“Let no one despise your youth, but be an example to the believers in word, in conduct, in love, in spirit, in faith, in purity.” – 1 Timothy 4:12
Do you understand what it takes to empower the next generation of leaders and entrepreneurs? How can you guide your successors to realize their full potential?
- The Harvard Business Review reveals that 70% of family-owned business only last for one generation, that means only 3 out of 10 businesses make it beyond the first generation.
- Forbes magazine states that 50% do not survive the transition from second to the third generation.
- The Bayer Center for Nonprofit Management at Robert Morris University says that the nonprofit sector faces a crisis as the current crop of baby boomers who are in leadership positions prepare to exit the workforce.
- There is another study that reveals how corporate America is facing two huge problems. Baby boomers are retiring, leaving the biggest leadership gap in history and the new generation is unequipped to take over. They lack the skills to collaborate, build relationships, take risks, work well as a team, communicate effectively, and think strategically.
All these studies point us towards an indisputable fact, that there is a dire need to empower the next generation of entrepreneurs and leaders. There is a need to empower them not just with hard skills, emotional intelligence and opportunities but with skills like spiritual discipleship as well.