QUALITATIVE ANALYSIS OF THE EFFECTIVENESS AND THE SUITABILITY OF THE ENTREPRENEURSHIP, A VIABLE STRATEGY FOR FAMILY WELLBEING

Abstract

Wellbeing of families is more than household income. While finance is one of the factors which contribute to wellbeing, other factors include access to education, healthcare, a sustainable diet, housing, social security, labour markets, future possibilities for children, social relationships and the ability to manage unforeseen financial challenges. Entrepreneurship can bear these aspects either positive or negative. A prosperous business can lead to a higher household income, employment opportunities for family members, better education and health services, better housing situation, and better financial independence. A qualitative study has been planned to investigate the seven themes related to entrepreneurship and family wellbeing such as Entrepreneurship as a strategy for household economic security, Family support as a foundation of entrepreneurial success, Financial capital, credit and household wellbeing, Social networks, trust and business opportunities, Risk, failure and entrepreneurial resilience, Entrepreneurship, social status and male identity and Government support and the entrepreneurial ecosystem. The study has been conducted in the three cities Faisalabad, Lahore and Rawalpindi of the Punjab, Province of Pakistan. In this study in-dept interviews from 24 entrepreneurs from each city has been conducted along with a focus group discussion consisting 12 participants from each city for having in-dept information in the light of seven themes. The thematic analysis demonstrates that these seven themes are primarily important for the effectiveness and suitability of the entrepreneurship which are also linked to the individual’s entrepreneurs and their families’ wellbeing. It is suggested that focus needs to be placed on family support. Family supports and the role of family are the strongest variables associated with family well-being and among the strongest variables associated with firm performance, respectively, and should encourage entrepreneurial family members and families to establish mutually supportive relationships, shared decision-making, and a joint understanding of family responsibilities. Entrepreneurship awareness and counselling programs targeting the family may serve to educate families on the opportunities and challenges of entrepreneurship.