Supporting Entrepreneurs in Your Family

Family leaders are finding that to cultivate family members’ interests, talents, dreams and careers to their fullest potential, they need to constantly develop new strategies, new roles, and new understandings. Ann Dugan of the Institute for Entrepreneurial Excellence and Pitcairn Chairman Dirk Jungé led this 2012 FOX Fall Forum session that discussed how families can tap into the same entrepreneurial spirit that was responsible for the success of their original operating businesses and find the innovation they need to address today’s challenges and create new opportunities. 

• Successful families support and encourage an innovative and intellectual entrepreneurial culture through communication
• The idea of entrepreneurship should be embraced in all areas of life including social circles and professionally
• Where there is confusion and chaos, there is opportunity. Look for disruptors to come up with new ideas
• Open system within the family is integral to success of entrepreneurial culture. Talking about successes and failures, and willingly discussing all the ideas, good or bad, to build trust amongst family members strengthens and fosters an innovative culture
• It is important to empower those who have the potential to disrupt the status quo and trust them with resources to pursue their ideas
• Know who has capabilities of innovation and recognize those family members to build upon their talents and inspire building roadmaps
• While acquiring resources is essential, it’s not just the money the entrepreneur should go after
• Always take advantage of the collective wisdom of the family and implement good governance and an advisory board to foster entrepreneur culture from the get go
• Families need to create a mindset that encompasses basic education for all, including women, and several generations should be considered to allow younger gen to step forward
• The entrepreneurial process starts with identifying an opportunity followed by determining and acquiring the necessary resources, implementing  and managing the change, and finally measuring results