05/20/16

‘Applied Innovation’—Defined For The Family Business

Innovation:

: a new idea, device, or method

: the act or process of introducing new ideas, devices, or methods

Source: Merriam-Webster’s Learner’s Dictionary

 Applied Innovation:

: the process of constant improvement and creative change

: a requirement for the continued success of multi-generational family enterprises

Like any other business, family businesses benefit from, if not require, a culture of innovationa culture that supports constant improvements to its products, services, processes, governance, and planning.

While the dynamics within family businesses often present obstacles to innovation, a clear view of the competitive advantages of an innovative culture can overcome them.

Next week I’ll write about these obstacles and about some of the advantages enjoyed by family businesses that support a culture of innovation.

03/5/16

A Family Community

In January 2016 Dennis T. Jaffe, Ph.D. published a book entitled RELEASING THE POTENTIAL OF THE RISING GENERATION: How Long-Lasting Family Enterprises Prepare Their Successors. In it he discusses attitudes and actions that together comprise the success of multi-generational family businesses. 

Jaffe’s book makes a strong case for the idea that family business success is less about building the business and more about how the family goes about creating a family community focused on educating and mentoring the next generation and developing next-generation careers.