PwC conducted in-depth conversations with 35 next gens from 21 countries and polled more than 100 additional next gens for its new report, Same passion, different paths: How the next generation of family business leaders are making their mark. \u200b The results showed an incoming generation of family business leaders confronting generational gaps and culture change.<\/p>\n
\u201cOur research shows that digital is one area where the generation gap can be a real positive,\u201d said David Wills, PwC\u2019s Global Entrepreneurial & Private Business Leader. \u201cWhile next gens are excited to tackle digital, the current generation is often more cautious to embrace the proposed pace of change.\u201d<\/p>\n
Partly due to a greater degree of transformation and investment needed to effect digital change, many current generation leaders may be cautious about committing to it. About a third of next gens polled (36%) expressed frustration that the current generation does not fully understand the potential for digital and the risks it could pose.<\/p>\n
Likewise, the vast majority of next gens see innovation as a core component, with 82% responding that innovation is very important or essential to business success. However a mere 15% of those polled see innovation being implemented well at their firms.<\/p>\n
In the study, PwC identified four main approaches next gens are taking to build their own paths to success: stewards, transformers, intrapreneurs, and entrepreneurs. Some next gens straddle more than one of these continually evolving paths, but they can provide a helpful way to separate the different challenges, risks and opportunities that the next generation faces, and how success can look and feel different depending on the route they choose to take.<\/p>\n
Stewards \u2013 Individuals focused on ensuring the long-term sustainability of the family firm and protecting its profitability by staying true to the established core business<\/p>\n
Transformers \u2013 Next gens who take on the task of driving significant change in the family firm, with the scope and support to do so<\/p>\n
Intrapreneurs \u2013 Those whose families carve out a specific venture for next gens within the family firm, effectively the opportunity to be an entrepreneur within the firm itself<\/p>\n
Entrepreneurs \u2013 Next gens who pursue their own ventures outside the family firm, often in completely unrelated sectors<\/p>\n
\u201cThese next gens are truly impressive individuals, already making a significant mark whether inside their family firm or on their own,\u201d said Wills. \u201cOur research indicates that \u2018success\u2019 can take many forms, and there are many different routes to achieve it.\u201d<\/p>\n
Source: http:\/\/press.pwc.com\/News-releases\/next-generation-of-family-business-leaders-embracing-digital-change–but-facing-hurdles\/s\/7ac543d8-81e1-444f-9746-ccae389b2ec1<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" PwC conducted in-depth conversations with 35 next gens from 21 countries and polled more than 100 additional next gens for its new report, Same passion, different paths: How the next generation of family business leaders are making their mark. \u200b The results showed an incoming generation of family business leaders confronting generational gaps and culture […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false},"categories":[2],"tags":[],"yoast_head":"\n