A summary of things you should know about Innovation in the Family Business according to Joe Schmieder: Introduction In this episode Joe Schmieder shares his book, Innovation in the FamilyRead More
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]]>In this episode Joe Schmieder shares his book, Innovation in the Family Business where he takes a thoughtful look at innovation in the family business industry.
In his book Schmieder shares a variety of insights and best practices applicable to family businesses more generally. The goal of the book is to help you dissect the relevant data and provide a working framework with which you can innovate your own family business and stay relevant to your specific market niche.
This book is perfect for family business leaders or any executive leading a family owned business who is in search looking to reinvent or implement the best practices for family businesses.
The first differentiator is that we are combining innovation and the family business into one book. The books that are available on the topic are mainly academic research manuals so I have combined the research material with about 50 family business stories to help describe the many different areas where family firms have been able to effectively use innovation to grow the value of their business. The book is a combination of research and hands-on practical examples of how family businesses have effectively used innovation in their firms.
It’s definitely a jump in, jump out kind of book. It’s not a real long book so you can also read through the whole thing.
Developing a culture of innovation is the most important thing in the family businesses. So creating the culture of innovation is the biggest takeaway from this book.
In chapter one, discussing the family business difference, I talk about the family business difference and how to capitalize on it for innovation. So I am detailing the innovation drivers and set it apart from other businesses and these refer to things like the trait of having a long-term horizon compared to public companies. And also the fact that family businesses have been phenomenally successful at incremental innovation verses breakthrough type ground breaking innovation. We also layout the differences how families use innovation in other areas of the business like in their organization structure. And how they are using succession in an innovative way as well as training the upcoming generation to be more innovative.
In chapter two I talk about creating a culture of innovation and how one family in particular created a framework called structured chaos. Structure chaos is a way to have some stability and structure in business while still being free flowing and chaotic enough where you can have an innovative spirit. In this chapter we take some of the drivers that were discussed in chapter one and show how they can be used to create an innovative culture that can infuse the organization with a mindset that embraces change whether than fighting it.
Chapter three is one of the longest chapters which is on product and service offerings, new ventures and startups. And that is what it takes to create a process for innovation. I outline in this chapter four different processes that are used out there for product and service development. But the conclusion is that you don’t have to strictly follow any of these one processes but rather create a process tailored for your company and follow the process, have it become part of the culture so that it’s not just done in a verbal context.
Chapter four is about funding and measuring innovation. It’s difficult to find examples of this because people don’t always fund innovation in a clear way. So how to capture different sources of funding in a family business are described and then the types of metrics used to measure innovation from a percent of sales coming from new product to how successful succession has gone is all described in this chapter.
In chapter five I dive into the next generation which could be siblings or cousins that are coming into the family business and what it takes to re-innovate or re-energize or reinvent the family business. As many know today the pace of change is so rapid that if people aren’t looking ahead and trying to figure out what the next offering should be then they are going to slip behind. In today’s world the younger generation is so much more attuned to digital marketing and digital means that it’s a great opportunity for them to dive into re-innovating a family business through some type of digital approach of format.
The sixth and seventh chapters deal with governance and succession. Sixth is talking about leadership succession and that means passing the business from the current leader to other leaders. I also talk quite a bit about governance and that is how to use advisory boards and family counsels to help with the relationships that support innovation in a family business.
In the eighth chapter I talk about moving innovation forward and what it takes collectively to make sure that your family business is being innovative and that means making change that is meaningful and adds value to the business.
“Developing a culture of innovation is not only necessary, it is more exciting and fun than just sticking with the status quo.” – Unknown
I am a family business advisor; I have been working with family businesses for over 35 years. I ran two family businesses as an executive for 25 years and I have been consulting with family businesses for the last 10 years.
I was very interested in helping family businesses continue their firms for more than one, two or three generations. So I worked on the book to help family members and executives who are interested in innovating in the family business. And I also try to inspire those enterprising family members to focus more energy and resources on innovation and change throughout their family business instead of just relying on the status quo. I have this passion to make sure we can keep family businesses strong because they do generate the majority of the income and the jobs throughout our economy.
Younger Next Year by Chris Crowley and Henry S. Lodge
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Related books:
The Innovator’s Method by Nathan Furr
The Innovative Entrepreneur by Daniel Spulber
CoupleCEO by Heidi and Scott Shimberg
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]]>Things you should know about Couple CEO according to Heidi Shimberg and Scott Shimberg Introduction In this episode Heidi Shimberg and Scott Shimberg take you on a deep dive intoRead More
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]]>Things you should know about Couple CEO according to Heidi Shimberg and Scott Shimberg
In this episode Heidi Shimberg and Scott Shimberg take you on a deep dive into their book Couple CEO where they teach you how to create balance between growing your business while enjoying a family and living a healthy lifestyle.
In their book, the Shimbergs take you on a journey exploring the difficulties and intimacies of living a life as an entrepreneurial couple. The goal of the book is to provide you with the secrets to living a couple lifestyle complete with business full of profit and a relationship full of passion.
This book is perfect for entrepreneurs that are interested in growing a business with their significant other or that simply want to create a valuable life together.
I would question whether there is any other book out there that covers the topic of what it’s like to be a couples CEO.
Since we write it in the form of a parable I think it’s intriguing for you to start from the beginning and go all the way through but if you need something in particular you can jump to that chapter.
To pursue your passion together and enjoy the journey along the way.
The book is written in a parable story format. In the story Heidi and I take a couple CEO name Mark and Melissa out on our sailboat for the day to talk about their business, relationship and life. We want to know what is working and what’s not and in the context of the day out at sea we take them through what we call our foundational building blocks which is the framework of the couple CEO methodology. The five building blocks we take them through are intimacy, time management, health and fitness, business strategies, and goals and dreams.
Mark and Melissa had a retail business that was handed down to them from her family. One of the things we try to discuss with them was for them to see beyond where they were now. They were having frustrations because not as many people were walking through the door now that the internet had offered so many opportunities for the typical buyer. We strategized with them on how they could possibly tie the internet in to it. This is something they had been really resistant to because that’s not the way her family had done it. They also are in a second stage of their life with the kids being out of the house and having to adjust to getting to know one another again outside of work.
When preparing to write the book we didn’t want to just share the things that worked for us. We interviewed dozens of other couples who have successful businesses and we found a lot of common threads with all of them. And so we made sure that we shared their stories and made sure that what we were communicating was the successful couples CEO world.
We get in to how you should not discuss business at the dinner table and the importance of maintaining a date night. Often a couple that works together, especially if you are starting a business fresh, you’re working 24/7. We all understand that that is what you have to do but if you don’t take a break from that it can break down the passionate side of the relationship and it’s really important to keep both of those going.
We encourage each couple to figure out what each of their personality types are so that they can communicate best with each other based on those results.
“The secret to a successful relationship is to work with your spouse.” –unknown
Scott and I have been working together for just shy of two decades. In the process of working together we’ve build, sold and developed roughly about a quarter of a billion dollars of real estate in the Tampa Bay area. We have found that balance of how to be successful but also enjoy a pleasant lifestyle.
Our inspiration is to inspire other entrepreneurial couples to share their business passion while living their life together. We really feel that having that personal fulfillment is important and since we figured out how to do that we wanted to put that in a book and share it with others.
7 Habits of Highly Effective People by Stephen Covey
The Road Less Traveled by M. Scott Peck
Buy Couple CEO on Amazon today
Visit CoupleCEO.com to join the Couple CEO community
Follow Heidi and Scott on Facebook and Twitter
Download the full transcript here
Listen on iTunes, Stitcher , and SoundCloud
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