Tag Archives: entrepreneurial spirit

06/2/16

The Three Faces of Innovation in Family Business

The presence of entrepreneurial spirit coupled with a culture of Innovation within your family firm is possibly the strongest predictor of long-term success.

It’s important to understand that innovation is not confined to the development of new products and services, although this is indispensable. The vital part that innovation plays in business processes and organizational procedures is often overlooked.

Process innovation, sensitive to new technologies, consumer practices–a plethora of changing marketplace conditions –enables your business to make responsive changes in the ways that products or services are produced and delivered. Organizational innovation involves changes in management, workflow, and operations. These are often sensitive to generational outlook and leadership styles, as well as advances in office and plant technology.

03/11/16

The Familiness of Your Family Business

John, CEO of the firm, tells Robert that they are letting him go because he was coming up short on the competencies needed for his job.

John turns away and then back to face Robert. He says: “Son, I heard you lost your job. How can I help?”

Familiness in a family business is that unique set of resources which arise from the interactions among the family system as a whole, the individual family members and within the business itself. It describes a behavior that supports the family as a whole, the individual members and the business. Where it exists, it constitutes a competitive advantage.

In this story the strength of the family commitment is evident. John recognized and Robert understood that what was good for the business was good for the family, and equally what was good for the family was good for the business.

Familiness embodies the family culture, the reputation of the company, confidence and communication among family members, entrepreneurial spirit, management of non-family employees, and trust. It is what we compliment as the hallmark of a model family business enterprise.