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[Ownership development is a key part of most adolescents’ quest to define their identity and explore new passions and roles. A thoughtful approach to development is even more important because those in this age group tend to be overwhelmed by commitments (school, work, family, sports, and social) and related pressures. Specific goals for adolescent ownership development include promotion of a well-formed sense of identity and awareness of “real-world” challenges; effective communication within and outside the family; understanding of ownership basics (including roles and responsibilities); and knowledge of the family business, its industry, and potential roles for younger family members within the enterprise. Recommended development activities for this stage are: fostering of strong relationships among siblings and cousins; exposure to real-world experience through volunteering, internships, and other activities; family community-service activities; development of a family code of conduct and clear within-family personal boundaries; sharing of family stories; implementation of ongoing family governance; and others. Development influencers include family, family friends, coaches, and other potential mentors. It’s important to meet adolescents where they are and focus largely on interpersonal skills. Be careful with leaving them feeling unengaged or projecting parents’ issues onto them.]
Published: Nov 16, 2022
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