Skip to main content

Entrepreneurial Spirit – A Family Affair

We are back at the beginning of the school year – the real start to the year!

If you’ve been here awhile, reading and thinking along with me, I’m thrilled to still have you – and if you’re new, welcome! We’re here to explore the nuances of family wealth and perspectives on how to contribute to meaningful family legacies.

Last month, we delved into the role of entrepreneurship in family cultures and a recurring question popped up: “What about the family members who aren’t entrepreneurs?” I realized that my main point might have been missed. So, let’s set the record straight!

The essence of my mission statement is “empowering families to thrive for generations.” Entrepreneurship is a part of that, but not in the way you might think. It’s not about pushing every family member to start a business; it’s about fostering an entrepreneurial mindset that benefits everyone in the family, entrepreneur or not.

The Entrepreneurial Mindset: A Family Asset

Entrepreneurialism isn’t just about starting a venture; it’s a way of thinking, a way of living. It’s about resilience, adaptability, and a never-give-up attitude. It’s about a lot of things frankly, I’m still sharpening up my list.* It’s also about team-building, service to others, leadership, addressing fears and learning from failures.

These qualities are not exclusive to business; they are life skills. When a family adopts an entrepreneurial mindset, it creates a culture of problem-solving, risk-taking, and continuous learning. This culture is the bedrock upon which both entrepreneurs and non-entrepreneurs in the family can build their lives.

The Non-Entrepreneur’s Role in an Entrepreneurial Family

Non-entrepreneurs play a crucial role in an entrepreneurial family. They can be the supporters, the advisors, and most importantly they provide very effective diversity of opinion. They bring diverse skills and perspectives that enrich the family’s collective wisdom. In an entrepreneurial family, non-entrepreneurs equally learn to appreciate the value of hard work, the importance of calculated risks, and the beauty of failure as a stepping stone to success.

The Generational Impact

When you instill an entrepreneurial mindset in your family, you’re not just setting up your children for success; you’re setting up your grandchildren, and their children, and so on. You’re creating a legacy of thinkers, doers, and dreamers. Whether they become entrepreneurs, artists, scientists, or anything else, they will approach life with a mindset that turns challenges into opportunities and chase fulfilling lives.

The Fulfillment Factor: Individual Success in a Collective Culture

In an entrepreneurial family, the concept of contribution takes on a broader, more enriching meaning. It’s not just about financial gains or business milestones; it’s about individual fulfillment. When each family member is empowered to contribute in their unique way, they find a sense of purpose and satisfaction that money can’t buy. This leads to a family culture where fulfillment is the currency, and everyone is wealthy. A family full of people feeling fulfilled, however they individually define their success, creates the most nourishing of cultures. It’s a culture where everyone thrives, and that, in turn, strengthens the family legacy for generations to come.

Final Thoughts

So, to circle back to the question: “What about the family members who aren’t entrepreneurs?” My answer is, they are as much a part of this journey as anyone else. Entrepreneurship as a component of your family culture is the secret sauce that keeps your family legacy alive and well for generations to come, for everyone involved.