Entrepreneurial Legacy

Most wealth is created through entrepreneurship. When wealth creators think about the legacy they leave to future generations, the most common thing that comes to mind is the wealth itself, which is the product of entrepreneurial activity. But what of the entrepreneurial spirit itself?

Gates, Bezos, Musk, and others received support from their families in the early stages of their ventures. Family members who are so inclined can more readily access seed capital to fund their ideas. However, it's important to remember that decision-making and risk-taking abilities are influenced by the socioeconomic background of the founder.

Some midlife entrepreneurs are forming businesses alongside a younger family member or with a co-founder decades younger. This is a wonderful intergenerational bridge and a great way to transmit those values, generational wisdom, and experience.

Some rising-generation family members are carrying their family’s legacy in their roles and adding new dimensions, such as women’s empowerment in entrepreneurship. Another approach is to honor the family’s entrepreneurial legacy while also approaching their industry in a new way.

Of course, this is not for everyone. Just because someone comes from a family of entrepreneurs doesn’t necessarily make them one. Entrepreneurship has several ingredients, including an appetite for risk, grit, and determination, and leadership.

Consider This: Does your family have a cultural memory of the entrepreneurial spirit that created its wealth? How is this expressed? Is entrepreneurship encouraged/developed in the rising generation?

Actionable Generational Wealth Succession

For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

This article appeared February 13 2022

Resources:

Council Post: Considering Generational Wealth As A Factor For Entrepreneurs

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How To Build A Legacy For Your Business

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They account for 60% of GDP and 80% of the workforce in the Middle East, but family businesses possess a unique set of strengths and weaknesses.

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Hyatt heir says there is ‘no secret sauce’ when it comes to succession planning

Making his own way has always been a priority for Anthony Pritzker even though he was born into the family that owns Hyatt Hotels and the Marmon group.

The Sydney Morning HeraldCara Waters

How The Great Recession Killed The Entrepreneurial Spirit Of Millennials

Millennials are still faced with the effects of the Great Recession, especially when it comes to entrepreneurship.

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