Nurturing the Next-Generation Family Entrepreneurs in the Business Family

Jia Bao (), Saisai Wu () and Jess Chua ()
Additional contact information
Jia Bao: Zhejiang University
Saisai Wu: Zhejiang University
Jess Chua: Zhejiang University

Chapter 19 in Family Entrepreneurship, 2021, pp 253-264 from Springer

Abstract: Abstract Business families think of their family enterprises as dynamically optimized business portfolios that require new businesses for growth and replacement of existing ones that no longer contribute to the families’ visions. This needs to continue adding new businesses makes promoting entrepreneurship among the next-generation family members (NGFE) different. According to the Theory of Planned Behavior, it must begin with the NGFE’s intention to pursue entrepreneurship which is more likely to be fostered naturally within the business family. But the NGFEs must be prepared through mentoring to raise their probability of success. Based on the mentorship literature and our own observations, we argue that mentorship must develop the knowledge, skills, and competencies required; help provide exposure and visibility; protect the NGFEs from long-term damages to credibility and trust; boost the NGFEs’ social capital by enlarging their network; and establish an arrangement for the NGFEs to release the mental and psychological stresses involved. Ultimately, the family’s responsibility toward its members is to help them live a useful and satisfying life which requires the family to go beyond mentoring and nurture. Self-determination theory proposes that nurturing requires satisfaction of the NGFE’s psychological needs for autonomy, competence, and relatedness.

Keywords: Business family; Entrepreneurship; Mentorship; Nurturing; Planned behavior; Self-determination (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-66846-4_19

Ordering information: This item can be ordered from
http://www.springer.com/9783030668464

DOI: 10.1007/978-3-030-66846-4_19

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().