6SSMN310 – Entrepreneurial Family Firms Assessment 2C/C++

Java Python 6SSMN310 – Entrepreneurial Family Firms

Assessment 2 – Individual Coursework

(75% of total module grade)

The Task

In this assignment, you will have the unique opportunity to engage with the Family Business Simulation: Honey Heritage twice during the term. Your task involves playing through the simulation at both the beginning and end of the course. While participating, it's important to approach the decisions as if you were running a real family business, emphasizing authenticity over what may seem "correct." This experiential learning exercise will allow you to navigate the complexities of multi-generational family businesses and observe how your choices evolve as you progress through the course. Through self-reflection, you will gain valuable insights into family, business, and ownership dynamics, enhancing your understanding of this intricate field.

Period to take the simulation for the first time: 22 January to 5 February (extended from January 29).

Note: Use this handout to record and justify your decisions. You will submit this handout with the individual coursework on April 19 (as an appendix).

Period to take the simulation for the second time: 18 March to 15 April.

Module Learning Outcomes Assessed

1.    Analyse family firms based on their constituting elements, including the family, the business in the marketplace, ownership, management and governance.

2.    Apply theories from psychology, sociology, economics and strategy to key questions in family firms.

3.    Identify and explain the critical role of entrepreneurship in the founding of family firms and innovation in their sustainability.

4.    Critically evaluate succession processes and connect them to different types of family-business- interactions.

Assignment Details and Structure: Family Business Simulation Self-Reflection

I. Introduction (around 300 words)

•    Provide an overview of the assignment's objectives and the importance of self-reflection in understanding family business dynamics.

•    Briefly describe and compare your overall experiences during the first and the second round of the Honey Heritage simulation.

•    Briefly describe the structure of the essay.

II. Analysis of simulation decisions (around 1200-1400 words)

•   6SSMN310 – Entrepreneurial Family Firms Assessment 2C/C++ ;  Describe and compare your decisions during the first and the second round of the Honey Heritage simulation, reflecting on how stakeholders' opinions and family members' perspectives shaped your decisions throughout the simulation.

•    Apply a minimum of 2 theoretical frameworks studied in the module to discuss any changes or adjustments you made in your decision-making. Where decisions have not been changed or adjusted, explain how these theoretical frameworks helped you understand and interpret your simulation experience.

•    Incorporate relevant insights from guest lectures, experiences from outside the classroom, or use examples of family firms studied in class and beyond (e.g., your own family firm) to complement explanations of your decisions.

This middle part of the essay can be structured in several different ways, e.g., by first and second round of taking the simulation; by generation; by key decisions, etc. You do not need to coverall the simulation decisions—feel free to concentrate on the most significant decisions, or the decisions that had most significant shifts from the first to the second round.

III. Conclusion (around 300-500 words)

•    Summarize the main lessons and insights gained from the simulation and the self-reflection process.

•    Highlight any challenges or dilemmas you encountered across the family, business, and ownership dimensions, and how you addressed them.

•    Reflect on how this experience has prepared you for future roles or challenges in family-run businesses.

IV. References

Cite any references or course materials used in yourself-reflection (Harvard style).

V. Appendix (if needed)

Include any additional information, charts, or diagrams that support yourself-reflection, such as decision trees or stakeholder feedback summaries, as well as the handout where you recorded your decisions for  the first time you took the simulation.

General Submission Requirements

Assessment submission instructions:

•    The 2,000-word limit applies to the main body of the text (text, footnotes and diagrams). References and appendices are not included. The word count must be noted on the front of the work.

•    File saved as [ModuleCode_CandidateNumber].

•    File format for submission (.pdf / .docx)