚ and create social stability‚ they are clearly beginning to embrace the concept."



Astrachan points out that while policy makers often view family enterprises as "mom and pop" operations‚ family businesses dominate the economies in most nations. Their long−term view helps cement community stability and prosperity‚ and drives positive social change‚ he says. They are also well−positioned to identify and capitalize on new market‚ product and service opportunities. Astrachan says global nations should reduce or eliminate roadblocks to the economic growth of family businesses.



Astrachan was the lead researcher on the MassMutual/Raymond Institute American Family Business Survey. He is also co−author of the 2002 Global Entrepreneurship Monitor (GEM).



Astrachan's findings include:

Almost 76% of all new businesses and 85 percent of existing firms are family businesses.

About 90% of all new businesses in the U.S. are family−owned or controlled.

Revenues for 30% of U.S. family firms grew more than 11 percent in 2002‚ despite economic downturns.

The Cox Family Enterprise Center at KSU is one of the foremost centers for family businesses in the United States. Many universities have adopted a similar model −− called the "K" model‚ where the "K" stands for Kennesaw. In addition to serving as the director of the center‚ Astrachan holds the Wachovia Chair of Family Business at KSU's Coles College of Business. He is also Distinguished Research Chair of Family Business at Loyola University Chicago's Business School‚ a principal of The Family Business Consulting Group‚ Inc.‚ and editor of Family Business Review‚ a scholarly publication of the Family Firm Institute (FFI)‚ of which he is a former board member.



###



Kennesaw State University is a comprehensive‚ residential institution with a growing student population of 15‚600 from 118 countries. The fifth largest out of 34 institutions in the University System of Georgia‚ KSU offers 55 undergraduate and graduate degree programs.




A leader in innovative teaching and learning, Kennesaw State University offers more than 150 undergraduate, graduate and doctoral degrees to its approximately 38,000 students. With 13 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the third-largest university in the state. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the region and from 92 countries across the globe. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status, and one of the 50 largest public institutions in the country. For more information, visit kennesaw.edu.

©