Dear Reader, 

At the outset, on the 60th edition of the Family Business Musings, Team Equations and I thank you for your continued support, appreciation, and suggestions. 

One of my observations on family businesses, show that the first-generation entrepreneurs have a high level of self-efficacy, confidence in their ability to perform various tasks and projects amidst uncertainty. An entrepreneur’s beliefs and go-getting attitude may be construed as his or her overconfidence, yet this is the spirit required to get things done, grow, and build a business enterprise. By the time 2nd or 3rd generation enters the family business, the intent and intensity of entrepreneurship changes.

A challenge most families-in-business face is to develop an entrepreneurial mindset in their next-generation successors. There is no magic formula to inculcate entrepreneurial spirit, yet there are conscious efforts that families need to make. 

Here are some views of experts on entrepreneurship in family businesses. 

Happy Reading!