Management experts claim that for a company to thrive, it must concentrate on a single generic strategy—on one thing it does better than its rivals. But specialization also has its disadvantages. The author suggests that a broader, mixed approach may be preferable.

Purpose – This paper attempts to reconcile two opposing views of the strategies and conduct of closely held firms: that of entrepreneurship and that of family business. The former view suggests that these firms tend to be value maximizing organizations that pursue growth strategies and...