The life cycle of family businesses is a complex process and each stage has its own challenges. In the initial phase, the goal is to start a business and survive. The phase of stabilization and growth is a happy period in the business of family businesses, while in the maturity phase, when indicators of successful business decline, people consider whether to leave the business or stabilize it again with new solutions. The importance of family businesses for the global and domestic economy, as well as the economy, is very great because they employ not only their own family members, but sometimes also a large part of the local community. It is explained and shown through various collected information from various sources and research, how important family entrepreneurship actually is for the economy of a country because it is a great source of social development. The characteristics of family businesses are also very important, primarily advantages and disadvantages such as independence and freedom, as well as discouragement and indefinite working hours. The main goal is to analyze how much influence, what kind of power, what kind of business tradition and what kind of life cycle family businesses have, more specifically a family business like Gavrilović. It is one of the most powerful and influential companies in the country, and it is run by even the ninth generation of heirs, and these are the reasons why it was chosen as an example. So from all of the above it can be concluded that the life cycle of this company is very long and currently the company is in the phase of stabilization and growth. Through the writing of this final paper, it was possible to gain various useful conclusions about entrepreneurship and family businesses as important factors of the economy of every country, and as a result of writing this final paper, useful knowledge on the topic of family entrepreneurship was adopted.