Next Generations of Entrepreneurs in Family Business

It was recently highlighted that 48% of entrepreneurs grow up in a family business. Family firms are intrinsically entrepreneurial, so much so that 13% of family firms start as spin-offs of an existing family business. It is therefore key that family businesses who are looking to grow and be innovative carefully plan how to support and engage their next generation.

The good news is that the majority of next generation family members care about the family firm. According to recent research by the IFB Research Foundation about 90% of younger family members want to be involved in the family business because they care about its future success.

To be helped in this process, millennials have expressed the need to be provided with spaces to learn and develop, within and outside the family firm. These spaces can come in many different forms. Be it through informed family conversations, formal work experience or peer discussions, it is important that they are given the opportunity to set their path at their own pace.

The IFB Next Generation group offers a safe space for younger family members to do just that. Whether they work in the family business of not, being part of the group provides them with the unique opportunity to learn and share experiences with like-minded peers. If you would like to know more about the group and how to take part in its activities, please email info@ifb.org.uk.

Another chance for the next generation to learn an develop may be taking part in Global Entrepreneurship Week (GEW). Running from 14 to 20 November in 160 countries, this initiative is aimed at inspiring people through local, national and global activities designed to help them explore their potential as self-starters and innovators. To find out more about GEW and how to get take part, click here.

If you would like to know more about next generation engagement and entrepreneurship, download our publications here or contact us on 020 7630 6250.