What makes business families entrepreneurial and successful across generations?
This is the main question that the global research project STEP (Successful Transgenerational Entrepreneurship Practices) intends to answer. Family businesses, meaning firms that are influenced by one or more families in a substantial way, are the backbone of modern economies; and knowing what makes them successful is essential for a high number of stakeholders.
To answer the above question, STEP particularly focuses on so-called transgenerational entrepreneurship, which stands for the processes through which business families use entrepreneurial mindsets and family-influenced resources to create financial and non-financial value across generations.
To shed light on those processes – and thus on the success factors of long-living family firms – the STEP project has developed around 120 case studies about successful family businesses, has held 16 Summits where academics and practitioners met, and now – as the next milestone – has conducted a quantitative survey among business families across the world.
This report presents intriguing insights from that survey from a European perspective, particularly focusing on key drivers of long-term success. Our findings are based on solid academic practices and targeted specifically to business families who want to know more about what can make them successful – not only today or tomorrow, but even across generations.
We do hope that you find this study an interesting read and that it triggers relevant discussions both within your family and between family business practitioners and academics!
Sieger, Philipp; Calabrò, Andrea; Colombo, Gianluca; Matser, Ilse; Parada, Maria Jose; Ramirez-Pasillas, Marcela; Randerson, Kathleen; and Rautiainen, Marita, "STEP Project - Understanding Transgenerational Entrepreneurship Practices in European Family Businesses" (2017). STEP Summit Reports and Resources. 18.