Assessment of Knowledge Among College Students Regarding Family-Owned Businesses: A Revisit

Family-owned businesses are a key participant of the global economy contributing substantially to economic growth, national GDP, and fueling the entrepreneurial spirit. Although they may begin small in size and number of employees, their close-knit management structure can provide ample opportunities for future growth and development. In a prior 2006 study, Parker and Strickler conducted a survey of college students at a regional university to assess students' ability to recognize which corporations are familyowned based solely on the name of the company. The 2006 study concluded that only thirty-five percent of students were able to identify a now nationally and in some cases even internationally recognized corporation's name as a family-owned business. Even more interestingly is that seventy-five percent of respondents now indicate a desire to work at a family-owned business, up from thirty-one percent in 2006.