Entrepreneurial families are able to thrive because of distinctive strengths. These include a time horizon that extends over generations, a stewardship approach based on deeply-held values, and an on-going renewal of the entrepreneurial drive. The strengths are supported by underlying success factors of ‘familyness’.
However, there are several trends that could negatively impact these underlying factors, which include families’ cohesiveness, attitudes, motivation and resources. The trends represent challenges for entrepreneurial families across the world:
In addition, all ventures face the impacts of digital technologies, artificial intelligence, climate change, rising inequalities and much more. Entrepreneurial families must deal with these generic challenges as well as the ones that are distinctive to themselves.
Olivier de Richoufftz, September 2018