Exploring the dynamics of external knowledge acquisition in family businesses: factors, constraints, and success indicators

This research delves into the dynamics influencing family businesses' engagement with external knowledge, aiming to shed light on the motivations, challenges, and benefits associated with seeking knowledge beyond organizational boundaries. Drawing on a single case study methodology, we provide a detailed framework that offers insights into the factors driving family entrepreneurs to explore external knowledge sources. Additionally, we uncover the primary constraints and challenges faced by family businesses in accessing and leveraging external knowledge, offering actionable insights for overcoming these hurdles. Our findings suggest that addressing these challenges head-on can enhance family firms' capacity for innovation, adaptation, and success in dynamic market environments. Furthermore, we identify specific indicators that highlight the tangible benefits derived from family businesses' interactions with external knowledge sources, emphasizing the significance of cultivating collaboration networks beyond the confines of the family firm. Overall, this study contributes to the existing literature by offering a nuanced understanding of the intricate relationship between family businesses and external knowledge, with implications for both scholarly research and managerial practice.