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Research suggests that children of self-employed parents and children belonging to family businesses are much more likely to pursue entrepreneurial careers. But while nature is a critical driving force behind intergenerational entrepreneurship, nurture seems to be even more important. The next question, and the overarching goal of this dissertation, is how do enterprising families defined as families who own more than one business, but don't necessarily do so together nurture the next generation of entrepreneurs? Of particular importance to discovering the process of intergenerational entrepreneurship, is understanding why some siblings follow an entrepreneurial path while others actively avoid it. Using a constructivist grounded theory approach, 35 family members across eight enterprising families were interviewed. The findings suggest a critical determinant of who becomes an entrepreneur is based on children's entrepreneurial sensemaking, which they form throughout their experiences in childhood and adolescence. Child-specific characteristics, such as entrepreneurial innateness, as well as the presence of family system facilitators, were critical factors that influenced the valence of children's entrepreneurial sensemaking (i.e., negative, positive, balanced), which in turn influenced their career trajectories (i.e., never entrepreneurs, legacy entrepreneurs, open professionals). These findings have important practical implications for the sustainability of enterprising families.
This book provides recent ideas, insights, facts, evidence, frameworks, and perspectives on how and why entrepreneurial families are successful over generations. The book focuses on how families successfully implement entrepreneurship across generations. That success, it argues, requires entrepreneurship at the level of the family, not only in the businesses the family owns and manages. Written by noted academics and consultants who are authorities on family entrepreneurship, the chapters provide a comprehensive exploration of the characteristics of successful entrepreneurial families, their motivations, how they behave over time, and, suggestions for how business families can encourage and sustain entrepreneurship. This comprehensive look at family entrepreneurship will serve as a fundamental reference text for family business consultants, owners, and scholars.
Discover What Makes Family Businesses Beat the Odds and Thrive over Generations Families are complicated; family businesses even more so. Like other companies, family-run enterprises must develop leadership and entrepreneurial skills. But they must also manage family dynamics that rarely mirror the best practices in the latest Harvard Business Review. Allan Cohen and Pramodita Sharma, scholars with deep professional and personal roots in family businesses, show how enterprising families can transmit the hunger for excellence across generations. Using examples of firms that flourished and those that failed, they describe the practices that characterize entrepreneurial individuals, families, and organizations and offer pragmatic advice that can be tailored to your unique situation.
ÔThere is so much to praise in this important and timely book. Drawing on unique, fresh and intimate qualitative studies of families and the complex histories of their lives and businesses, the book will invigorate entrepreneurial studies with its intricate, theoretically bold and innovative analysis. The author takes us on a sensitive and fascinating journey with these families, and makes an outstanding contribution conceptually, politically, ethically and methodologically to the field, showing us how narratives are not simply methodological tools but ontological resources for gender and identify formation. It is an elegant and refreshing book which will be a rewarding and enlivening read for students and researchers.Õ Ð Elaine Swan, University of Technology Sydney, Australia ÔThoughtful, perceptive, and meticulously researched, Eleanor HamiltonÕs Entrepreneurship across Generations is an important contribution that will help advance the field of family business studies both conceptually and empirically. Based on fascinating field work with families in business and placing ÒfamilyÓ at the very heart of her study, Hamilton shows, through the stories her subjects tell, just how deeply and complexly family and firm are intertwined. A must-read for all those interested in family firm entrepreneurship.Õ Ð Andrew Popp, University of Liverpool Management School, UK Entrepreneurship across Generations examines dimensions of identity, gender and learning to understand the complex fabric of family business. An interpretation of narratives from two generations in five families constitutes entrepreneurship as an inherently social, rather than individual, phenomenon. This enriching book explains how entrepreneurial capacity is shared between generations, showing how learning is embedded within everyday social practice in the family and the business. It explores patriarchal practice and gendered entrepreneurial identities in family business. The author challenges dominant discourses of entrepreneurship. She argues that entrepreneurial identities are mediated by narrative and subject to constant negotiation within and across generations. With a new perspective on entrepreneurship, this insightful study will be essential and supplementary reading for students and practitioners within the field of entrepreneurship and family business.
Discover What Makes Family Businesses Beat the Odds and Thrive over Generations Families are complicated; family businesses even more so. Like other companies, family - run enterprises must develop leadership and entrepreneurial skills. But they must also manage family dynamics that rarely mirror the best practices in the latest Harvard Business Review Allan Cohen and Pramodita Sharma, scholars with deep professional and personal roots in family businesses, show how enterprising families can transmit the hunger for excellence across generations. Using examples of firms that flourished and those that failed, they describe the practices that characterize entrepreneurial individuals, families, and organizations and offer pragmatic advice that can be tailored to your unique situation.
Answering the most pressing thirty-five questions of Next Generation members in a short and concise, yet competent way—leading academics, practitioners, and enterprising families come together to empower Next Generation legacies. Masterfully detangling the intricate dynamics of the family, ownership, business, and wealth, the authors share best practices, real-life examples, and critical questions for reflection. Part 1: Family Defining family · Managing family dynamics · Dealing with conflicts · Family communication · Preparing generational transitions · Keeping the family united Part 2: Ownership Responsibilities and rights · Preparation of future owners · Dealing with non-active owners · Ownership transfers · Board expectations and roles · Owner networks Part 3: Business Preparing business entry · Working with nonfamily executives · Hiring family members · Promoting family members · Letting go of family members · Engaging family business consultants Part 4: Wealth Dealing with wealth · Pursuing a vocation outside of the family enterprise · Leaving the family enterprise · Selling the family business · Starting a family office · Pursuing philanthropy and impact investing Enabling Next Generation Legacies is a powerful guide for Next Generation members and their families to ask better questions, make better decisions, live better lives, and build stronger legacies.
Families share how they have maintained and grown their wealth from generation to generation. While creating wealth is a wonderful achievement, business families are also concerned with how their wealth is used to support their values, the lives of their children and the well-being of the community. Over several generations, families who are successful in growing their wealth have been able to reinvent themselves and their business in the face of significant environmental transformations and internal differences cause by family dynamics. Borrowed from my Grandchildren is a fascinating look at how large, long-lasting business families succeed across generations. Author Dennis T. Jaffe, one of the leading architects of the field of family enterprise consulting, has interviewed members of successful, well known, 100-year family enterprises from 20 countries, who serve as role models for those wishing to see their wealth positively impact their children, employees, and communities. Half continue to own their legacy business and others have gone on to become family offices with a portfolio of shared assets, but all these families have sustained their values and identity as a family over more than three generations. Offering the collected wisdom of nearly 100 global business families, this insightful book shares the real-life stories of partners in business and wealth management over three of more generations. Families that generate rather than reduce their wealth across generations, known as Generative Families, focus on engaging across generations and develop collaborative governance for both family and business to ensure responsible stewardship from one generation to the next. This unique resource: Presents real-life stories of families sustaining wealth over generations Explores both the successes and failures of retaining family wealth Includes rare private insights from members of prominent wealthy families Examines the nature of global family enterprises and their evolution over generations Discusses the financial, human, and social dimensions of wealth Borrowed from my Grandchildren: The Evolution of Stewardship in 100-Year Families is an essential read for family members, non-family executives, family offices, estate planning lawyers, family business consultants, trust officers, philanthropic and foundation advisors, financial advisors, financial planners, CPAs, and other finance professionals.
Introducing a new concept in family businesses Transgenerational Entrepreneurship addresses how these businesses achieve growth and longevity through entrepreneurial activities. It focuses on the resources, capabilities and mindsets that families develop and draw upon in order to be entrepreneurial across generations, and presents findings from an international research collaboration between family business researchers and practitioners. In addition to a comprehensive conceptual chapter, the editors include a unique set of empirical case-based research papers that investigates transgenerational entrepreneurship in different European contexts. They bring together and integrate frontier research on entrepreneurship and family business, as well as provide a basis for future research. Academics, teachers and students in business and management, entrepreneurship and family business will find this path-breaking book of value, as will libraries, policy makers and consultants.
Discover What Makes Family Businesses Beat the Odds and Thrive over Generations Families are complicated; family businesses even more so. Like other companies, family-run enterprises must develop leadership and entrepreneurial skills. But they must also manage family dynamics that rarely mirror the best practices in the latest Harvard Business Review. Allan Cohen and Pramodita Sharma, scholars with deep professional and personal roots in family businesses, show how enterprising families can transmit the hunger for excellence across generations. Using examples of firms that flourished and those that failed, they describe the practices that characterize entrepreneurial individuals, families, and organizations and offer pragmatic advice that can be tailored to your unique situation.
Schmieder shares a broad range of tools and pathways that family businesses across sectors use to stimulate, execute, measure, and reward innovation. The 50-plus family stories cited in this book will inspire any family enterprise to create a strategy and environment that can stimulate success for many generations to come.