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Own It!Family Enterprise Participation Without Expectation: Emerging Adults (Ages 18 to 28)

Own It!: Family Enterprise Participation Without Expectation: Emerging Adults (Ages 18 to 28) [Most emerging adults have one foot inside their nuclear family and one outside, with family dynamics and relationships—and even brain development—changing fast. It’s a time of self-discovery, where futures will be imagined and careers launched. Ownership development can be an important part of this growth, but older family members must consider challenges younger adults face with having so many choices and potentially being over-immersed in digital pursuits. Development goals for emerging adults include promotion of learning and individuation; awareness of the tradeoffs enterprise members make among the individual (“I”), family (“we”), and enterprise (“it”); and more advanced understanding of ownership and business. Promising ownership-development activities in this stage can be: encouragement of independence (through living on one’s own and travel); knowledge-building through family enterprise-education opportunities, peer groups, and industry associations; participation in family governance; work opportunities within or outside the family business; and others. Influencers of development include parents and extended family members, non-family executives, and outside advisors and community members. From the start, it’s important to balance respect for who the emerging adult is with any desire to have them participate in the enterprise, without forcing choices on them. Typical pitfalls in this stage include overdoing development—too many activities and expectations—and stimulating excessive competition between family members of this age.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Own It!Family Enterprise Participation Without Expectation: Emerging Adults (Ages 18 to 28)

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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) under, exclusive licence to Springer Nature Switzerland AG 2022
ISBN
978-3-030-20418-1
Pages
79 –107
DOI
10.1007/978-3-030-20419-8_4
Publisher site
See Chapter on Publisher Site

Abstract

[Most emerging adults have one foot inside their nuclear family and one outside, with family dynamics and relationships—and even brain development—changing fast. It’s a time of self-discovery, where futures will be imagined and careers launched. Ownership development can be an important part of this growth, but older family members must consider challenges younger adults face with having so many choices and potentially being over-immersed in digital pursuits. Development goals for emerging adults include promotion of learning and individuation; awareness of the tradeoffs enterprise members make among the individual (“I”), family (“we”), and enterprise (“it”); and more advanced understanding of ownership and business. Promising ownership-development activities in this stage can be: encouragement of independence (through living on one’s own and travel); knowledge-building through family enterprise-education opportunities, peer groups, and industry associations; participation in family governance; work opportunities within or outside the family business; and others. Influencers of development include parents and extended family members, non-family executives, and outside advisors and community members. From the start, it’s important to balance respect for who the emerging adult is with any desire to have them participate in the enterprise, without forcing choices on them. Typical pitfalls in this stage include overdoing development—too many activities and expectations—and stimulating excessive competition between family members of this age.]

Published: Nov 16, 2022

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