Want Your Family Business to Survive? Start Innovating.
If you operate or work in a family business, you’re part of a very Darwinian food chain. Everyone knows the statistics: fewer than 1/3rd of family businesses make it to a second generation. Approximately 10-15% make it to a third generation. Less than one-in-twenty make it to a fourth.
It takes a lot for a family business to survive in the long run, but there is at least one common variable among those that have stood the test of time: they innovate.
Unique among other types of enterprise, the family business has a natural draw towards tradition, long-term visions, a sense of legacy, and risk aversion. These are considered virtues in most circumstances but unfortunately can be a natural buffer against creative entrepreneurship.
If you are the founder of your family business, you want to establish your own vision and tradition. If you are not the founder, it may be uncomfortable to challenge the founder’s vision. But the business still has to deliver on strategy.
The trick is realizing that not innovating is the riskier proposition. Some visionary family businesses are going to think outside of the box, even if yours does not.
Devin DeCiantis, a family enterprise strategy expert, puts it this way in our free video catalogue for family businesses: “Not all family businesses have to innovate. Just the ones that want to survive.” Watch that video here.
Innovation doesn’t just happen overnight. That’s why we are pleased to announce the release of our latest online course designed to meet the innovation needs of family businesses. It is a 2-3 hour course entitled "Intrapreneurship in Enterprising Families."
Our course provides family businesses with the knowledge, skills and tools to ease the transition as the rising generation develops the ability to lead new ventures, and the senior generation prepares to actively encourage and mentor innovation and change within the business.
This course is designed to help family businesses foster the entrepreneurial spirit from one generation to the next within their own family business. When preparing members of the rising generation to step into jobs of increasing accountability within the family business, will it be easy for them? How open is the senior generation to accepting change and working collaboratively to take the business in a new direction?
The process of encouraging and sustaining intrapreneurship requires very careful preparation. Our course provides family businesses with the knowledge, skills and tools to ease the transition as the rising generation develops the ability to lead new ventures, and the senior generation prepares to actively encourage and mentor innovation and change within the business.
Like all of Insights courses the activities can be viewed on any device, at any time and any pace. Participants can stop and start as their family and business commitments allow.
The course can be accessed by logging in here and search our catalogue by typing "Intrapreneurship in Enterprising Families" in the search bar on the left.