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Engaging the Next Generation of Intrapreneurs in the Family Business - BFF Family Business Think Tank

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Engaging the Next Generation of Intrapreneurs in the Family Business - BFF Family Business Think Tank

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I gave this keynote at the BFF Family Matters Forum 2015 in Miami, talking about how family businesses can harness NxG entrepreneurial acting and thinking within the family business.

I gave this keynote at the BFF Family Matters Forum 2015 in Miami, talking about how family businesses can harness NxG entrepreneurial acting and thinking within the family business.

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Engaging the Next Generation of Intrapreneurs in the Family Business - BFF Family Business Think Tank

  1. 1. Prof. Dr. Peter Vogel / www.petervogel.org / info@petervogel.org / @pevogel Engaging the Next Generation of Intrapreneurs
  2. 2. GLOBAL IMPACT OF FAMILY BUSINESSES
  3. 3. Global Impact of Family Businesses 33 Image: BFF Infographics Data sources: FFI & European Family Businesses, 2012
  4. 4. 4 Global Impact of Family Businesses Data source: European Family Businesses, 2012 Family Firm Institute PWC, 2012 Contribution to Global GDP Contribution to Global Job Creation Family businesses (FB) Non-FB 70 – 90% 50 – 80%
  5. 5. 5 Global Impact of Family Businesses Family businesses are…  … more profitable in the long run & outperform non-family businesses  … less likely to lay people off despite a potential economic downturn  … more likely to give to their community & engage in philanthropy  … more future-oriented with long-term strategic goals Data source: Family Firm Institute
  6. 6. 6 Global Impact of Family Businesses Family Businesses Matter in Society and the Economy!
  7. 7. CHALLENGES FOR FAMILY BUSINESSES
  8. 8. 8 Challenges for Family Businesses Population dynamics Speed of innovation & economic renewal Changing global power Changing & more complex family structures Succession not planned early enough NxG with different characteristics & goals
  9. 9. NEXT GENERATION DEEP DIVE
  10. 10. 10 NxG Succession Dilemma  < 5% of NxG in their 30s have intentions to take over family business  Trend: Succession intentions are decreasing Data source: BFF Infographics Zellweger et al., GUESSS, 2015, HBR, 2014
  11. 11. 11 Characteristics Source: BFF infographics
  12. 12. 12 Entrepreneurship as a Desirable Career 0% 10% 20% 30% 40% Becoming an entrepreneur Taking over my family's business Employee in a large firm Employee in an SME 5 years after graduation University graduates Source: GUESSS project
  13. 13. 13 Conflict between Entrepreneurial Desire & Succession? Source: BFF Infographic
  14. 14. FOSTERING NXG INTRAPRENEURIAL ACTING & THINKING
  15. 15. 15 Why Intrapreneurship Matters for Family Businesses  Opportunity for generations to collaboratively work on future of firm  Foster entrepreneurialism of NxG & build emotional ownership  An overall intrapreneurial setting will trigger employee engagement  Ensure continued innovativeness of firm to compete on global market
  16. 16. 16 Fostering NxG Intrapreneurialism – Talent Development  Involve them early on in the family business  Let your kids take responsibility and take decisions on their own  Allow them to be critical about the status quo and create new ideas  Ask for their opinion on things and let them grow into the firm
  17. 17. 17 Fostering NxG Intrapreneurialism – Culture of Creativity  Create a culture of intrapreneurial thinking and acting  Listen to their ideas and serve as mentor and sounding board  Turn regular learning into a playful & creative interaction
  18. 18. 18 Fostering NxG Intrapreneurialism – Market for Capital  Provide them with financial resources to work on own ideas & learn  Teach them financial literacy through letting them do things  Create a family-wide seedfund for NxG entrepreneurial ideas
  19. 19. 19  Help them experience and handle risk and their own boundaries  Allow them to make mistakes and learn from them “Only those who dare to fail greatly can ever achieve greatly” – Robert Kennedy Fostering NxG Intrapreneurialism – Risk & Failure
  20. 20. Prof. Dr. Peter Vogel Mail: info@petervogel.org Web: www.petervogel.org Thank you for your attention. “Before the multinational corporation, there was family business. Before the Industrial Revolution, there was family business. Before the enlightenment of Greece and the Roman empire, there was family business.” (William O’Hara)

Editor's Notes

  • 70% - 90% of global GDP annually is created by family businesses
    50% - 80% of jobs in most countries are created by family businesses
  • http://www.ffi.org/?page=GlobalDataPoints
  • More and more young people wish to become entrepreneurs

    Moreover, the changing family dynamics will lead to more individualistic behavior of the NxG
  • No, this does not have to be in conflict. But what can family businesses do to harness the entrepreneurial potential and desire of the NxG?
    How can the family business ensure continuity of the business and it’s innovativeness?
    How can current owners help the NxG build the necessary emotional ownership of the family business?
  • Together with BFF and two other gentlemen who are also here tonight, I have worked on an intrapreneurship training for NxG family business owners.
  • To
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  • Let’s make sure it stays that way until 2040 and beyond
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