Transgenerational entrepreneurship and survivability in rural economy

Abstract

Transgenerational entrepreneurship is the new theoreticalperspective that introducing the family capability to transfer entrepreneurship for generations. This paper investigates the relationship between family business, entrepreneurship and the rural economy. 18 entrepreneurial families in Langkawi island were selected because this community capability to develop the island to be a tourism destination in Malaysia. Data collected through in-depth interviews and thematic analysis was applied. As a result, transgenerational tourism entrepreneurship dimensions were created which are; survivability mindset, smallness, family cumulative entrepreneurship experience, entrepreneurship molding and goal achievement. The first dimension is the survivability mindsetwhere business life is the family life-line. Smallness is the second dimension that emphasizes the size of the business that expands on the family capability. Following is the family cumulative family entrepreneurship experience from the founder to the young generation. The next dimension, entrepreneurship molding for entrepreneurship nurture and retirement. Lastly, family goalsare to achieveresiliency and new generation expansion. Hence, the family prefers long term plan with a low-risk investment to create sustainable economic development. Development planning for the economy should not treat the local community as the second option but empowering them to be sustainable entrepreneurs.