What are the latest trends and developments in family business research and education?
Family businesses are a vital part of the global economy, but they also face unique challenges and opportunities in the dynamic and competitive market. How can they foster a culture of innovation and adapt to changing customer needs, technological advances, and social trends? In this article, we will explore some of the latest research and best practices on innovation strategies for established family businesses, and how they can leverage their strengths and overcome their barriers.
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Structured innovation process:Embrace a step-by-step approach to innovation. Start by generating ideas (ideation), pick the best ones (selection), test them out (implementation), and then assess their impact (evaluation).
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Education and knowledge transfer:Invest in continuous learning and skill-sharing. By staying educated and passing on knowledge, you ensure your team is equipped to innovate and adapt to new trends.