Factors influencing second-generation self-employed's decision to continue family business in Thailand

Abstract

This thematic paper explores the factors influencing second-generation self-employed individuals' decisions to continue their small to medium-sized family businesses in Thailand. Drawing upon empirical data collected from 100 participants, the study investigates the intricate interplay between intrinsic motivations, such as personal interest and commitment to family legacy, and extrinsic factors, including market forces and regulatory environments. The findings underscore the significance of adaptive strategies and financial resilience in navigating market fluctuations and ensuring the long-term sustainability of family businesses. Moreover, the research highlights the importance of succession planning and the need for policy interventions to support family business continuity. By providing insights into the decision-making processes of family business owners, this paper contributes to a deeper understanding of the dynamics shaping entrepreneurial endeavors in Thailand's business landscape.