Abstract

The success of passing a family business from one generation to another depends not only on instilling business ideas and leadership in future generations, but also on engendering the entrepreneurial spirit in those business leaders to come; this is the practice of trans generational leadership.

Successful Trans generational Entrepreneurship Practices, more commonly known as the STEP Project, was put in place to help facilitate family enterprising. An innovative research initiative that spans the globe, it offers insight, partnership and solutions for current and future family leaders. As part of the STEP Project, academic experts in entrepreneurship and business collaborate with prosperous multi generational family businesses to explore and identify those practices that will help family businesses grow and prosper.

The project focuses on three key tenets: venturing (launching new businesses), renewal (revitalizing existing businesses), and innovation (introducing new products and processes). By creating a stream of powerful practices and cases that empower families to build their entrepreneurial legacies, the members of the STEP Project are rapidly moving their discoveries from research into practice.

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