Management guru Peter Drucker gave us “what gets measured gets managed” (for better or worse). Governments bombard us daily with COVID-related statistics, but many of them are measuring the wrong things. The most common statistic is “new cases per day”, but that has serious deficiencies. Firstly, it’s quoted as an absolute number, rather than as a proportion of the population. So in the early days of COVID, the US had huge daily numbers, but as a country…
Research has shown that in HNW families, daughters were rarely encouraged nor received support to pursue entrepreneurship education. Entrepreneurial families often prepare their daughters and sons differently for their careers. Cultural factors and their associated gender biases may result in the problem being far more pronounced. Things are changing. Some 82 per cent of women from wealthy families expect to inherit substantial wealth over the next 20 years, but 41 per cent of women are…
(Disclaimers: I’m politically aligned to the right, live in Melbourne, and the current outbreaks are far from over) COVID has become highly politicised; we might more accurately say it has brought out the worst of our political partisanship. The national cabinet is a fractured mix of a Liberal Prime Minister and mostly Labor State Premiers. The state response has followed a pattern along political lines, with Labor Premiers favouring lockdowns, and Gladys in NSW playing…
Research has shown that 60 per cent of failed intergenerational family wealth transition are due to problems with trust or communication. Communication isn’t important in families. It is everything. If a family cannot communicate, it cannot function as a group. It’s that simple. What does poor communication look like? An absence or lack of communication (e.g. “it’s none of their business”, “they don’t need to know”, “we know what is best for them”) is patronising, infantilising,…
#Intergenerational necessity, vulnerabilities, and resilience are typical factors addressed in determining wealth transition. However, adapting to the changing demands, expectations and opportunities in the disruption via #pandemic will epically force family businesses to rethink their strategies. The immediate need for #workfromhome, revised #familybusiness strategy, #riskassessment, and governance are paramount for pivoting to #nextgeneration and #futureofwork organizations. In the UK, the final report by the Intergenerational Commission speaks in terms of an intergenerational contract – “the principle that…
Consider This: Are you (and your family) aware of both the direct and indirect ways wealth is transmitted? This can make for a good family discussion about the value and meaning of wealth. The US Federal Reserve have completed a study on how intergenerational wealth transmission can affect wealth concentration. The issue of “inequality” is a popular one – the notion that the rich are the primary beneficiaries of national economic benefit (at the expenses…
Not every entrepreneurship story is “rags to riches”. Many high-flying entrepreneurs came from from upper-middle-class families. While they don’t owe their success entirely to mom and dad, without their parents’ help, be it financial or otherwise, they may have never gotten their ventures off the ground. Research has shown that 75% of entrepreneurs from 48 countries said that their family was involved in starting their businesses. Family money and background plays a critical role when it…
Unless your family business is a “mom & pop corner store” (which is more akin to owning a job than owning a business anyway), you will need to have a mix of ‘blood’ and ‘non-blood’ people working in it. As any business matures and grows, there becomes a need for professionalisation and systemisation. While owners may put a high value on the people in the business (especially family), the true value created in any business…
Children tend to grow up with their parents as role models and therefore their benchmarks of success. Now, here is some real research on generational difference. According to a study by Oxford University academics, men who surpass their parents’ qualifications report lower levels of psychological stress, while those who do worse are more likely to feel depressed, lonely or sad. Women, however, have no such hangups. The study is quite extensive – using European Social…
What’s the best thing about Australia? It’s far from everywhere.What’s the worst thing about Australia? It’s far from everywhere.Isolated & strong borders, reversed seasons. In the world of COVID, these would appear to be a blessing. When COVID first emerged, the cold winter in the northern hemisphere contributed to its rapid spread. In Australia, the warmer climate helped reduce the spread, and together with border control and quarantine, we were largely able to get things…
© 2021 David Werdiger. Not to be reproduced without permission of the author. All Rights Reserved. Terms & Conditions - Privacy Policy - Disclaimer - Earnings Disclaimer - Support
