A Family Enterprise refers to a business that is owned and operated by members of the same family. These enterprises can range from small local shops to large multinational corporations. The key characteristic is that family members are involved in the management and decision-making processes, often passing the business down through generations. Family enterprises often emphasize values such as trust, loyalty, and long-term commitment. They may face unique challenges, including balancing family dynamics with business needs. Successful family enterprises often leverage their close relationships to foster innovation and resilience in the marketplace, contributing to their longevity and stability.