Entrepreneurship and Family Owned Enterprises Model for Long-Term Growth and Success: The Case of Sinokrot
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Abstract
This article explores the startup, growth, and success factors of Sinokrot Global Group. Sinokrot, a family-owned enterprise located in the Palestinian West Bank. Sinokrot began as a local confection in the West Bank, focusing on Agro-Industries and Agriculture, which has expanded into the global market. The firm employs permanent and seasonal workers from surrounding fifty villages and cities. It accounts for three thousand five hundred workers in Palestine society and ships to over twenty countries worldwide. Despite political and economic challenges in Palestine and the Middle East, Sinokrot has set modern successful business ventures in the Palestinian and other emerging markets. This case study on Sinokrot, now termed Sinokrot Holdings, examines factors that contributed to the success and survival of Sinokrot. A structured interview method is used to elicit relevant information from top management of Sinokrot on its sustainable growth and entry into global markets. We will discuss implications for entrepreneurs in less developed nations. An entrepreneurship success model for family-owned businesses is proposed.
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Ammar, S., & Jet Mboga. (2021). Entrepreneurship and Family Owned Enterprises Model for Long-Term Growth and Success: The Case of Sinokrot. Economit Journal: Scientific Journal of Accountancy, Management and Finance, 1(2), 122-136. https://doi.org/10.33258/economit.v1i2.450
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References
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Bailey, G. (2016). The Occupation of Palestinian Art: Maps, Land, Destruction and Concealment.
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Bewayo, Edward D. (2009). Family Business in Africa: A comparison with The U.S.
Bloom, N., Sadun, R., & Van Reenen, J. (2015). Do Private Equity Owned Firms Have Better Management Practices? The American Economic Review, 105(5), 442-446. Retrieved from www.jstor.org/stable/43821924.
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Bouazza, A. B., Ardjouman, D., & Abada, O. (2015). Establishing the factors affecting the growth of small and medium-sized enterprises in Algeria. American International journal of Social science, 4(2), 101-115.
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Cater III, J.,Beal, B. D., & Justis, R. T. (2006). Family Success in Air Conditioning Business: The case of Mike Miller of Star Service, Inc. Journal of Applied Management and Entrepreneurship, 11 (2) 90.
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Charles, N. A., Ojera, P. B., & David, O. (2015). Factors influencing choice of strategic management modes of small enterprises. Journal of Innovation and Entrepreneurship, 4(1), 4.
Colli, A., (2003). The History of Family Business, (1800-200). Cambridge, UK. Cambridge University Press.
Conway Center for Family Business (2019). America's Economic Engine. Retrieved from www.familybusinesscenter.com.
Cuadrado-Ballesteros, B., Rodríguez-Ariza, L., & García-Sánchez, I. M. (2015). The role of independent directors at family firms in relation to corporate social responsibility disclosures. International Business Review, 24(5), 890-901.
Deeb, G. (2019). The Top 6 Steps of Strategic Planning. Retried from Forbes.com.
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Eisenberg, R. (2019). How To Make Family Business Succession Successful? Retrieved from www.forbes.com.
Entrepreneur (2019). Family Business. Retrieved from www.entrepreneur.com.
Farrell, C. (2018). Why Soul Is The Secret To Family Business Success. Retrieved from Forbes.com.
Galván, R. S., Martínez, A. B., & Rahman, M. H. (2017). Impact of family business on economic development: A study of Spain’s family-owned supermarkets. Journal of Business and Economics, 5(12), 243-259.
Garton, N. (2019). Continuity Planning for Family-Owned Businesses. Available at SSRN 3322886.
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Hiebl, M. R. (2015). Family involvement and organizational ambidexterity in later-generation family businesses: A framework for further investigation. Management Decision, 53(5), 1061-1082.
Hu-Chan, M. (2019). 90 Percent of Companies Fail to do This. Retrieved from inc.com.
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Idewele, I. O. (2020). Universal Exchange and Trade Rates. Konfrontasi: Jurnal Kultural, Ekonomi Dan Perubahan Sosial, 7(2), 158-167. doi.org/10.33258/konfrontasi2.v7i2.109.
Janta, B., Ratzmann, N., Ghez, J., Khodyakov, D., & Yaqub, O. (2015). Employment and the changing labour market. Global societal trends to, 2030.
Jiménez, M., Martos, M., & Jiménez, R. (2015). Organisational Harmony as a Value in Family Businesses and Its Influence on Performance. Journal of Business Ethics, 126(2), 259-272. Retrieved from www.jstor.org/stable/24702747.
Karadag, H. (2015). Financial management challenges in small and medium-sized enterprises: A strategic management approach. EMAJ: Emerging Markets Journal, 5(1), 26-40.
Katz, M. (2005). Family Business Owners Offer Secrets to a Successful Business. Women in Business, 57 (3) 16.
Kay, A. (2018). A comprehensive overview of the Israel / Palestine conflict. Retrieved from rgnn.org.
Khoyira, (2008). Sinokrot, from a Small Chocolate Factory to a Global Group. Retrieved from http://www.alaswaq.net.
Lambert, A. D. (2008). Thriving Family Business: Joseph Vellano and Vellano Bros., Inc. Journal of Applied Management and Entrepreneurship, 13 (2), 102.
Lanz, S. (2015). Goal orientation and its relationship to the business family, and family business performance, within the UK’s family owned and managed mid-sized businesses (Doctoral dissertation, Aston University).
Lussier, R., N., and Sonfield, M. C. (2009). Founder Influence in Family Business: Analyzing Combined from Six Diverse Countries. Journal of Small Business Strategy, 20 (1) 103-118.
Mathews, T., & Blumentritt, T. (2015). A sequential choice model of family business succession. Small Business Economics, 45(1), 15-37. Retrieved from www.jstor.org/stable/43553076.
Mullins, W., & Schoar, A. (2016). How do CEOs see their roles? Management philosophies and
Myatt, T. M. (2015). A qualitative study of successful women entrepreneurs: Developing a model for war-torn Afghanistan (Doctoral dissertation, Fielding Graduate University).
Nikoloski, A. (2020). Influence of public revenues on economic growth the case of the Republic of North Macedonia. Konfrontasi: Jurnal Kultural, Ekonomi Dan Perubahan Sosial, 7(3), 191-204. doi.org/10.33258/konfrontasi2.v7i3.115.
Oe, H., & Yamaoka, Y. (2020a). Consumer perceptions of corporate social responsibility and its relationship with consumer behaviour: Scale development and validation in an emerging market context. Journal of Customer Behaviour, 19(3), 202-225.
Oe, H., & Yamaoka, Y. (2020b). How to enhance sustainability goals implementation in business behaviour: A lesson from discussions with Japanese small and medium-sized enterprises. Social Business, 10(3), 281-304.
O'Flynn, P. M. (2019). Colonization by Other Means: Consequences of Peace Agreements in Northern Ireland and Palestine (Doctoral dissertation, Kent State University). styles in family and non-family firms. Journal of Financial Economics, 119(1), 24-43.
Ogbechie, R., & Anetor, F. (2015). An Investigation into the Core Values That Drive Successful Family-Owned Businesses: A Case of Lagos State, Nigeria. European Journal of Business and Management, 7(17).
Palestine National Export (2014). The state of Palestine national export strategy – PalTrade. Retrieved from www.paltrade.org.
Palestinian Central Bureau of Statistics (2017). Poverty Profile in Palestine, 2017. Retrieved from pcbs.gov
Panza, Laura. "Palestinian foreign trade: Current situation and future prospects." Pavia. Retrieved (2013).
Peake, W. O., Cooper, D., Fitzgerald, M. A., & Muske, G. (2017). Family business participation in community social responsibility: The moderating effect of gender. Journal of Business Ethics, 142(2), 325-343.
Permanent Observer Mission of Palestine to the United Nations (2009). History of Palestine. Retrieved from http://www.un.int.
PricewaterhouseCoopers (PwC) (2019) US Family Business Survey; Creating stronger foundations for the future. Retrieved from www.pwc.com.
Ramadani, V., & Hoy, F. (2015). Context and uniqueness of family businesses. In Family businesses in transition economies (pp. 9-37). Springer, Cham. Retrieved from http://www.kibush.co.il.
Rosalin, G., Poulston, J., & Goodsir, W. (2016). Strategy communication in family-owned restaurants: Ad Hoc and Ad-Lib. International Journal of Hospitality & Tourism Administration, 17(2), 101-122.
Sabri, N., R. (2008). “Palestinian Family Business” in a Compendium on the Family Business Models Around the World. Hyderabad: ICFAI University Press.
Sarbah, A., & Xiao, W. (2015). Good corporate governance structures: A must for family businesses. Open Journal of Business and Management, 3(01), 40.
Schröder, C. (2016). The challenges of industry 4.0 for small and medium-sized enterprises. Friedrich-Ebert-Stiftung: Bonn, Germany.
Schwass, J., & Glemser, A. C. (2016). Family Business Identity. In Wise Family Business (pp. 7-29). Palgrave Macmillan, London.
Sinokrot Holdings. (2019). Sinokrot Hollings. Retrieved from http://www.sinokrotholding.com.
Small Business Administration (2012). Do economic or industry factors affect business survival? https://www.sba.gov/sites/default/files/Business-Survival.pdf.
Smith, M. (2007). “Real” management differences between family and non-family firms. International Journal of Entrepreneurial Behavior & Research, 13 (5), 278.
Tahir, S. H., & Sabir, H. M. (2015). Ownership structures as determinants of financial decisions: Evidence from Pakistani family owned listed firms. Zbornik radova Međimurskog veleučilišta u Čakovcu, 6(1), 117-127.
The Institute for Middle East Understanding, (2009). Where is Palestine? Retrieved October 15, 2009, from http://imeu.net/news/article0021.shtml.
Tung, R. L., & Aycan, Z. (2008). Key success factors and indigenous management practices in SMEs in emerging economies. Journal of World Business, 43 (4) 381-384.
United Nations (2004). Palestinian Small and Medium-Sized Enterprises: Dynamics and Contribution to Development. United Nations Conference on Trade and Development.
United Nations (2019). Micro-, Small and Medium-sized Enterprises Day 27 June. Retrieved from https://www.un.org.
Wang, Y. (2016). What are the biggest obstacles to growth of SMEs in developing countries? –An empirical evidence from an enterprise survey. Borsa Istanbul Review, 16(3), 167-176.
Weber, J, Lavell, L, Lowry, T, Zellner, W, & Barrett, A (2003). Family, Inc. Surprise! One-Third of the S&P 500 companies have founding families involved in management. And those are usually the best performance. Business Week, (3857), 100.
Weber, P., Geneste, L. A., & Connell, J. (2015). Small business growth: strategic goals and owner preparedness. Journal of Business Strategy, 36(3), 30-36.
Weinstein, A. (2018). Superior Customer Value: Finding and Keeping Customers in the Now Economy. Routledge.
Western Model. Journal of Global Business Issues, 3 (1) 171-181
World Bank (2019). West Bank and Gaza. Retrieved from worldbank.org.
Zwick, G. A., & Jurinski, J. J. (2019). Solving problems in succession planning for family businesses. In Tax and Financial Planning for the Closely Held Family Business. Edward Elgar Publishing.
Abu‐Ras, W., & Mohamed, R. A. (2018). Child poverty and youth unemployment in Palestine. Poverty & Public Policy, 10(3), 354-370.
Alaya, M., Basly, S., & Saunier, P. L. (2017). Family businesses in the Arab economic context. In Family Businesses in the Arab World (pp. 7-22). Springer, Cham.
Alghamdi, M. S. M. (2016). Family Business Corporate Performance and Capital Structure: Evidence from Saudi Arabia (Doctoral dissertation, University of Hull).
Anderson, P. (2015). The house of Zion. New Left Review, 96, 5-37.
Bailey, G. (2016). The Occupation of Palestinian Art: Maps, Land, Destruction and Concealment.
Barinova, V., Zemtsov, S., & Tsareva, Y. (2018). Government support of small and medium sized entrepreneurship in Russia. Russian Economy in, 543-563.
Bewayo, Edward D. (2009). Family Business in Africa: A comparison with The U.S.
Bloom, N., Sadun, R., & Van Reenen, J. (2015). Do Private Equity Owned Firms Have Better Management Practices? The American Economic Review, 105(5), 442-446. Retrieved from www.jstor.org/stable/43821924.
Bouazza, A. B., Ardjouman, D., & Abada, O. (2015). Establishing the factors affecting the growth of small and medium-sized enterprises in Algeria. American International journal of Social science, 4(2), 101-115.
Bouazza, A. B., Ardjouman, D., & Abada, O. (2015). Establishing the factors affecting the growth of small and medium-sized enterprises in Algeria. American International journal of Social science, 4(2), 101-115.
Caplan, N. (2019). The Israel-Palestine conflict: contested histories. John Wiley & Sons.
Cater III, J.,Beal, B. D., & Justis, R. T. (2006). Family Success in Air Conditioning Business: The case of Mike Miller of Star Service, Inc. Journal of Applied Management and Entrepreneurship, 11 (2) 90.
Central Intelligence Agency (CIA) (2018). Fact Book/West Bank. Retrieved from https://www.cia.gov.
Charles, N. A., Ojera, P. B., & David, O. (2015). Factors influencing choice of strategic management modes of small enterprises. Journal of Innovation and Entrepreneurship, 4(1), 4.
Colli, A., (2003). The History of Family Business, (1800-200). Cambridge, UK. Cambridge University Press.
Conway Center for Family Business (2019). America's Economic Engine. Retrieved from www.familybusinesscenter.com.
Cuadrado-Ballesteros, B., Rodríguez-Ariza, L., & García-Sánchez, I. M. (2015). The role of independent directors at family firms in relation to corporate social responsibility disclosures. International Business Review, 24(5), 890-901.
Deeb, G. (2019). The Top 6 Steps of Strategic Planning. Retried from Forbes.com.
Dhaher, S. (2016). Al-'Eizariyah and the Wall: from the quasi-capital of Palestine to an Arab Ghetto. The Impact of the Separation Wall on the Social Capital of the Palestinians in East Jerusalem and the West Bank (Doctoral dissertation, University of Trento).
Eisenberg, R. (2019). How To Make Family Business Succession Successful? Retrieved from www.forbes.com.
Entrepreneur (2019). Family Business. Retrieved from www.entrepreneur.com.
Farrell, C. (2018). Why Soul Is The Secret To Family Business Success. Retrieved from Forbes.com.
Galván, R. S., Martínez, A. B., & Rahman, M. H. (2017). Impact of family business on economic development: A study of Spain’s family-owned supermarkets. Journal of Business and Economics, 5(12), 243-259.
Garton, N. (2019). Continuity Planning for Family-Owned Businesses. Available at SSRN 3322886.
Hammond, K. P. (2015). Adult Education in Palestine after the Oslo Accords and Operation Protective Edge. In Global Perspectives on Adult Education and Learning Policy (pp. 119-131). Palgrave Macmillan, London.
Haqim, L., & Hartika, I. (2020). Entrepreneurship Development Strategy Based on Local Awareness in Making Community Welfare (A Study in Disperindagkop Central Aceh). Konfrontasi: Jurnal Kultural, Ekonomi Dan Perubahan Sosial, 7(4), 322-330. doi.org/10.33258/konfrontasi2.v7i4.130.
Hibbler-Britt, L. M., & Wheatley, A. C. (2018). Succession Planning in Family-Owned Businesses. In Succession Planning (pp. 75-87). Palgrave Macmillan, Cham.
Hiebl, M. R. (2015). Family involvement and organizational ambidexterity in later-generation family businesses: A framework for further investigation. Management Decision, 53(5), 1061-1082.
Hu-Chan, M. (2019). 90 Percent of Companies Fail to do This. Retrieved from inc.com.
Human Development Report (2009). Occupied Palestinian Territories the Human Development Index - going beyond income. Retrieved from http://hdrstats.undp.org.
Idewele, I. O. (2020). Universal Exchange and Trade Rates. Konfrontasi: Jurnal Kultural, Ekonomi Dan Perubahan Sosial, 7(2), 158-167. doi.org/10.33258/konfrontasi2.v7i2.109.
Janta, B., Ratzmann, N., Ghez, J., Khodyakov, D., & Yaqub, O. (2015). Employment and the changing labour market. Global societal trends to, 2030.
Jiménez, M., Martos, M., & Jiménez, R. (2015). Organisational Harmony as a Value in Family Businesses and Its Influence on Performance. Journal of Business Ethics, 126(2), 259-272. Retrieved from www.jstor.org/stable/24702747.
Karadag, H. (2015). Financial management challenges in small and medium-sized enterprises: A strategic management approach. EMAJ: Emerging Markets Journal, 5(1), 26-40.
Katz, M. (2005). Family Business Owners Offer Secrets to a Successful Business. Women in Business, 57 (3) 16.
Kay, A. (2018). A comprehensive overview of the Israel / Palestine conflict. Retrieved from rgnn.org.
Khoyira, (2008). Sinokrot, from a Small Chocolate Factory to a Global Group. Retrieved from http://www.alaswaq.net.
Lambert, A. D. (2008). Thriving Family Business: Joseph Vellano and Vellano Bros., Inc. Journal of Applied Management and Entrepreneurship, 13 (2), 102.
Lanz, S. (2015). Goal orientation and its relationship to the business family, and family business performance, within the UK’s family owned and managed mid-sized businesses (Doctoral dissertation, Aston University).
Lussier, R., N., and Sonfield, M. C. (2009). Founder Influence in Family Business: Analyzing Combined from Six Diverse Countries. Journal of Small Business Strategy, 20 (1) 103-118.
Mathews, T., & Blumentritt, T. (2015). A sequential choice model of family business succession. Small Business Economics, 45(1), 15-37. Retrieved from www.jstor.org/stable/43553076.
Mullins, W., & Schoar, A. (2016). How do CEOs see their roles? Management philosophies and
Myatt, T. M. (2015). A qualitative study of successful women entrepreneurs: Developing a model for war-torn Afghanistan (Doctoral dissertation, Fielding Graduate University).
Nikoloski, A. (2020). Influence of public revenues on economic growth the case of the Republic of North Macedonia. Konfrontasi: Jurnal Kultural, Ekonomi Dan Perubahan Sosial, 7(3), 191-204. doi.org/10.33258/konfrontasi2.v7i3.115.
Oe, H., & Yamaoka, Y. (2020a). Consumer perceptions of corporate social responsibility and its relationship with consumer behaviour: Scale development and validation in an emerging market context. Journal of Customer Behaviour, 19(3), 202-225.
Oe, H., & Yamaoka, Y. (2020b). How to enhance sustainability goals implementation in business behaviour: A lesson from discussions with Japanese small and medium-sized enterprises. Social Business, 10(3), 281-304.
O'Flynn, P. M. (2019). Colonization by Other Means: Consequences of Peace Agreements in Northern Ireland and Palestine (Doctoral dissertation, Kent State University). styles in family and non-family firms. Journal of Financial Economics, 119(1), 24-43.
Ogbechie, R., & Anetor, F. (2015). An Investigation into the Core Values That Drive Successful Family-Owned Businesses: A Case of Lagos State, Nigeria. European Journal of Business and Management, 7(17).
Palestine National Export (2014). The state of Palestine national export strategy – PalTrade. Retrieved from www.paltrade.org.
Palestinian Central Bureau of Statistics (2017). Poverty Profile in Palestine, 2017. Retrieved from pcbs.gov
Panza, Laura. "Palestinian foreign trade: Current situation and future prospects." Pavia. Retrieved (2013).
Peake, W. O., Cooper, D., Fitzgerald, M. A., & Muske, G. (2017). Family business participation in community social responsibility: The moderating effect of gender. Journal of Business Ethics, 142(2), 325-343.
Permanent Observer Mission of Palestine to the United Nations (2009). History of Palestine. Retrieved from http://www.un.int.
PricewaterhouseCoopers (PwC) (2019) US Family Business Survey; Creating stronger foundations for the future. Retrieved from www.pwc.com.
Ramadani, V., & Hoy, F. (2015). Context and uniqueness of family businesses. In Family businesses in transition economies (pp. 9-37). Springer, Cham. Retrieved from http://www.kibush.co.il.
Rosalin, G., Poulston, J., & Goodsir, W. (2016). Strategy communication in family-owned restaurants: Ad Hoc and Ad-Lib. International Journal of Hospitality & Tourism Administration, 17(2), 101-122.
Sabri, N., R. (2008). “Palestinian Family Business” in a Compendium on the Family Business Models Around the World. Hyderabad: ICFAI University Press.
Sarbah, A., & Xiao, W. (2015). Good corporate governance structures: A must for family businesses. Open Journal of Business and Management, 3(01), 40.
Schröder, C. (2016). The challenges of industry 4.0 for small and medium-sized enterprises. Friedrich-Ebert-Stiftung: Bonn, Germany.
Schwass, J., & Glemser, A. C. (2016). Family Business Identity. In Wise Family Business (pp. 7-29). Palgrave Macmillan, London.
Sinokrot Holdings. (2019). Sinokrot Hollings. Retrieved from http://www.sinokrotholding.com.
Small Business Administration (2012). Do economic or industry factors affect business survival? https://www.sba.gov/sites/default/files/Business-Survival.pdf.
Smith, M. (2007). “Real” management differences between family and non-family firms. International Journal of Entrepreneurial Behavior & Research, 13 (5), 278.
Tahir, S. H., & Sabir, H. M. (2015). Ownership structures as determinants of financial decisions: Evidence from Pakistani family owned listed firms. Zbornik radova Međimurskog veleučilišta u Čakovcu, 6(1), 117-127.
The Institute for Middle East Understanding, (2009). Where is Palestine? Retrieved October 15, 2009, from http://imeu.net/news/article0021.shtml.
Tung, R. L., & Aycan, Z. (2008). Key success factors and indigenous management practices in SMEs in emerging economies. Journal of World Business, 43 (4) 381-384.
United Nations (2004). Palestinian Small and Medium-Sized Enterprises: Dynamics and Contribution to Development. United Nations Conference on Trade and Development.
United Nations (2019). Micro-, Small and Medium-sized Enterprises Day 27 June. Retrieved from https://www.un.org.
Wang, Y. (2016). What are the biggest obstacles to growth of SMEs in developing countries? –An empirical evidence from an enterprise survey. Borsa Istanbul Review, 16(3), 167-176.
Weber, J, Lavell, L, Lowry, T, Zellner, W, & Barrett, A (2003). Family, Inc. Surprise! One-Third of the S&P 500 companies have founding families involved in management. And those are usually the best performance. Business Week, (3857), 100.
Weber, P., Geneste, L. A., & Connell, J. (2015). Small business growth: strategic goals and owner preparedness. Journal of Business Strategy, 36(3), 30-36.
Weinstein, A. (2018). Superior Customer Value: Finding and Keeping Customers in the Now Economy. Routledge.
Western Model. Journal of Global Business Issues, 3 (1) 171-181
World Bank (2019). West Bank and Gaza. Retrieved from worldbank.org.
Zwick, G. A., & Jurinski, J. J. (2019). Solving problems in succession planning for family businesses. In Tax and Financial Planning for the Closely Held Family Business. Edward Elgar Publishing.