The Successful Transgenerational Entrepreneurship Practices series
Edited by Pramodita Sharma, Nunzia Auletta, Rocki-Lee DeWitt, Maria Jose Parada and Mohar Yusof
Chapter 1: Developing next generation leaders
Transgenerational entrepreneurship is defined as the ‘processes through which a family uses and develops entrepreneurial mindsets and family influenced capabilities to create new streams of entrepreneurial, financial, and social value across generations’ (Habbershon, Nordqvist, and Zellweger, 2010: 1). Developing next generation leaders lies at the heart of transgenerational entrepreneurship as it squarely focuses attention on those individuals – family or non-family members – who alone, or in collaboration, are responsible for the success and longevity of a family enterprise. This book aims to understand the pathways used by enterprising families around the world to develop next generation leaders. We set out to explore how leadership becomes an enduring source of advantage that is less dependent upon who is in a formal role and relies more upon the process by which the family’s core values shape and build the next generation of leaders. When leadership development is considered as an underlying process, generational transitions become less rigid and episodic, thereby potentially less disruptive. Continuous shifting of roles and ongoing development of the current and next generations becomes an enduring source of advantage.