This essay will have different answers depending on the student's business concept.Here is the information on family enterprise: A family enterprise is a business that is owned and managed by multiple family members.What makes family enterprising part of the portfolio of entrepreneurship types is that each generation has an opportunity to bring the organization forward in new,innovative ways. An entrepreneurial agenda to move the family business forward is essential to business survival,as demonstrated by low survival rate: for instance,approximately 70% of family businesses fail or are sold before the second generation reaches a position to take over.This may be because the family owners become stuck in the old ways of doing things and are unwilling to change their business structure as a result. Many leading organizations that are family businesses are generally considered to be more stable,not only because of their past history and experience,but because of their ability to take a long-term view,which inspires commitment and loyalty from their employees.Yet,a long-term view that becomes stagnant is detrimental and can lead the company into a downward spiral. Family-owned businesses are hugely important for the U.S.economy,and account for 60% of employment,78% of new jobs,and 65% of total wages (see Figure 1.3).Widely known businesses such as Wal-Mart in the United States,Auto Company Volkswagen in Germany,and healthcare company Roche in Switzerland are all long-standing family businesses that continue to go from strength to strength.To continue their cycle of growth and continuity,family members must pass on their entrepreneurial mindsets as well as their business ethos.It is this mindset that ensures the survival of the family business for many years to come.