We live in times of unprecedented change and transformation. New entrants are pushing innovative products and services into the market, leveraging novel business models that are disrupting entire industries and businesses. This affects both family and non-family businesses alike. Despite their significant market dominance and availability of resources, many family businesses are increasingly uncertain about the future and have realized that if they want to survive and thrive across generations, they need to anticipate disruption and effectively become the disruptor themselves. Enterprising families have to be strategic about embracing entrepreneurialism and to leverage the various strengths which family businesses bring with them. Core aspects of this strategy are to develop a wide spectrum of mechanisms that foster entrepreneurialism within the family enterprise system. The purpose of this chapter is to explore how enterprising families can embrace the desire to become more entrepreneurial by fostering both entrepreneurialism and intrapreneurialism, and staying close to the external entrepreneurial ecosystem, capitalizing on the family and corporate resources.
Keywords
- Family enterprise
- Entrepreneurship
- Innovation
- Intrapreneurship
- Disruption
- Renewal