If you are planning on growing or taking over your family’s business, the entrepreneurship major is for you. In the Sawyer Business School, the entrepreneurship major has a family business concentration that helps you understand the family’s role family business succeeding in second, third, and fourth year generations, as well as the business and global opportunities. The family business concentration is part of the entrepreneurship major, and supported by the Center for Entrepreneurship at Suffolk University’s Sawyer Business School.
“In the next five years, it is likely we will see the biggest inter-generation transfer of wealth the modern economy has ever seen” - PWC, 2016, 23
How can you be part of what may historically be the most crucial era of family business succession? A major in entrepreneurship with a concentration in family business is a good start.
According to the Family Business Institute, while 88% of current families will retain ownership of their businesses in the next five years, only 30% of businesses successfully advance through the second generation, 12% through the third generation, and 3% through the fourth generation, thereafter.
PWC, completed their 8th biennial family business survey and saw a theme of mid-term strategic planning was more crucial. According to the PWC 2016 Family Business Survey, family businesses differ from non-family businesses as follows:
- 74% have stronger cultures and values
- 72% measure success differently – more than just profit and growth
- 71% decision making is faster/more streamlined
- 61% more entrepreneurial
- 55% take a longer-term approach to decision making
- 48% need to work harder to recruit/retain top talent
- 40% take more risks
Family Business Concentration
In addition to your four entrepreneurship major courses, you complete the concentration by (a) declaring the concentration and (b) completing the three courses below. The concentration is part of your entrepreneurship major, so you complete your entrepreneurship major, while earning your family business concentration, with the same 7 courses that are required to complete your entrepreneurship major.
- Family Business: The Family
- Family Business: The Business
- Family Business: The World
For more information, see the entrepreneurship major at suffolk.edu/business/undergraduate.