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With family businesses still accounting for 70-95% of the commercial enterprises in most countries, just 30% of EU-based family businesses survive to the next generation (according to trade association European Family Businesses). This is fairly consistent across the developed world, which means, statistically, just 1% will progress from the fourth to fifth generation.
More than half of business start-ups fail after four to five years, and of those that survive only around 4% become successful. One of the aspects that distinguishes these entrepreneurs from the competition is their approach to strategy.
Successful entrepreneurs tend to embrace rather than reject corporate strategies, and they will often trade off or tone down brash entrepreneurial behaviour for a more civilised approach. This results in a strategy with a winning formula for entrepreneurs and...
So, the New Year is a great time to make some resolutions associated with your behaviour as a Manager to sit alongside your other goals of getting fit, buying a new house or car or whatever else you have promised yourself this year.
The single, most important difference between successful businesses and also-rans is the quality of the senior team. The skills shelf-life of new and experienced managers is becoming shorter and shorter. If we don’t widen and deepen our management skills base our competitors will take our...