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Entrepreneurship & Family Business - Complementary Dynamics

Entrepreneurship & Family Business - Complementary Dynamics. 1 st Families in Business Day - November 8, 2013. Welcome! . Thank you to o ur partners. Thank you to our presenters. Thank you to each of you. . Groundrules. Treat everything shared as confidential.

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Entrepreneurship & Family Business - Complementary Dynamics

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  1. Entrepreneurship & Family Business - Complementary Dynamics 1st Families in Business Day - November 8, 2013

  2. Welcome! Thank you to our partners. Thank you to our presenters. Thank you to each of you.

  3. Groundrules Treat everything shared as confidential. Leave the office at the office. Meet someone new. Learn something new. Apply something new. Share your experience.

  4. Asia Pacific (10) 2007 Africa2009 STEP Affiliates Europe (13) 2005 North America (10) 2011 Latin America (10) 2006 • Key Facts • 43 Affiliate Universities • 200+ Scholars • 100+ Family Cases Worldwide • 15 Summits / Academic Meetings

  5. STEP ELGAR BOOKS

  6. ENTREPREURSHIP – What is it? FAMILY BUSINESS – What is it?In a Family BusinessWHOSE RESPONSIBILITY IS ENTREPRENEURSHIP? Individual vs. FamilyWhere are we today & Where do we want to be?

  7. FOUNDERSThink of a male / female founderWhat word/s describe this person/s

  8. CARLOS SLIM Henri Nestlé HENRY FORD

  9. Celeste North, NuFlick

  10. Founders Decisive Visionary Independent Risk-taker Controlling Creative Confident Passionate

  11. Entrepreneurs? IN REALITY Yes – but no different from other leaders Support family & team Often no vision No more confident than others Moderate to low risk Often don’t create technology, buy business, or license Yes- but no more than other occupations Yes- but doesn’t distinguish POPULAR VIEWS • Decisive • Independent • Visionary • Confident • Risk taker • Creative • Controlling • Passionate Adapted from Schlesinger, 2010

  12. Entrepreneurs? IN REALITY Yes – but no different from other leaders Support family & team Often no vision No more confident than others Moderate to low risk Often don’t create technology, buy business, or license Yes- but no more than other occupations Yes- but doesn’t distinguish POPULAR VIEWS • Decisive • Independent • Visionary • Confident • Risk taker • Creative • Controlling • Passionate Capabilities matter NOT traits Adapted from Schlesinger, 2010

  13. Develop Entrepreneurial Spirit Practice, Practice, Practice….. Use the entire life spanfor practicing entrepreneurship Something new every day, every year – …… products, places, processes, people ….

  14. 10,000 hours of practice to excel in anything even ENTREPRENEURSHIP!

  15. When the shoe fits…..

  16. ENTREPREURSHIP – What is it? FAMILY BUSINESS – What is it?In a Family BusinessWHOSE RESPONSIBILITY IS ENTREPRENEURSHIP? Individual vs. FamilyWhere are we today & Where do we want to be?

  17. What is F-B Success?

  18. Distinguishing FBs from NFBs CONTROL & INFLUENCE How? Through OMG combination of Ownership, Management, Governance

  19. The Three Circle Model Ownership 1 6 4 7 Management Family 5 2 3

  20. GLOBAL Report on Family Businesses • Large numbers & contributors to jobs / economy / society • Latin America / Asia – 90-98% • US / Germany / Spain – 80-90% • Large, Medium, Small size • Out-perform non-family enterprises • Especially in the first generation; Second generation some do, not others • 70% would like to pass their business to next generation BUT next gen is not always interested OR capable OR prepared to work in the founder’s business - WHY?

  21. WHY might family firms NOT get to the 2nd generation? • MARKET value / marketability of the firm • Founder’s dream may not be shared by the next generation • Founder’s shadow is deep • Next generation not ready • Entrepreneurial / leadership skills not honed • Limited opportunities in ONE enterprise to practice • ENT / Leadership skills of 2 or more generations

  22. Success Across Generations • World’s Oldest Family Firms • Kongo Gumi (578 to 2007) • Hoshi (Japan 718) • Baravier & Toso (Italy, 1295) • Hotel Pilgrim Haus (Germany, 1304) • Mittelstand • Successful multigenerational organizations balance • Tradition with innovation • Family with Business

  23. 51 questions to become a Henokien one day

  24. ENTREPREURSHIP – What is it? FAMILY BUSINESS – What is it?In a Family BusinessWHOSE RESPONSIBILITY IS IT? Individual vs. FamilyWhere are we today & Where do we want to be?

  25. Entrepreneurship and Family Business

  26. Entrepreneurship & Family Business: HANDLING NEW INITIATIVES 1 2 3 5 6 4

  27. Life Cycles

  28. Key changes in last two decades? • Longer expectancy (USA) Male Female 190046.2 48.9 1981 72.4 79.2 2012 80.5 84.7 • Women in US workforce • 72 million (58.6% of all 16+ women) participate in the labor force • 47% of US labor force are women • By 2018, 51% of US workforce is expected to be females • Healthier lives lived • More females joining the workforce

  29. Key changes in last two decades? Generational Stack-Up! • Longer expectancy (USA) Male Female 190046.2 48.9 1981 72.4 79.2 2012 80.5 84.7 • Women in US workforce • 72 million (58.6% of all 16+ women) participate in the labor force • 47% of US labor force are women • By 2018, 51% of US workforce is expected to be females • Healthier lives lived • More females joining the workforce

  30. Life Expectancies

  31. P A U S E 1. Where do you fall on the life cycle map? Pre-adulthood (0-15 years) Provisional adulthood (16-30) Early adulthood (31-45) Middle adulthood (46-60) Late adulthood (61-75) Late-late adulthood (76+ 2. How are you practicing entrepreneurship - doing something new?

  32. Let’s Pause

  33. ENTREPREURSHIP – What is it? FAMILY BUSINESS – What is it?In a Family BusinessWHOSE RESPONSIBILITY IS ENTREPRENEURSHIP? Individual vs. FamilyWhere are we today & Where do we want to be?

  34. Entrepreneurial Family Firms: COMBINING FORCESFamily AND BusinessIndividual AND FamilyManaging AND Innovating

  35. Entrepreneurship in EVERY generation? 1 2 3 5 6 4

  36. ENTREPREURSHIP – What is it? FAMILY BUSINESS – What is it?In a Family BusinessWHOSE RESPONSIBILITY IS ENTREPRENEURSHIP? Individual vs. FamilyWhere are we today & Where do we want to be?

  37. What’s next? 10:45 - 12:00 p.m. - Concurrent workshops - Session A Vermont A, Vermont B, Burlington Conference room 12:00 - 1:30 p.m.  Lunch Keynote - "Staying Innovative after 200 Years in Business" with Charlie Kittredge, Chairman and former CEO of Crane & Co. - Seasons on the Lake room  1:45 - 3:00 p.m. - Concurrent workshops - Session B Vermont A, Vermont B, Burlington Conference room 3:15 - 4:30 p.m. - Concurrent workshops - Session C. Vermont A, Vermont B, Burlington Conference room

  38. Enjoy!

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