Business Failure Of Family Business: A Case In Mining Industry Indonesia Its Implications For Future Business Success
Santoso, Eko Budi
Wiryakusuma, I Gusti Bagus Yosia
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The purpose of this paper is to analyze after of business failure by addressing: how the developed new ventures and what was the effect of the previous failure on the decision the owner to embark on subsequent ventures. The authors resort to qualitative methods to understand the effect of business failure from the owner's perspective. Authors undertook a semi-structured interview to the owner mining industry. The data are collected via interviews, observations, and literature reviews. The participants of the study include the director and a second-generation successor from a mining industry in Indonesia. The selection of objects is based on a purposive sampling method with related selection based on accessibility between researchers and the research participants. The result of this study shows that the effect of previous failures decides the owner goes into another business, namely business investment. Experience teaches that the readiness of employees to run a business is important, if it is not ready, then the owner's involvement is needed. Succession that does not go well results in business failure.