Question

One of the ways through which to understand the common themes which exist in transgenerational families...

One of the ways through which to understand the common themes which exist in transgenerational families is to use the STEP (Successful Transgenerational Entrepreneurship Practices)

1. What is the STEP process? Is there a need for such a process in an entrepreneurial company? Why? 30MARKS

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Answer #1

Successful Transgenerational Entrepreneurship Practices

Successful Transgenerational Entrepreneurship Practices or STEP is an initiate of some universities in Europe for conducting researches on exploring entrepreneurial processes in business families. The STEP process recognizes family businesses as a dominant form of business worldwide which helps in the creation of wealth across many generations instead of mere passing of wealth. This process shall be called transgenerational entrepreneurship and the successful conduct of this shall be called the STEP process.

Need for STEP process

The following are the reasons why the STEP process is needed in a business.

  • It provides entrepreneurs with an opportunity to connect and collaborate with successful businesses.
  • It provides businesses an avenue to get access to a large pool of data.
  • It helps in developing businesses.
  • It is good for family businesses to learn about successful practices.

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