I Want to Start My Own Business. Can I Ask Our Firm or Family for Help?

It is often said that the entrepreneurs of today are the family businesses of tomorrow. This assertion is supported by findings in a Global Entrepreneurship Monitor (2019-20) Report on ‘Family Entrepreneurship’ which cites that 75% of respondent entrepreneurs across 48 economies indicate that their family was actively involved in either starting or developing a new business . In spite of this, and the fact that it is becoming more popular for family firms to encourage entrepreneurialism within the younger generation, it is often challenging for Next Gens to ‘carve out’ an entrepreneurial identity for themselves. This is even more so the case if the intention is to pursue new ideas that are not central to the core business and which might disturb long-planned succession strategies, or expectations held by senior family members. Making the decision to get on board the entrepreneur(ship) is an important career decision that has huge implications, not only for the Next Gens who are planning this, but also for current members of the family business who might have to adjust their expectations.