The Role of Family Business in Estonian Economy

Family businesses have a remarkable role in the world economy; their role in economies has been investigated by many researchers. This paper seeks to study the findings of research conducted over 2008-2011 in Estonia in the field of family businesses and family business entrepreneurs. This research attempts to define development and sustainability of family businesses in Estonian economy. After Estonia regained independence in 1991, private entrepreneurship started to develop, and many people, particularly in rural areas, set up a family enterprise. After Estonia's accession to the European Union in 2004, family business activity boosted further still. Until 2007, family business activity was rather domestic market focused; after Estonia was acceded to the Schengen visa area, they started to successfully sell products and services outside Estonia. The research findings can be used either for diversifying economic activity of family businesses or for investment support or in other areas. This research definitely benefits to all enterprising people who wish to become a family business entrepreneur and who wish to set up a strong and sustainable family business