Kuwait Business: Family businesses are ‘driving regenerative power, resilience’ – Gulf Digital News

Kuwait Business: Family businesses are ‘driving regenerative power, resilience’ – Gulf Digital News

Entrepreneurial orientation, socioemotional wealth and motivational leadership have been identified as the three key elements that family businesses are leveraging for their prolonged sustenance, resilience and regenerative ability.

In the Global Family Business Report 2022, KPMG and the STEP Project Global Consortium found entrepreneurial orientation highest in the Middle East and Africa, and the Americas.

The report titled ‘The regenerative power of family businesses — Transgenerational entrepreneurship’ is a compilation of insights from about 2,439 family business leaders, spanning across 70 countries and territories. The Middle East and Africa represents 5% of the respondents, with Europe, the Americas, and the Asia Pacific being the other key regions.

Some of the key highlights that emerged from the report are listed below:

Entrepreneurial orientation

*Entrepreneurial orientation highest in the Middle East and Africa, and the Americas:

About 25% of the global family businesses reported steep entrepreneurial orientation, with the highest being in the Middle East and Africa, and the Americas. The two regions also emerged as the most proactive and risk-taking, which complemented their strong opportunity-seeking mindset.

The report found out that entrepreneurial orientation is not only critical in setting apart businesses but is also a necessary requisite for transgenerational innovation and growth. Family businesses need to put in