This paper deals with the topic of family entrepreneurship, which can be explained as a business owned by the family and in the operation of which one or more family members are involved. The stages of the life cycle of a family business are: introduction, growth, maturity and decline. The fundamental characteristic of family business is that the owners of the company are related, they own the capital of the company and manage it. The family has control in the company when making strategic decisions, and several generations of the family are most often involved in such business. There are three types of family businesses mentioned in this paper, namely: active, latent and family businesses with the absence of an owner. Speaking of family entrepreneurship, it is necessary to mention the challenge of balancing work and family. A frequent problem in a family business is the choice of a quality leader. In order to establish a balance, it is necessary to determine, plan and establish business through the following variables: control, career, capital, conflict, culture. In order for it to function successfully, adequate management and leadership, i.e. management of financial, human and organizational resources, is important, but attention must also be focused on reputation. Family entrepreneurship is a respectable factor in the world economy, primarily in more developed countries with a long tradition in this segment. In addition, growth is also visible in developing countries.