Discipline: Social Science
Family-owned firms are one of the foundations of the world’s business community and are a growing area of interest among young business leaders. It is especially pertinent in today’s global environment where apt business knowledge and entrepreneurial ability are critical factors for initiating a venture and achieving its continual growth. In retrospect, we have looked at how successful family businesses have survived through the ups and downs of unpredictable economies and found that it is with discipline, passion, adequate succession planning and the proper utilization of financial resources among other significant contributors that allowed family business owners to have accomplished such a tremendous feat. However, the same cannot be said of the majority of today’s money-spending generation where young men and women alike find joy in lavishly spending their former generation’s hard earned money. This research paper examines the entrepreneurial abilities and interest of the second generation in starting a business and how they can best be able to foster their strengths.