“Evolving family business and new value creation” is an important issue for the continuity of new value creation. Because continuity of entrepreneurial organizations (especially the family business) means that continuity of new value creation and transferring entrepreneurial cognition to the new generation is a significant factor in this process. Family businesses are the best analysis unit, both including entrepreneurial cognition and new generation. They are also important economic units that are already ventures created by entrepreneurial cognition. The study emphasizes the transmission and evolving role of them. While emphasizing their role, cognitive perspective provides a link between both entrepreneurship & family business and new generation & new value. The intersection of family business and cognitive theory offer insights about transferring entrepreneurship to the new generation and evolving the new value creation by entrepreneurial cognition both theoretical and practical. The study analyzes the theoretical aspects of the entrepreneurship by the unique cases of family businesses and non-business family cases that are useful to understand the role of cognition and family. In conclusion the paper aims to extend the entrepreneurship field by the light of the cognitive theory and to underline the role of both the family and the new generation.
Key words: Entrepreneurial Cognition, New Value Creation, Family Business