UNDERSTANDING THE SELECTION AND DEVELOPMENT OF LIFE GOALS OF FAMILY BUSINESS OWNERS

The purpose of this qualitative, phenomenological study was to understand how owners of family businesses select and develop life goals. Findings indicate life goals are substantially influenced and impacted by parents, mentors and influential "others". The selection and development of life goals required a high level of self-confidence in their own knowledge, skills, and abilities with the attitude to make things happen. A faith in a higher being contributed to the belief and feeling that they were at the right place at the right time and possessed the correct knowledge, skills, abilities, and attitude to take advantage of the opportunities placed before them. A strong desire for personal independence influenced the selection and development of the family business as a life goal.