What is a family enterprise commonly referred to as?

A family enterprise is most commonly referred to as a family business. This term encompasses any business that is owned and operated by members of the same family, which can include multiple generations. Family businesses are significant in the economy, as they contribute to job creation, innovation, and community stability.

The concept emphasizes not just the ownership structure but also the involvement of family members in its management, decision-making, and strategic direction. Unlike a family office, which typically manages the wealth and investments of a family, or a family foundation that focuses on philanthropic activities, a family business is primarily oriented towards commercial activities and generating profit. A family partnership may involve family members working together in a business, but it lacks the comprehensive reflection of the broader family operational and financial engagement that a family business implies.

Thus, calling a family enterprise a family business accurately captures this unique blend of family and entrepreneurial engagement.