A family business is a company that is owned and operated by members of the same family. These businesses can range from small local shops to large corporations. Family members often play key roles in management and decision-making, which can create a strong sense of loyalty and commitment to the business. Family businesses are important to the economy, as they contribute significantly to job creation and innovation. They often prioritize long-term success over short-term profits, which can lead to sustainable growth. Examples of well-known family businesses include Walmart, Ford, and Coca-Cola.