Entrepreneurs ask for more governmental support for family business

Written by: Bridgewest

Luxembourg owes quite a lot to family businesses operating in various fields. These small businesses, passed from generation to generation, are an important part of the country’s economy and account for almost 40 percent of the employment in Luxembourg. However, entrepreneurs in Luxembourg believe that the government should pay more attention to these businesses and acknowledge their contribution to the economy.


Family businesses in Luxembourg

Family businesses represent almost 72 percent of the companies in the country. However, this aspect is sometimes ignored by the government.
One entrepreneur in Luxembourg, the fifth generation of a family business, has spoken openly about this issue and believes that the government doesn't see the full contribution brought by small businesses. Policy makers and public institutions should look more closely at the political implications brought by family businesses. Other entrepreneurs in Luxembourg feel the same way and believe that family businesses in Luxembourg are extremely successful and have tremendous strength. 

The strengths of family businesses in Luxembourg

Family entrepreneurship may have many advantages, but it is currently approached with prudence by investors in Luxembourg. Young people seem to be skeptical and do not see entrepreneurship as a valid career choice, probably because of the tough global economic situation. A recent survey reveals that only about 39 percent of Luxembourg nationals believe that entrepreneurship is a real career choice. Nevertheless, it is important for young people to know that there is also an alternative to working for the state and starting a new business as an entrepreneur is a good choice.
Perhaps one of the greatest strength of family businesses is their ability to endure in difficult economic times. They have a more prudent approach to finance and this allows them to manage their resources and investments while thinking about the future. 
Because family businesses play an important part of the country’s economy, their survival and success is a key for the success of Luxembourg. If you want to invest, our lawyers in Luxembourg can help you answering your questions.