First-generation entrepreneurs face the challenge of inducting the next generation into their business.
What prepares the members of the next generation for a smooth and effective entry into business? What is the best way to do it?
Entrepreneurs adopt different methods. Some introduce their children directly into business after getting them a business degree. Others let them join without any formal business education.
Some want their children to work at another company and have outside work experience before entering the family business. Some exploit this for a PR opportunity. They send their children to work outside and make it known publicly to show that they are training their children to be grounded in reality.
Some introduce children at the bottom of the organization and then let them find their way up on merit. Others check their suitability or readiness for the position and its challenges before they bring them directly to senior positions. Some introduce their children directly to leadership positions, even though they may have no experience, training or credentials necessary to hold the position. They think that being born into a business family is the best qualification to be a business leader.
One business leader adopted a different method to prepare his son for leadership in their big business. He told his son:
“You are accustomed to a fairly comfortable lifestyle. Before you enter our family business, I want you to work somewhere to earn enough to maintain the same living standard on your own.”
Initially, the son found it hard, but the plan succeeded eventually. The father shared:
“This ensured that he understood the value of working. He developed an ability which made him self-confident that he could stand on his own feet independently if need be.Climbing your way up and reaching the summit on your own develops your strength profoundly which landing on a helicopter can never do.”
The best part about the effectiveness of this approach was that the son developed into a very effective business leader. He successfully led the family business to scale it manifold than what he had inherited.
It is incumbent upon the business leader to prepare his next generation in the best possible manner.
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