The regenerative power of family businesses – Transgenerational entrepreneurship
by KPMG Private Enterprise and the STEP Project Global Consortium
It’s widely accepted that the enduring entrepreneurialism of family businesses not only keeps their vibrant culture of innovation alive, but it can also make a major contribution to superior financial, social and non-financial performance. For this reason, the strength of a company’s entrepreneurial orientation is one of the most important keys for unlocking the ability of family businesses to adapt, innovate and grow. The survey findings reinforce the importance of this capability.
However, the findings also show that an entrepreneurial spirit alone is not sufficient to support the continuous renewal and rejuvenation that is needed to sustain family businesses across multiple generations. The family’s capabilities and their deep connections with the firm are also major sources of their regenerative capability.