Latest News
- Category: Latest News
Every few years, a new program director is appointed to each of Telfer’s graduate and executive-level programs. Following the favourable recommendation of the selection committee, Dean Stéphane Brutus announced Professor Walid Ben Amar as the newest PhD Program Director at the Telfer School of Management who will serve a mandate of three years from July 1st, 2022, to June 30th, 2025.
Meet the New Program Director
Walid Ben Amar is an Associate Professor of accounting at Telfer with a Master of Accounting from Université du Québec à Montréal and a PhD in Business Administration from HEC Montréal. Professor Ben Amar teaches both financial and managerial accounting courses at the undergraduate and MBA levels. He also serves on Telfer’s Equity, Diversity and Inclusion Committee, driving forward Telfer’s goals for creating more inclusive and diverse programs.
History of the PhD Program at Telfer
For over 40 years, there were ambitions for Telfer to launch a PhD program under Dean François Julien’s leadership. Professor Barbara Orser stepped in alongside Danielle Bennette under the support and guidance of Dean Julien to go through the stages of creating this program. After years of dedication and considerable effort, approvals were reached in 2013 and the program was launched in 2016.
The program’s first director, Professor Silvia Bonaccio, was integral to the program’s success, after spending two years helping to build the program prior to its launch. Professor Mirou Jaana took over as program director following Professor Bonaccio’s mandate. Professor Jaana was credited with launching the first revision of the PhD program, resulting in the addition of a new field of study: Strategy and Organization.
Today, the PhD program has six key fields of study: Accounting and Control, Entrepreneurship, Finance, Health Systems, Organizational Behaviour and Human Resources, and Strategy and Organization.
We celebrated the successful first Telfer PhD graduating cohort when Vusal Babashov was the first to complete his PhD in Management after successfully defending his thesis in 2021. Vusal shared that the experience of completing his PhD at Telfer made him a better person, a self-motivated leader, and an avid problem-solver.
Thank you Professor Chreim
The most recent and former PhD Director, Professor Samia Chreim, had a huge impact on the program. “Under her leadership, the progress of students in the program was remarkable, despite very difficult circumstances,” shared Dean Brutus in his announcement of this leadership change. Among other things, Professor Chreim implemented more flexibility for our PhD students, provided mental health support to students during the pandemic, organized countless information sessions, and established the PhD student lounge. Thank you to Professor Samia Chreim for her hard work and dedication to our doctoral program and its students.
- Category: Latest News
Throughout 2022 and 2023, the Family Enterprise Legacy Institute (FELI) at the Telfer School of Management and the Family Business Network (FBN) are partnering to deliver the NxG Legacy Forums — a series of eight panel discussions addressing the key questions for next generation members of business families. Topic questions for the forums have been selected from a new book, Enabling Next Generation Legacies: 35 Questions that Next Generation Members in Enterprising Families Ask, by Telfer professors Peter Jaskiewicz and Sabine Rau.
In career planning, it is important to know where you ultimately want to go, and the steps for how to get there – in essence, figuring out how to set yourself up for success. For next generation members who want to join the family business, however, this path is not always so clear. Every family business is different and has their own rules and processes – although sometimes these haven’t been well defined. This can lead to the question: “How can next-generation members prepare themselves in the long run before joining the family business as a manager?”
This topic was the basis for discussion at the third of eight events in the NxG Legacy Forum series. The event was moderated by Telfer’s Peter Jaskiewicz and Sabine Rau, with panellists Alexandra Heraeus of Heraeus Holding and Vincent Chian of Fairview International School, both members of enterprising families.
Starting at a Young Age
For Alexandra Heraeus, preparing to become an active member of the shareholder family started at a young age. She found herself lucky that her father involved the children in the business in different ways. “Additionally to the opportunity of doing internships, he talked about the business (at home) …and would occasionally take me for business trips to see operations in China and India,” Heraeus explained, adding that it gave her a great view especially on the values of the company.
Another key way Heraeus prepared for building her knowledge around the family business was simply through showing up. For Heraeus, this meant attending anything the shareholders had scheduled, including events and shareholder meetings. She recalled an interesting event from her past, when she was 12-years old and was disappointed to miss a friend’s party because of a shareholder meeting. But over the years, she has found it valuable to nurture a mindset of these meetings not being something to think about going to, but instead to just go. “Being there and showing the commitment,” she said, adding, “it’s the base for everything.”
An important way Vincent Chian and his siblings have prepared themselves to be leaders in the family business has been through first learning to follow. “One thing my father always said was to be a good leader, you need to be a good follower first,” he explained. One of the ways this wisdom has imparted on him and his siblings was through the family business rule that everyone joining the business starts at the bottom. For Chian, this meant starting out as a biology teacher, despite the significant psychiatry training he already had. “We all started out being teachers, no short cuts,” he said. “Everyone needs to spend a few years on the ground.”
Other family processes that helped Chian prepare for joining the family business include a policy that all members have to complete an MBA and participate in the Family Business Network (FBN). Listening was also an important element in preparation, with Chian sitting in on all leadership meetings to observe and listen. “You don’t understand how important these sessions are until 7 or 8 years later,” he added.
Learning one step at a time
As a large family business, with 200 members as shareholders, Heraeus’ family have many next generation members to potentially involve in the company. Heraeus explained that to nurture the interest and intensify family bonds, the family has developed different events and activities each with their own focus. For example, for members aged 14-25, there is a yearly event schedule for younger members which helps them better understand the inner workings of the company and what it means to be a shareholder. This involves having sessions on explaining the basics of the company in more detail, going through the technicalities of a shareholder meeting, and helping develop useful and relevant skills, such as public speaking.
In Chian’s family, the learning process for new entries to the business involved several different stages, which included being part of a small group who would work on every aspect of the company, building important management competencies. The group of seven would, “get deployed all over and thrown into the deep end on many areas,” he explained, gaining such skills as operations, finance, marketing and sales.
Another stage was being given a project to lead, however as Chian put it, “with a lot of rope.” His father would always be close to advise and give suggestions. “You could mess up,” he said. “This was where you learned about your leadership style. It prepared us to lead well.”
The art of being muddled…and other insights
Other valuable lessons and tips from both panellists were shared, such as, for Chian, having professionalism, mastering a craft, and also developing networking skills. He also added that the Mandarin saying nande hutu – or ‘the art of being muddled’ – has saved him many times. As he explained, although there is no direct English translation, it is an idea rooted in having tact and humility.
Heraeus found that breaking complex shareholder problems into smaller pieces was a great help and maintaining a belief that even the most difficult concepts can be understood through taking time to learn and ask the right questions. “You need to believe in yourself that you will tackle it,” she added.
Upcoming NxG Legacy Forums
The next NxG Legacy Forum will take place in September 2022. In the meantime, catch up with discussions from previous NxG Legacy Forums!
NxG Legacy Forum #1: “How can my siblings and I assess whether we could work constructively in the business one day?” Read more here.
To find out other ways Telfer is helping empower the next generation of business leaders, discover the Family Enterprise Legacy Institute and sign up for the Institute's newsletter.
- Category: Innovation and Entrepreneurship
Throughout 2022 and 2023, the Family Enterprise Legacy Institute (FELI) at the Telfer School of Management and the Family Business Network (FBN) are partnering to deliver the NxG Legacy Forums — a series of eight panel discussions addressing the key questions for next generation members of business families. Topic questions for the forums have been selected from a new book, Enabling Next Generation Legacies: 35 Questions that Next Generation Members in Enterprising Families Ask, by Telfer professors Peter Jaskiewicz and Sabine Rau.
The question “How can my siblings and I assess whether we could work constructively in the business one day?” was the theme of the first event in the NxG Legacy Forum series held in late March.
The event was moderated by Telfer’s Peter Jaskiewicz and Sabine Rau, with panellists Valentine Barbier-Mueller of Groupe SPG-Rytz and Drew Everett of Bush Brothers & Company. Both Barbier-Mueller and Everett are members of multi-generational family businesses and have experienced the benefits and challenges of being part of an enterprising family.
Aligning on Values and Embedding Governance Structures
For Barbier-Mueller, one of the most important elements in keeping the next generation of a family business together was having shared goals and being aligned on the values they want to project. For example, while she and her father have different personalities and working styles, they came to realize their differences complemented each other. “This can be a source of positivity.”
For Everett, a fourth generation member of a business involving 95 family members across the U.S., working constructively involved finding meaningful ways for the family to be involved, even if they weren’t working directly in the business.
Some family members wanted to contribute but didn’t necessarily want a job in the firm. Instead, opportunities were created for members to participate, including through governance structures like a board of directors, a family council, a private trust and estate activities, as well as events and family gatherings.
Everett stressed the need to put governance systems in place sooner than later. “Don’t wait until the fourth generation and there’s 95 of you,” he noted.
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Education is Key
For Everett, education was key in helping his family work together. He and other family members attended a series of courses to learn about the complexities of multi-generational businesses, creating systems and dealing with challenges. The courses provided him and his family with a shared educational foundation, vocabulary and understanding of the needs of a large ownership group.
Everett added that working with a knowledgeable family business consultant facilitated the process, helping identify areas of concern and building trust and togetherness.
Building Trust Within and Across Generations
Barbier-Mueller said that she and her sisters talk multiple times a day and try to keep communication flowing. “A family who has fun together will be more likely to stay together,” she said, recommending taking pleasure in the time members spend together.
Another essential element for Barbier-Mueller is giving family members the benefit of the doubt, and “trusting that everyone wants to achieve the same common objectives.”
Everett encouraged all members to make a concerted effort to build relationships. “Have opportunities for fellowship, and to get to know each other better.”
Supporting the Next Generation
For Barbier-Mueller, the most important role for the senior generation is to clarify rules and foster unity. The senior generation must treat all next generation siblings fairly. The principal role of older members is providing a historical context for the business and sharing stories about core family values, thus providing continuity and helping bind the family together.
Rau wrapped up the discussion, mentioning that working successfully with family members requires effort. “We have to become aware that it’s not just a given, but something we have to work for.”
Upcoming NxG Legacy Forums
The second NxG Legacy Forum took place in early April, with the topic question “We have wealth. When should we set up a family office to organize it?” Watch for an event summary soon.
To find out other ways Telfer is helping empower the next generation of business leaders, discover the Family Enterprise Legacy Institute and sign up for the Institute's newsletter.
- Category: Innovation and Entrepreneurship
In the coming months, The Telfer Knowledge Hub is featuring select parts from Enabling Next Generation Legacies: 35 Questions That Next Generation Members in Enterprising Families Ask.
The result of years of international research and practical experience, Enabling Next Generation Legacies delves into the unique challenges that confront family businesses.
Telfer Professors Peter Jaskiewicz. Director of the Family Enterprise Legacy Institute (FELI), and Sabine Rau, collaborator at FELI, have brought together the world’s leading academics, practitioners, and enterprising families to answer the most pressing questions faced by Next Generation members in a short and concise, yet meaningful way.
The book consists of best practices, real-life examples, and additional critical questions for reflection from nearly 100 contributors from 27 different countries. Expert commentaries come from members of the world’s leading family businesses including Auchan (France), Saputo (Canada), and Sabra (Israel), as well as from various academic experts from business schools around the globe like Kellogg, IMD, and INSEAD.
Below, read a commentary to a pressing question by a fourth generation member of a Malaysian family business.
When and How Should Family Members Be Promoted in the Family Business?
Commentary by Yoon Li Yong, Malaysia
Our family business, Royal Selangor International, is located in Kuala Lumpur, Malaysia. My great-grandfather started it in 1885. He was a tinsmith in the growing tin industry and began making products for households. We have never mined or smelted tin. Instead, we focus on adding value to tin. Our business has a strong brand and makes beautiful home products, many of which were designed in our workshop. The third generation was my father and three siblings. This generation internationalized the business to Europe, Australia, and the U.S. in the 1970s and built a network of offices, distributors, and wholesalers.
Today, we have a total of about 600 employees with most of us based in Kuala Lumpur. The family business is still privately held, and we have completed succession to the fourth generation. In our industry, product life cycles are long. Some of our evergreen products are twenty years old. However, the industry has shifted over the last thirty years; living has become less formal. The household items and gifts industry has, therefore, gone through some consolidation with brands either being bought out or shuttered. One has to be very passionate to work in this business but, then again, being constantly surrounded with beautiful things is a pretty good motivation.
In the fourth (my) generation, most of my relatives have been in some way or form involved in the business. Today, only two of us—my cousin and I—work full time in the business. I am the managing director; he is the executive director. I was an engineer by training before I did my MBA in 2004. In 2005 I joined the business as a retail manager for a few years before taking over product, manufacturing, and marketing as a general manager. From there, I worked my way up to where I am now. So, how are family members hired and promoted? Let me highlight our rules and our values.
Our Rules
- Every family member has to work elsewhere for at least two years after leaving school.
- If a family member is good at what they are doing and fits the company's needs, they might be invited to work here.
- We engage our nonfamily directors and managers for hiring family members.
- Once a family member is invited, they apply for a vacant position and undergo the standard recruitment process.
- Every family hire reports to their head of department, who may not be a family member.
- Every family hire starts as a regular team member.
- If the head of the department is a nonfamily manager, they make promotion decisions, and twice a year, they review possible promotions and provide employees with feedback. On average, we promote good employees every two to two-and-a-half years. The family council, however, can fast-track family members who excel in their jobs.
Our Values
Our family council includes six members electe d every three years from eligible voting members of the family forum. We organize a large family retreat every eighteen months. At every second retreat, we elect a new family council. A critical outcome of past retreats was the creation of our family charter. Our philosophy is to work together to generate solutions that meet the needs of both the business and the family. We communicate, work together, and practice integrity and love. We see our most important priority as remaining united as a family through spending time together and providing understanding and support to each other. We should maintain a balance of work, family, and play. We encourage family members to contribute views and ideas, to ensure participation regardless of age or experience. We recognise our responsibilities to resolve conflict through a process, to listen and communicate, and to unite in the face of external threats. We value our success, history, and legacy; and through our family council and family foru m we work to pass on to the next generations what has been so ably passed on to us.
Our Family Vision
Our Family Vision is to propagate the Royal Selangor name globally to be synonymous with pewter and good design leading to a vital and dynamic brand. We recognise that employees are a valuable asset. We will recruit, develop, and retain outstanding talent, both family and nonfamily, based on merit. The business will continue to be majority-owned by the family, in order to maintain the legacy of Royal Selangor. The board of directors will have family and nonfamily members. Family members not directly involved will have their views and interests represented through an active family council, and an evolving charter of good family governance. The business will be a good corporate citizen through its interaction with the community.
Questions for Further Reflection
- Are you familiar with the history of your family business promoting family members?
- Do you agree with the practice of promoting family members in your family business?
- Do you think this practice should be updated? If so, how?
- Do you have a family constitution/charter detailing how family members are hired and promoted?
- If you want to be promoted, as a Next Gen, within your family business, what do you do?
- How do nonfamily managers and board members see the practice of promoting family members?
Enabling Next Generation Legacies: 35 Questions That Next Generation Members in Enterprising Families Ask is now available in eBook and hardcopy. All royalties from Enabling Next Generation Legacies go towards the University of Ottawa’s Telfer Fund, helping students in need. Learn more at www.35questions.com.
To read more about how Telfer is shaping the conversation about the future of family enterprise, visit the Family Enterprise Legacy Institute and subscribe to our newsletter to stay up to date and be entered for a chance to win your physical copy of Enabling Next Generation Legacies. (you must have a delivery address in Canada).
- Category: Innovation and Entrepreneurship
The Telfer School of Management is the proud presenting sponsor of a series of four webcasts powered by the Globe and Mail Events. Each webcast will highlight one of the four pillars in our Vision for a Better Canada — greener, healthier, happier, wealthier and more prosperous — through an interview with a Telfer professor, followed by a discussion with a panel of experts.
Family enterprises represent more than 35% of Canada’s real GDP and account for nearly half of all private sector jobs, according to a 2019 report by Family Enterprise Canada and the Conference Board of Canada, yet their future is uncertain. As baby boomers exit the workforce, experts say the next generation is unprepared to take over and protect this vital part of the national economy. What skills and knowledge will future business leaders and entrepreneurs need to carry on the family enterprise legacy?
One expert looking into these questions is Telfer professor Peter Jaskiewicz, University Research Chair in enduring entrepreneurship and the founding director of the school’s Family Enterprise Legacy Institute (FELI). In the interview portion of the event, led by Rita Trichur, senior business writer and columnist at The Globe and Mail, Jaskiewicz discussed family enterprises and how, when it comes to business succession, failing to plan is synonymous with planning to fail.
Business: A Family Affair
Jaskiewicz’s research has personal meaning. Growing up with a family musical instrument business in Poland, he had an early taste of entrepreneurship. Unfortunately, following the sudden, unexpected passing of his uncle, the lack of a succession plan led to major family conflict. Within six months, what was once a business appreciated by a loyal clientele and well established in the community closed for good.
This experience motivated Jaskiewicz to help other family businesses avoid the same fate. He also realized that his expertise could not only help business families, but strengthen the global economy as well. During the Globe and Mail webcast, Jaskiewicz said that a third of the family businesses in Europe are in danger of disappearing due to failure to support and prepare the next generation. This represents a large segment of the European economy in terms of jobs, growth and contribution to local surroundings.
Jaskiewicz mentioned two common mistakes that lead to poor family business succession plans:
- Members of the next generation are not viewed as partners in planning their integration and are just treated as kids within the family business. Thus, they fail to see their own value in the business and, more so, as contributors to their community.
- Family communication is often implicit. However, the senior generation’s vision does not necessarily apply to the next generation, who are easily taken for granted. Open and honest communication should be welcomed early on and even introduced around the kitchen table from a young age.
See also: Smart succession planning key to future prosperity for family businesses
Say Yes to a Helping Hand
Patricia Saputo, co-founder and executive chair of the board and strategic adviser at Crysalia, took part in the panel alongside Arjan Stephens, president at Que Pasa Mexican Foods and executive vice president at Nature’s Path Foods, and Margaret Hudson, president and CEO of Burnbrae Farms Limited.
Saputo, a member of the Telfer Strategic Leadership Cabinet, agreed with Jaskiewicz on the need for communication. For her, it can be difficult to speak about family conflicts. Many families would benefit from outside help — members might be good at running a business, but it doesn’t mean they’re also good at planning the succession. There is a network of professionals who can help, including at Crysalia, which Saputo co-founded to sustain multigenerational enterprising families.
Hudson agreed, adding that her family has worked with outside advisers for the last 20 years. Establishing structures such as family and shareholder councils is beneficial, as is actively educating the next generation about the business.
Watch the full Future of the Family Enterprise event
Start From a Young Age
The panellists agreed that engaging the next generation from a young age is key to them joining the family business. Both Hudson and Stephens shared stories of their involvement in the business as children — Hudson collected eggs on the family farm at age eight and Stephens worked in the family’s restaurants as a busboy. They not only gained an understanding of the business, but also saw their parents’ and family’s sacrifice, passion and energy.
For all panellists, it was important to set protocols on how family members enter the business. And as Stephens noted, the next generation must work hard and prove their worth: “Just because your last name is Stephens doesn’t mean people are going to respect you. You have to earn it, and you earn it by being a good team player.”
Follow the Family Enterprise Legacy Institute (FELI)
Professor Jaskiewicz and his colleagues at FELI have combined their years of international research and practical experience to establish the institute at the Telfer school.
Jaskiewicz has recently published an already influential book, Enabling Next Generation Legacies: 35 Questions that Next Generation Members in Enterprising Families Ask. He and co-author and FELI collaborator Sabine B. Rau have brought together the world’s leading academics, practitioners and enterprising families to answer the most pressing questions faced by next generation members in a concise yet meaningful way. The book consists of best practices, real-life examples and questions for reflection from nearly 100 contributors from 27 different countries.
Subscribe to the Family Enterprise Legacy Institute newsletter and be entered for a chance to win Enabling Next Generation Legacies: 35 Questions that Next Generation Members in Enterprising Families Ask (you must have a delivery address in Canada).
- Category: Innovation and Entrepreneurship
Answers are important, but asking good questions can be even more so. In our increasingly divisive world, the right questions can truly demonstrate our willingness to understand the needs of the other side.
For the younger generation in business families – Next Gens – the right questions haven’t previously been posed nor answered. Too often a lack of understanding prevails between the wishes of the senior generations and the concerns and needs of Next Gens. To compound this, much academic research has typically focused on the parents’ generation because they are the ones in power. These realities led Telfer Professors Peter Jaskiewicz and Sabine Rau to ask: what do Next Gens really need and want?
To answer this question, Jaskiewicz and Rau went straight to the source, asking Next Gens for their views, perspectives and concerns. The result: newly released book Enabling Next Generation Legacies: 35 Questions that Next Generation Members in Enterprising Families Ask, which is now available in hardcover. The book brings together the thirty-five most pressing questions faced by Next Gen members around the world, with responses from leading academics and enterprising families.
The book was recently the topic of an online article in Family Firm Institute’s publication, FFI Practitioner. The article explains how the book came together, starting with a research process of formal and informal interviews over several years with senior and Next Gen members of more than 100 business families. From these interviews, it quickly became obvious how much the challenges of senior generations differed from those of the Next Gen. Realizing there was a need to consider the Next Gens’ perspective more actively, Jaskiewicz and Rau systematically collected their questions, asked for feedback, then established a final list of thirty-five questions.
With the intention of encouraging discussion and dialogue instead of pushing static solutions, each question provides a thoughtful response from a leading academic or practitioner, followed by commentaries from Next Gens themselves. This unique format offers a fresh perspective on the topic of family business, equally relevant to academics, practitioners and businesses, bringing together the global community to answer the next generation’s call.
As members of Telfer’s new Family Enterprise Legacy Institute (FELI), Jaskiewicz and Rau will be using research findings like those from Enabling Next Generation Legacies to help bridge the gap between differing generations in family businesses. Specialised programs such as the Certificate in Responsible Ownership tackle the intergenerational disconnect and help prepare the next generation, leading to healthy, sustainable relationships within the family and business.
To learn more about how Telfer is shaping the conversation about the future of family enterprise – and working to ask the right questions – visit the Family Enterprise Legacy Institute and subscribe to our newsletter .
- Category: Innovation and Entrepreneurship
In the coming months, The Telfer Knowledge Hub will be featuring select parts from Enabling Next Generation Legacies: 35 Questions That Next Generation Members in Enterprising Families Ask.
The result of years of international research and practical experience, Enabling Next Generation Legacies delves into the unique challenges that confront family businesses.
Telfer professors Peter Jaskiewicz and Sabine Rau have brought together the world’s leading academics, practitioners, and enterprising families to answer the most pressing questions faced by Next Generation members in a short and concise, yet meaningful way.
The book consists of best practices, real-life examples, and additional critical questions for reflection from nearly 100 contributors from 27 different countries. Expert commentaries come from members of the world’s leading family businesses including Auchan (France), Saputo (Canada), and Sabra (Israel), as well as from various academic experts from business schools around the globe like Kellogg, IMD, and INSEAD.
Below, read the response to a pressing question asked by family enterprises, followed by commentary from a Next Generation member of an enterprising family.
How Can I Prepare Myself to Work Effectively With My Fellow Family Owners?
Response by Peter Jaskiewicz and Elizabeth Tetzlaff, Canada
A PricewaterhouseCoopers survey of 956 Next Gens in 2019 from sixty countries and territories found that Next Gens have big plans.[i] With 70 percent of these Next Gens actively engaged in the family business, by 2025; 41 percent expect to be executive directors (i.e., owner-managers); 29 percent anticipate being majority shareholders; 15 percent plan on being involved in business governance, and the other 15 percent expect to become non-executive directors. In other words, 85 percent share the ambition of becoming owners of their families’ businesses.
As Marvel’s Uncle Ben reminds Peter Parker, “with great power comes great responsibility.”[ii] Ambition, like power, has its own counterweight—obstacles. So, it could be said, “with great ambition come great obstacles.” Despite their ambition, 52 percent of Next Gens have yet to be given the responsibility of a special project, and despite being “deeply engaged” in the family business, 64 percent of them admit that they are not being used as a sounding board. Worse still, 10 percent of these Next Gens feel unheard: “I make suggestions, but they are hardly ever listened to.” These statistics echo the sentiment that Next Gens shared with us: We are ambitious and want to work effectively as owners, but how can we prepare for that ourselves?
Ambition, Abilities, Approach, and Acceptance
In our experience, effective Next Gens have their “A game,” which includes four As—ambition, abilities, approach, and acceptance.[iii]
Ambition. To have ambition is to have determination and a strong desire to achieve or see something to completion.[iv] For Next Gens, this desire could speak not only to their desire to succeed as the successor, but also their determination to improve upon the advancements made in the family firm. Indeed, on one hand, we have met Next Gens who lacked ambition, stating: “I will never be as good as the incumbent.” On the other hand, we have met ambitious Next Gens who were keen to learn how to accelerate their own development and were eager to leave their mark. For instance, they talked about projects to reduce carbon emissions of the family firm, unify the family before spinning off outdated business units, or implement plans in the family office to sell investments that do not comply with environmental and social standards. Without their ambition, these behaviors might not take place. Ambition is thus the first necessary quality that Next Gens need to possess. However, in order for it to be beneficial and not destructive, ambition, like energy, needs a value-oriented direction.
Abilities. Abilities help to harness ambition and give it direction. Abilities are commonly equated with accounting degrees or strategy MBAs. However, the abilities that make effective family owners are much broader and include having good people skills, being able to motivate others on the team, having healthy coping mechanisms to deal with stress, and being able to approach conflict constructively. In his biography, Charles Bronfman—the second-generation former co-leader of Seagram—describes many effective decisions that he and his brother Edgar made, but Charles also discloses that his biggest mistake was to suppress his thoughts when his brother and his brother’s son brought forward proposals that were driven by their personal interests rather than business sense.[v] Charles says that he saw the problems of the family’s investment ideas but admitted that he did not use his veto right because he felt pressured to comply and wan ted to avoid conflicts. From Charles’s story, we learn how important it is for family owners to have an encompassing range of soft skills. We can also see that ambitions that are not properly guided can ruin the family business.
Approach. Having the right abilities equips the owner with a foundation onto which they can add an effective approach to decision-making processes in family business. In our experience, as long as all parties involved feel that their voices are heard and accounted for, family owners are able to make controversial decisions (e.g., How do we deal with an underperforming family manager?)—even if they do not fully agree with each other to start with. Otherwise stated, Next Gens need to understand what constitutes a fair process, communicate, and then implement such processes.[vi] We have witnessed, firsthand, good decisions failing because the family did not use an approach that allowed those involved to feel that they were all on equal footing in the decision-making process.
Acceptance. Finally, having the ambition and the ability together with the right approach leads Next Gens to the door, but in order to open it, a key is necessary: acceptance. It is not uncommon to experience the disheartening feeling of meeting everyone, having them congratulate you on the new board appointment, and then ignore you for the rest of the meeting (or the next five-to-ten years). This does not mean that the Next Gen will not be accepted, it simply means that Next Gens will need to accept that it is necessary to prove themselves in order to be recognized. Learning about ownership can look like attending family council meetings, being a board observer (visitor) in board meetings, and assuming formal roles in student groups, local not-for-profits, or regional family business associations. Rather than passively waiting for acceptance, Next Gens need to proactively work tow ard it. In other words, if Next Gens are able to commit to proving themselves outside and inside of the family business, then they will be more likely accepted as Next Gen leaders.
In summary, Next Gen owners’ effectiveness is an outcome of their ambition, abilities, approach, and acceptance. If the senior generation does not share influence and does not treat Next Gens as owners, the latter will be less effective. Similarly, fellow Next Gen owners can be destructive. If they are poorly prepared and immature, they can torpedo processes and push away effective Next Gens. Therefore, families and Next Gens need to do their part to ensure that none of the future owners become the Achilles heel of the family and the bottleneck of their enterprise(s). Families whose Next Gens bring their “A game” are more likely to make a difference for their families, enterprises, and communities.
Peter Jaskiewicz is the inaugural director of the Family Enterprise Legacy Institute (FELI) and co-author of Enabling Next Generation Legacies: 35 Questions that Next Generation Members in Enterprising Families Ask. He is a full professor of family business at the Telfer School of Management, where he holds a university research chair in enduring entrepreneurship.
Elizabeth Tetzlaff is a PhD candidate at the Telfer School of Management. Her research centers around exploring the impact of mental health on both the functioning of the business family as well as on the health and vitality of the family business. In addition to her research, Elizabeth is working on SSHRC-funded research study to understand how differences among families influence the longevity and success of their family businesses.
The ebook for Enabling Next Generation Legacies: 35 Questions That Next Generation Members in Enterprising Families Ask is now available. Learn more at www.35questions.com. Print copies available February 2022.
To learn more, visit the Family Enterprise Legacy Institute and subscribe to our newsletter to stay up to date on how Telfer is shaping the conversation about the future of family enterprise.
References
[i]“Agents of change: Earning your licence to operate,” PwC’s Global NextGen Survey (Germany: PwC, 2019), 1-26.
[ii] Spider-Man, directed by Sam Raimi (2002; Culver City, CA: Columbia TriStar Home Entertainment), DVD.
[iii] Mira Bloemen-Bekx, “Enriching the Early Phases of the Succession Process: An Explanation of the Role of Social Mechanisms in Business Families” (PhD diss., Hasselt University, 2019). Authors’ note: Mira Bloemen-Bekx speaks of ambition, abilities, and acceptance.
[iv] Oxford English Dictionary, 3rd ed. (2001), s.v. “ambition.”
[v] Charles Bronfman and Howard Green, Distilled: A Memoir of Family, Seagram, Baseball, and Philanthropy (New York: HarperCollins, 2017).
[vi] Ludo Van der Heyden, Christine Blondel and Randel S. Carlock, “Fair Process: Striving for Justice in Family Business,” Family Business Review 18, no. 1 (March 2005):1-21.
- Category: Innovation and Entrepreneurship
Family businesses pass more than ownership to the next generation – they also pass on traditions. And better management of these traditions can help family enterprises address two of their fundamental tensions: the need to modernize the business and the need to honour the founder’s vision.
Early studies suggested that traditions were an impediment to change because they burdened the family business with history. For instance, traditions could make family businesses risk-averse and less innovative because the preservation of the status quo trumps anything else.
However, as explained in a recently published article in The Conversation – co-authored by Peter Jaskiewicz, Telfer’s University Research Chair in Enduring Entrepreneurship – family firms shouldn’t be so quick to cast traditions aside. To explain the importance of traditions, the article weaves in examples from Greek folklore, using the famous stories of Theseus’ Paradox and Sophocles’ account of Oedipus. Parallels to the hit HBO series Succession are also made to explain how traditions can help and harm the family firm.
The article – adapted from an earlier paper published in Family Business Review – proposes that traditions shouldn’t be thrown out of the firm, nor rigidly enforced, but instead reinterpreted by the next generation. One way this can be done is through collective remembering: when senior family members share stories about past achievements and discuss their meaning with the next generation, they co-create narratives that are relevant to both generations. Another way is by retaining the structural elements of traditions — the rituals —but continually updating them to be relevant in today’s world.
It is through this rebuilding and reinterpreting of traditions that senior and next generation family members learn to better work together for the benefit of the family firm. Telfer’s new Family Enterprise Legacy Institute (FELI) – of which Jaskiewicz is the inaugural Director – encourages and supports these relationships, working directly with family enterprises to help them evolve while maintaining their authentic identity and traditions. Knowledge gained and applied leads to more family enterprises enduring from generation to generation – leading to a stronger Canadian economy.
To learn more, visit the Family Enterprise Legacy Institute and subscribe to our newsletter to stay up to date on how Telfer is shaping the conversation about the future of family enterprise.
Peter Jaskiewicz is the inaugural Director of the Family Enterprise Legacy Institute (FELI), as well as full professor of family business at the Telfer School of Management where he holds the University Research Chair in Enduring Entrepreneurship. He is also the co-author of new book, Enabling Next Generation Legacies: 35 Questions that Next Generation Members in Enterprising Families Ask.
Peter’s research on family business has received numerous awards and were considered among the most globally influential scholarship in 2013, 2015, and 2017. Peter has presented his research insights to members of the European Parliament, the European Commission, and employees of the United Nations. In addition, he has also worked with the federal government in Canada. His current research focuses on antecedents of transgenerational entrepreneurship and corporate reputation in family and founder firms. Moreover, Peter researches organizational outcomes of entrepreneurial legacies, managerial pay dispersion, and family dynamics in these firms.
- Category: Alumni in the Lead
The journey to success of Telfer School graduate Brennan Loh inspires how he supports and empowers the next generation of entrepreneurs.
No two paths to success are entirely the same. Yet some guideposts are more dependable than others. Brennan Loh’s entrepreneurship journey is a reliable route for any budding businessperson to follow.
The Telfer School graduate and top Shopify leader started early, made connections and seized challenges. This path has not only taken him to the pinnacle of Canadian business, but has also guided how he helps the emerging generation of entrepreneurs at the Telfer School through generous donations, purposeful involvement and volunteer activities.
Start your journey early!
Entrepreneurship has always been near and dear to Brennan. As a child, he was motivated to start businesses and create something from nothing. His natural inclination for entrepreneurship was partly the reason.
The other was the inspiration he received from his businessman father, who immigrated to Canada from Singapore. After losing his job, Brennan watched as his father took the risk of becoming an entrepreneur to support their family. It was a proud moment for Brennan, and one that helped catalyze the importance of fostering an entrepreneurial spirit not just in those that want it but who need it to survive.
Motivated to unleash his entrepreneurial spirit, Brennan joined the Telfer School in 2007. He was so eager to hit the ground running that he became a member of the Telfer School’s Entrepreneurs’ Club before he even began his studies. This early and enthusiastic start by the budding entrepreneur was a clear sign of things to come.
The Entrepreneurs’ Club offered Brennan a vibrant and welcoming gathering place, and put him in close contact with fellow entrepreneurs. It especially gave him learning opportunities that enabled him to dare boldly yet fail safely, without suffering significant personal or financial consequences. Brennan so enjoyed his membership with the Entrepreneurs’ Club that he served on its executive team for four years, two of them as president.
“The Entrepreneurs’ Club was a natural fit for Brennan’s entrepreneurial talents,” said Professor Stephen Daze, Dom Herrick Chair in Entrepreneurship at the Telfer School. “From an early age, he knew how to create value for sponsors and motivate team members; and he had a scrappy startup mentality—something that he has carried through to today!”
Make connections to discover opportunities
Entrepreneurial success is never a solo mission. Again, Brennan’s experience supplies a telling example. As part of a third-year course, he and two friends from the University of Ottawa Faculty of Engineering created a tech startup. They called it Avitu. When the school year ended, the entrepreneurial trio decided not to halt their enterprise but to keep their budding business active.
That summer, Brennan and his Avitu partners worked tirelessly out of a hot apartment before being given the opportunity by a uOttawa alumnus to use part of Shopify’s office space to run their company. The alumnus, Harley Finkelstein, a graduate of the combined law and MBA program, was chief platform officer at Shopify at the time.
Brennan took advantage of being in a shared space with Shopify to exchange best practices and discuss business strategies with Harley every week. The dedication and effort shown by Brennan and his business partners impressed Harley and the other Shopify executives so much that they offered them jobs within the company.
Seize challenges and reap the benefits
By the time Brennan graduated with a Bachelor of Commerce in Marketing in 2011, he was already working over 40 hours per week at Shopify. The combination of school and full-time employment was demanding, but the valuable real-world experience he acquired only served to bolster his confidence and motivate him to take on increasingly greater challenges in the company.
In the decade since he joined Shopify, Brennan has helped the company grow from fledgling startup to e-commerce titan. His rise through the company’s ranks has been equally impressive—going from head of business development, to director of business development, to director of international markets. His varied and impressive portfolio of projects include Shopify media productions and Shopify Rebellion, the company’s e-sports organization.
Today, as the company’s director of brand and marketing partnerships, Brennan says his motivation stems partly from looking back with pride at successful projects he once thought would be impossible to achieve. Despite his impressive resume and achievements, he remains humble and prefers to operate under the radar. Case in point: in the years when he travelled frequently for the company, he would joke that few people at the Shopify head office knew who he was.
An inspiring journey that empowers a new generation
In keeping with his natural humility, Brennan is quick to acknowledge how much the generosity of others helped shape and propel his career. His professors, his classmates, and his colleagues at Shopify each gave him their trust and encouragement.
In turn, Brennan uses his journey to success as inspiration for how he supports and empowers the emerging generation of entrepreneurs at the Telfer School. To help budding business people start early, Brennan volunteers as an informal mentor, inspiring the next generation to seek out the opportunities that will shape their futures. To enable them to make connections, Brennan continues his work with the Entrepreneurs’ Club as an advisory board member. And to motivate and support emerging entrepreneurs, Brennan is a mentor at the Entrepreneurship Hub’s Startup Garage and an angel investor in the technology sector.
Most notably, Brennan funded the Loh Entrepreneurship Experience Scholarship to allow students to dare boldly. The bursary provides students from any faculty at the University of Ottawa with financial and mentorship support in their entrepreneurial journeys.
“We must give students opportunities to fail safely,” Brennan said. “I see encouraging a student to take four months to pursue entrepreneurship with a financial safety net and minimal opportunity cost to their formal education (in other words, letting them earn credits) as one of many possible solutions. I would love to see universities embrace innovative bets on fostering student entrepreneurship.”
As a result of this generous and intelligent contribution, the Telfer School named Brennan the 2021 Young Donor of the Year. The deserving honour is yet one more step along a career path worth following.
If you would like to support the student experience at the Telfer School of Management through a donation, click here to make a gift to the Telfer Nation Fund. For more information, please don’t hesitate to
- Category: Innovation and Entrepreneurship
The balance between launching an Ottawa startup and being a student can be both a time-consuming and rewarding feat. University of Ottawa alumnus, Karim Alibhai, and Telfer alumna, Alina Jahani, know all about the student entrepreneurship lifestyle.
The BSc and BCom Management Information Systems duo launched their recruitment startup, HireFast, while completing their undergraduate degrees and are now closing a six-figure exit deal with a large American company.
The Beginnings of HireFast
Karim, the engineer of the partnership, remembers exactly how the HireFast journey began: “I was on a bus in Ottawa and my friend was telling me how he was interviewing for software engineering positions and how [employers] make them solve different problems in interviews. They were testing software engineers on algorithms, even though that’s not really what they’d be doing at their jobs.”
He then got the idea to start HireFast, an assessment tool for software engineer employers that would more accurately test applicant skills. He brought on Alina to help with project management and business development, and the partnership began. Now, the business uses pre-existing insights and data to help improve hiring times, quality of applicants, and quality of jobs.
The Life of Student Entrepreneurs
After Karim and Alina established their business idea, their first step was contacting Telfer entrepreneurship professor, Stephen Daze. Professor Daze teaches third and fourth-year classes for entrepreneurs and is noted to be one of Hire Fast’s key resources.
“He was a pivotal piece to our company. He was phenomenal and was not afraid to rip us apart and tell us when we were [not doing the right thing],” Karim explained.
After pivoting, the business grew and Alina and Karim began noticing the struggles of balancing their full-time work on a business and studies for each of their degrees. The two biggest challenges they faced as young, busy entrepreneurial students were related to time management and financing.
“Time management was tough. It was really hard to balance time, so as a result, we got lower marks [in courses] than what we were used to. Also, you are very cash-constrained, so we were trying to save money on small things that other people in the market could afford”, shared Karim
However, the benefits of being students while starting a business was their access to student competitions and opportunities like Startup Garage that the university has to offer.
uOttawa Entrepreneurship Programs and Business Accelerators
HireFast joined the Startup Garage program at the University of Ottawa’s Entrepreneurship Hub as part of the 2019 cohort. The pair originally applied to join because the program allows students to take an eight-month break from their studies and focus on their businesses full-time.
“We ended up getting more than just that, the best probably being a community of like-minded people, which was very powerful,” Karim explained. “Sometimes when you are failing it can be very overwhelming, but having other people in those same situations to guide you really helps.”
Another benefit to the program, Karim noted, was the access to experts in fields that they needed help in: “We were able to connect with Nolan Beanlands, who used to run the Startup Garage. He was extremely helpful.”
Alongside accelerator programs like Startup Garage, Karim and Alina noted that the business also felt supported financially by the university and its programs and competitions.
Business Startup Advice
Looking back, Karim had a few pieces of advice for current students who want to bring their business idea to life: “Try to stand on the shoulders of experts, alumni, and anyone you can. That was one of the key factors to our success. To talk to amazing people like Stephen Daze and Nolan Beanlands. We are still in touch with them and a lot of the time I had tunnel vision and getting advice from them was super useful.”
As for the Telfer alumna, Alina, she says that the main goal student entrepreneurs should keep in mind is to not give up: “Whatever the challenge is in your business, the last thing you want to do is lock yourself in a room and try to figure it out yourself. Lean on your beta users, customers, industry experts to find the answers you need. Launch small but powerful experiments to get your hypothesis validated and iterate from there.”
The Six-Figure Acquisition
HireFast was recently acquired by a consulting recruitment business in New York, U.S.
Karim shared how they were able to find the perfect match to make an exit deal:“We wanted someone with the right fit. So, we found a company in NY and they were already running a consulting recruiting business and they wanted to go into the software side. HireFast was basically their trampoline to the software side of recruiting.”
The New York-based business plans on launching the software in 2022.
As for the business and engineer duo, they are now both pursuing careers at two different startups. Karim is working in the dental startup space in New York, while Alina is pursuing project management as a Product Analyst in the retirement world.
Although living the life of a student entrepreneur can be hard work, the University of Ottawa and Telfer School of Management works hard to support students who are chasing their dreams.
Learn more about the Startup Garage program and other entrepreneurship opportunities at the university.
Photo credit: Mélanie Provencher, photographer
- Category: Latest News
Canadian industry chief executive says our country needs a catalyst to spark space innovation and entrepreneurship.
Are you aware of the Space Race? It began on October 4, 1957, when the Soviet Union launched Sputnik 1, the first artificial satellite, into orbit around the Earth. Over the ensuing dozen years, the United States and the Soviet Union competed in a fierce and sometimes deadly duel of technological space one-upmanship. The race culminated in 1969, when the U.S. landed a manned mission on the Moon and brought the astronauts back home safely.
According to Daniel Goldberg—president and CEO of Telesat, Canada’s largest satellite company—a new space race is underway. But this one is of a different kind. We spoke with Goldberg recently and our conversation revealed that this new space race is a satellite-driven dash for commercial supremacy of low Earth orbit—and the high-paying jobs, vast sums of revenue, and surging economic growth that come along with it.
To be more specific, today’s space race is propelled by private and public sectors working in tandem. Private companies lead advancements in communications satellite manufacturing and production, while governments monitor, regulate and promote an increasingly complex panorama of technological development. The complicated and evolving interplay between private and public has created fascinating industry conditions.
Canada is in fierce competition for commercial supremacy in space
Dr. Wadid Lamine, associate professor of entrepreneurship at the Telfer School of Management, is at the forefront of scholarly research to understand how innovation and entrepreneurship play out in the space industry. His most recent article concludes that certain policies in Europe have created a space industry in that region with barriers to access, leading it to be dominated by two giant French aerospace companies—Airbus and Thales. As a result of this closed environment, new European entrepreneurs have constrained ability and little incentive to enter the aerospace market.
Goldberg and Telesat experience firsthand the industry conditions that Lamine studies. The company’s advanced constellation of 298 state-of-the-art low Earth orbit satellites, known as Telesat Lightspeed, puts Telesat in direct and fierce competition with U.S.-based industry giants SpaceX and Amazon. “We are in a market that is brutally competitive,” he says. “The companies we compete against often have access to very significant financial resources, and a lot of that is connected to support from their domestic governments.”
SpaceX is a prime example. According to Goldberg, the company has been so successful so quickly in large part because of its close relationship with the U.S. government, which provides SpaceX with major funding to develop products. The same conditions largely hold true for other Telesat competitors around the world. The biggest space industry firms in China and Russia for instance are either state agencies or receive major backing in the form of funding and purchases from national governments. In Goldberg’s mind: “For our country to maximize the likelihood of success, we have to harness the abilities of our different stakeholders and make sure they are executing where the big opportunities are.”
Canada needs a space for collaboration, innovation and entrepreneurship
The Telesat CEO offers a solution. He contends that Canada’s space industry needs what he calls a catalyst or convening function to bring government, businesses and academia together in common cause. Only then can the industry gain the clearest possible understanding of the opportunities that warrant substantial investment, the insights emerging from university researchers, and the technological innovations arising from universities writ large.
A space industry catalyst is not a completely unfamiliar idea. The United States established its National Space Council, chaired by the country’s vice-president, because it recognized the strategic importance of the public and private sectors working together. The United Kingdom has followed the U.S. example. Closer to home, Canada has taken much the same approach in various sectors other than space. Our country’s Innovation Superclusters are convening agents to nurture innovation ecosystems in industries such as digital technology and advanced manufacturing.
Goldberg’s rallying cry dovetails neatly with Lamine’s most recent research findings. Lamine found that innovation and entrepreneurship in the space industry only really take off when policymakers, entrepreneurs, established firms and university researchers build strong alliances. “This could be achieved by policymakers creating a space and working at the regional level to bring universities, industry and policymakers together to learn from each other, share ideas and transfer knowledge,” he writes.
Universities and their researchers are central to space industry partnerships
Both Lamine and Goldberg believe that universities and academics must be part of any relationships sparked by a space industry catalyst. Goldberg in particular sees two main benefits from university participation. First and foremost are new insights that are unearthed by expert university researchers.
“You have a lot of academics doing ground-breaking research on space communications and new battery technologies,” he says. “I believe there should be greater dialogue between what we are doing in the private sector and universities, and ongoing, regular dialogue and exchange about things that we are both seeing.”
Goldberg also anticipates a workforce benefit. “We are hiring a lot of people, including co-op students, out of universities,” he says. “We need to make sure graduating students come with the skillsets we need.” Dr. Lamine concurs. He notes that establishing the kind of deep, multi-faceted partnership referenced by Goldberg would create a vital “triple helix relationship” among universities, industry firms, and policymaking officials and institutions.
Two prominent voices—one in the private sector and the other in academia—are calling for the same thing: greater dialogue and richer partnerships within Canada’s broader space industry. Their voices might just be the catalyst our country’s industry needs to thrive even more in the new space race.
- Category: Innovation and Entrepreneurship
Entrepreneurs and their start-ups, and the subsequent growth of their firms, can have a vital impact on the health of an economy. What’s more, young adults in Canada have demonstrated a growing interest in entrepreneurship as a career choice. Although entrepreneurship has historically been associated with business schools and traditional start-ups, all students need to learn to create value in uncertain environments with limited resources. Consequently, regardless of their faculty or career path, every student needs to learn and practice the skills typical of entrepreneurship. Whether these students become entrepreneurs, intrapreneurs, employees, or innovators, the question for educators is: How are we working toward this goal?
To answer this question, Professor Stephen Daze and his team conducted a review of entrepreneurship activities at the 27 largest universities in Canada. This annual report describes the numbers and types of entrepreneurship courses available, the opportunities for students to learn this valuable skillset outside the classroom, and the current practices that support student start-ups.
Professor Daze shared the highlights of his 2021 annual report in an article published in The Conversation Canada. Read the full article to learn more about entrepreneurship education in Canada.
Stephen Daze is a long-standing, award-winning member of the entrepreneurship ecosystem in Canada. He keeps his skills fresh as by serving as a visiting professor who teaches entrepreneurship in the undergraduate and MBA programs at the University of Ottawa and by working with entrepreneurs during the launch of their new ventures. He also currently serves as Entrepreneur-in-Residence at the Telfer School of Management and in 2016, he was named the University of Ottawa Chapter Honoree of Beta Gamma Sigma, an international business honour society. Learn more about Stephen Daze’s work.
- Category: Innovation and Entrepreneurship
In the coming months, The Telfer Knowledge Hub will be featuring select parts from Enabling Next Generation Legacies: 35 Questions That Next Generation Members in Enterprising Families Ask.
The result of years of international research and practical experience, Enabling Next Generation Legacies delves into the unique challenges that confront family businesses.
Telfer professors Peter Jaskiewicz and Sabine Rau have brought together the world’s leading academics, practitioners, and enterprising families to answer the most pressing questions faced by Next Generation members in a short and concise, yet meaningful way.
The book consists of best practices, real-life examples, and additional critical questions for reflection from nearly 100 contributors from 27 different countries. Expert commentaries come from members of the world’s leading family businesses including Auchan (France), Saputo (Canada), and Sabra (Israel), as well as from various academic experts from business schools around the globe like Kellogg, IMD, and INSEAD.
Below, read the response to a pressing question asked by family enterprises, followed by commentary from a Next Generation member of an enterprising family.
Who Is Considered Part of the Family?
Response by Gibb Dyer, US
The question “who is considered part of the family” is important for both academics and consultants who study and work with family businesses as well as family business owners and managers themselves. For academics and consultants, identifying who is considered family is key to determining a family’s impact on a business (and the business on the family) while those families who own and manage a business often need to decide if those who are considered family will have an opportunity to be involved in the ownership or management of the business.
Definition of “Family”
To identify who makes up a family we need to understand what people commonly consider a family to be. The definition of family is problematic today given the various types of families that exist. For our purposes, a family will be defined as “individuals who identify themselves as a family unit, are recognized by others as part of a family, and share a common biological, genealogical, and/or social history.”[i]
Families come in all shapes and sizes. Common family types include the nuclear family (father, mother, and often children), extended family (one or more children living with a parent and a related nonparent adult, often a grandparent), blended family (one or more children living with a parent and a stepparent), cohabiting family (one or more children living with a parent and an unrelated adult), a single adult/parent family, and a polygamous family (typically one or more children living with a father who has multiple wives).
Family as a Social Construction and Legal Entity
These different family configurations raise interesting questions concerning who is considered family. For example, should a child consider an unrelated adult cohabiting with her mother a family member? Or should a child consider the children of a stepparent members of his family? While there are legal determinations of what constitutes a family, very often family is a social or cultural construction created by family members. For example, while a stepparent might legally adopt a child, that child may not recognize or relate to the stepparent as her father or mother. In other situations, there are parents who “disown” their biological children—the parents may be biologically related to a child, but they do not recognize that child as a member of their family, often due to what the parents consider bad behavior on the part of the child. However, when it comes to inheritance, unless a family member is explicitly denied an inheritance in a family member’s will, they might still have a claim on that family member’s assets—particularly if that person is a blood relative or a spouse —and those assets might include the family firm.
Family Roles in the Family Firm
We see families who own and manage family businesses having family members take on a variety of roles in the business. Ownership and management roles in the business typically consist of family members who are central to the business and have the most power. Other family members may have management roles but are not involved in ownership. Often Next Gens fill this role but hope to eventually be owners when succession occurs. Conflicts may occur when certain family members own the business but are not managers in the business. Family members who are in the business typically benefit from their salary and other perquisites that managers receive and are generally interested in putting profits back into the business to help it grow. However, family members who are owners and not managers typically want the profits from the business to end up in their pockets so they can benefit from the business’ success. This creates natural conflicts between family members who are owners and family members who are managers in the business (and may be owners as well). During succession, family members who haven’t been either owners or managers may want to lay claim to the firm’s assets increasing the likelihood that family conflicts will occur. Even if a family member hasn’t been involved in owning or managing the business, she may lay claim to the firm’s assets based on inheritance or some other criteria. For that reason, it is important for a family to determine not only who is currently considered family but who in the family may have a legal claim to the family’s business assets.
Family Membership and Succession Planning
Family conflicts and lawsuits are often the result of ambiguity regarding “who is the family.” With that in mind, it is important for families who own businesses to identify all individuals in the family who currently or may in the future be involved in family business ownership and management, take those family members into account when making decisions regarding the firm, and make provisions for those family members who will likely not be owners or managers. The rule of thumb is for parents (or other senior family members) to leave other assets in their wills (money, property, etc.), not family business ownership, to such heirs to avoid conflicts.
These issues are also important to consultants who want to help family firms.[ii] Research shows that before succession takes place the family should put together a clear succession plan, specifying which family members will be owners and managers in the business. It is important to share that plan with the family before succession takes place. To do this, the family needs to identify who is legally considered a member of the family and thus may have legal claims to the firm’s assets as well as those who may not be considered legal claimants but are viewed to be family members with many of the privileges of legal family members. To plan for such a change, research by Ivan Lansberg and others encourages family members to have common goals or a “shared dream” along with creating ownership structures and processes to resolve these potential conflicts.[iii]
W. Gibb Dyer (PhD MIT) is the O. Leslie and Dorothy Stone Professor in the Marriott School of Business at Brigham Young University. He has been a visiting faculty member at IESE in Barcelona, Spain, and a visiting scholar at the University of Bath. He has published nine books and over fifty articles and his research has been featured in Fortune, The Wall Street Journal and Fast Company. His recent book, The Family Edge, focuses on how “family capital” supports business growth. He has been ranked as one of the top ten scholars in the world in the field of family business.
Commentary by Marcelo De Rada Ocampo, Bolivia
My family’s business is an international insurance brokerage in Bolivia. After a decade of experience working for both U.S. and Bolivian insurance companies, my father started the business in 1995 and grew it to become the largest brokerage in Bolivia in terms of revenue, clients, and number of sales agents with presence in all cities in Bolivia. In 2009, he and two partners from Ecuador and Venezuela developed a strategic alliance that made them the third-largest MGA (managing general agent) in LATAM, partnering with ten different international insurers, managing hundreds of distributors, and operating twelve offices across seven different countries.
I am the oldest of three from my father’s second marriage. My half-sister is thirty-seven and lives in Florida, while my younger brother (twenty-five years old) is in San Diego, and my younger sister (twenty-two years old) lives in Miami. After studying in the U.S. and working at start-ups in San Francisco for two-and-a-half years, I returned to Bolivia to help my father in the family business. I worked as a sales operations manager, splitting my time between empowering sales agents with training and new digital tools, and the insurance partners negotiating new policy coverages, premium increases, and sales incentives. Now, while I am doing my MBA at INSEAD, I continue to support my father as an advisor, holding weekly to biweekly calls with him to discuss the strategic and operational challenges of the business.
The article is a good starting point in understanding why it is important to define who is considered part of the family in a family business. I agree with Prof. Gibb Dyer that having a clear definition is essential in helping the first generation build a fair process with regards to the ownership and ownership of the business. This can be critical when future generations start getting involved in the business and don’t have the same understanding of who is considered part of the family and its impact on the business. Even just as a second generation, I frequently found myself between my two parents in discussions about the fairness of financially supporting struggling family members in each of their extended families. There were efforts of providing employment to extended family members, which ended up creating more harm than good, probably caused by the lack of clarity regarding the roles of each family member in the family firm. From my experience without clarity about the rights and responsibilities of owners and managers, succession planning has been difficult to push forward. An owner must understand and allow the manager to operate the business successfully, while the manager must also provide the owner with enough transparency on the strategic alignment and execution of the business in order to put to best use the business assets.
The ebook for Enabling Next Generation Legacies: 35 Questions That Next Generation Members in Enterprising Families Ask is now available. Learn more at www.35questions.com. Print copies available February 8th, 2022.
To learn more, visit the Family Enterprise Legacy Institute and subscribe to our newsletter to stay up to date on how Telfer is shaping the conversation about the future of family enterprise.
References:
[i] Gibb Dyer, The Family Edge: How your biggest competitive advantage in business isn’t what you’ve been taught—It’s your family (Sanger: Familius, 2019), 15.
[ii] Jane Hilburt-Davis and William Gibb Dyer, Consulting to family businesses: Contracting, assessment, and implementation (San Francisco: Jossey-Bass/Pfeiffer, 2003).
[iii]Ivan Lansberg, Succeeding generations: Realizing the dream of families in business (Boston: Harvard Business School Press, 1999).
- Category: Latest News
The global economic recovery will rely disproportionately on the success family-owned enterprises achieve in managing next generation transitions. These organizations include 60% of the global workforce, account for two-thirds of the world’s businesses, and contribute 66% of worldwide GDP. Professors Peter Jaskiewicz and Sabine Rau of the Telfer School of Management address this next generation shift in a new book to be released at this week’s World Investment Forum in Geneva, Switzerland.
“Enabling Next Generation Legacies: 35 Questions That Next Generation Members in Enterprising Families Ask” details years of international research and practical experience into the unique challenges that confront family businesses. Solutions to these challenges must not only address transitional issues but also harness the talents of the next generation to overcome the devastating economic impacts of the pandemic on this sector.
“Without a sturdy, sustainable recovery among family businesses worldwide, there will be no global economic recovery at all,” says Professor Jaskiewicz. “Our work demonstrates that there is a path forward, with best practices, that will help steer businesses through inter-generational change and provide clear means for the next generation to manage successfully - as well as provide a needed boost to jobs and growth worldwide.”
The new book explores the most important questions family business owners and Next Gens need to answer to empower sustainable businesses that can innovate post-pandemic. The book consists of best practices, real-life examples, and additional critical questions for reflection from nearly 100 contributors from 27 different countries. These expert commentaries come from members of the world’s leading family businesses including Auchan (France), Saputo (Canada), and Sabra (Israel), as well as from various academic experts from business schools around the globe like Kellogg, IMD, and INSEAD.
“The next generation from family-owned business is eager and well equipped to take their family’s enterprises to the next level,” says Professor Rau. “Our book supports them in asking relevant questions, discussing answers and offering further food for thought.”
Professors Jaskiewicz and Rau will present the findings of their book at the United Nations Conference on Trade and Development (UNCTAD)’s World Investment Forum during a featured address that will serve as a backdrop to their book’s release. Through previews, the book has already been acknowledged as one of the most influential books on the subject by academic scholars, business owners, and the Family Business Network.
The United Nations is calling on the World Investment Forum for strong sustainable development recommendations to recover from the pandemic. The takeaways from the forum will be reviewed at the 76th United Nations General Assembly’s deliberations on global policy actions. Today, UNCTAD’s 7th World Investment Forum will explore how governments and business leaders can invest in sustainable recovery and address today’s main challenges facing the investment-development community around the world.
The book is available now for pre-order in North America (coming soon in Europe, Asia, Oceania and South Africa), and will be available as physical copies in early December. All book royalties will be donated towards supporting the next generation of students at the Telfer School of Management under the Telfer Nation Fund. This fund supports student activities and opportunities such as case competitions, internships, and student clubs that enrich the student experience outside of the classroom.
Testimonials for “Enabling Next Generation Legacies: 35 Questions That Next Generation Members in Enterprising Families Ask”
“When Sabine and Peter approached me about this book, the timing couldn’t be better. FBN was going to celebrate the 20th anniversary of its Next Gen community. Yet, this is much more than a book. It is a useful and practical guide, asking relevant questions and providing concrete tips on how to tackle difficult issues that Next Gens face daily.”
—Alexis du Roy de Blicquy, CEO of the Family Business Network (Switzerland)
"This very helpful book is a gift to next generation members of enterprising families. Each chapter is a gem and collectively, it is a must-read.”
—John Davis, Faculty Head, Family Enterprise Programs, MIT Sloan School of Management (United States)
Excerpt From the Book
“Why do many next generation members fail to succeed with the family business? A major reason for failure is not being accepted by long-standing managers and employees or by suppliers, banks or customers...without acceptance by important stakeholders, relevant resources will not be at hand, whether financial resources, information, knowledge or other. Earning acceptance is crucial...success depends on taking time to talk to as many employees, managers, customers, and suppliers as possible, listening carefully, not promising too much, and finally building alliances.”
- Category: Innovation and Entrepreneurship
Originally published on LinkedIn on May 14, 2021
We are delighted to announce the release of the report, Entrepreneurship Policies through a Gender Lens by the Organization for Economic Development and Cooperation (OECD). This timely report contains a collection of 27 policy insight notes on long-running policy issues in women’s entrepreneurship support. OECD data and editorial insights reinforce the policy note findings. This report will be of interest to women entrepreneurs, policymakers, women’s enterprise advocates, and academics at a time when evidence-based sights are needed to drive post-pandemic recovery measures.
Background
This report is a collaboration between the OECD and the Global Women’s Entrepreneurship Policy Research Project (Global WEP), which is a network of established researchers from over 34 countries. The project was led by Jonathan Potter (Head of the Entrepreneurship Policy and Analysis Unit) of the OECD and Dr. Colette Henry, Chair of Global WEP - (Dundalk Institute of Technology, Ireland; Chair, Global WEP), Dr. Susan Coleman (University of Hartford, United States) and Dr. Barbara Orser (University of Ottawa, Canada). Excerpts from the Executive Summary follow.
What will you learn from this report?
Women’s enterprise issues have become even more relevant as the COVID-19 pandemic threatens to set women’s entrepreneurship back 20 years. The notes contained in this report cover a range of policy challenges – including in relation to formal and informal institutions, access to finance, access to skills and policy design – and policy instruments that can be used to address them. The notes underline core principles and good practices to follow in designing and implementing policies.
This report also offers an overview of the state of women’s entrepreneurship in OECD countries and beyond, using gender-disaggregated indicators on business creation, self-employment and barriers to business start-up, sustainability and growth. These indicators illustrate gender gaps in entrepreneurship, not only in activity rates but also in the proportion of entrepreneurs who create jobs for others. Persistent gender gaps call on public policy to continue to address gender inequalities in entrepreneurship.
Overall, this report provides an important source of new insights to assist policy makers and advocates seeking to strengthen holistic interventions in support of women’s entrepreneurship, and to encourage and facilitate peer learning across countries.
Report highlights
The policy insight notes in this report argue that mainstream entrepreneurship policies and programmes are not gender neutral. Explicit approaches are needed to address barriers to entrepreneurship that are experienced differentially by men and women, and to ensure that women have equal access to policy support aimed at entrepreneurs.
To an extent, this reality is recognised by the wide range of dedicated policy interventions for women’s entrepreneurship that have been put in place internationally across many contexts. The interventions address barriers in the areas of entrepreneurship culture, entrepreneurship skills, access to finance, entrepreneurship networks and ecosystems, and regulatory institutions, as well as approaches to designing and delivering policies to achieve gender equality. These approaches illustrate the dynamic nature of women’s entrepreneurship policy, as well as the gains that are being made as policy makers recognise the needs and contributions of women entrepreneurs.
However, women’s enterprise policy initiatives are often fragile – time-limited, small-scale, sparse, symptom-oriented – and not sufficiently underpinned by a genuine vision and framework for women’s entrepreneurship. To address these limitations, there is a need to increase awareness and knowledge about policies that engage and support women entrepreneurs within entrepreneurial ecosystems. Adherence to gender-blind entrepreneurship policies will be ineffective in achieving the benefits to be had from truly stimulating equal opportunities in entrepreneurship.
There are three main priorities for further policy development:
Overarching policy frameworks for women’s entrepreneurship need to be introduced
In some countries, policy frameworks for women’s entrepreneurship are well-developed and women’s entrepreneurship programmes work effectively towards the global objectives and priorities set out in these frameworks. However, in other countries, women’s entrepreneurship policies are incomplete or ineffective, often because the programmes are not consistent with global policy objectives. Governments should do more to strengthen policy frameworks for women’s entrepreneurship. They also need to dedicate greater resources to ensure that programmes are informed by frameworks and are sustainable in the long-term.
Women’s entrepreneurship policy interventions must reflect context
Governments need to ensure that policy interventions are appropriate for the institutional, cultural and social contexts. The policy insight notes describe vastly different contexts, ranging from developed economies where gender inequalities persist but are relatively subtle to developing economies with strong patriarchal systems. Women’s entrepreneurship policy can be effective in any context, but the objectives, instruments and delivery mechanisms must be selected accordingly.
More evaluation evidence is needed as a foundation for scaling policy initiatives
A wide variety of policy instruments and delivery approaches have been put in place in many countries. A key challenge is to assess the effectiveness of these approaches in different situations and different combinations and to scale and transfer the most effective approaches. More evidence is needed on the effectiveness of women’s entrepreneurship supports in different contexts. This includes, for example, the impacts of measures for training and mentoring, financing, and the role of measures that influence underlying institutional conditions. Information is also needed on the extent to which measures need to be applied as packages. The lack of evaluation evidence represents a lost opportunity to learn from high impact policy interventions and may lend to the vulnerability of women’s enterprise programme funding.
Download the Entrepreneurship Policies through a Gender Lens report
- Category: Community Engagement
A new Telfer study shows that traditional families with businesses often treat their children differently based on gender, including in succession planning and entrepreneurial education. We talked to two women raised in entrepreneurial families to learn how gender bias can affect women’s careers and experiences in entrepreneurship. They also shared some advice for family businesses.
Emma O’Dwyer
Emma O’Dwyer, regional manager at Family Enterprise Canada, has seen bias first hand in her own family. She says she was not given support even though she earned “two MBA degrees from prestigious universities, gained outside experience, and built a professional network beyond the family business.” She often wonders if this stopped her from building the confidence to take a more entrepreneurial path.
O’Dwyer says that gender bias can damage both daughters and sons. “Today, I see that a lot of men who are expected to inherit the family firm or start their own business receive pressure to be successful.” She believes that “forcing sons to lead the family firm restricts their opportunities to gain experience outside the walls of the family business and develop the business knowledge they need.”
Susan St. Amand
Susan St. Amand is the founder and president of Sirius Group Inc. and Sirius Financial Services. Like O’Dwyer, St. Amand always had an interest in the business world. “My dad and a group of local entrepreneurs would meet for coffee every day, and I loved it when I was able to join them to hear their stories.” This led her to studying business.
Even though St. Amand gained experience and education in entrepreneurship, her brother was still the one expected to take over the business on her father’s retirement. “It was just not common for women to run or inherit a family business, so I was not considered.” This didn’t deter St. Amand from pursuing a career in a large finance organization, before starting her own business. But despite her success, St. Amand was often asked when she would sell her business and fulfil a more traditional female role.
Advice to families to challenge gender bias
O’Dwyer and St. Amand shared some suggestions to help families challenge gender bias and prepare the next generation to succeed in the family firm and beyond:
- Treat children as equally as possible and make sure the expectations and pressure are the same for all.
- Identify what the children need to do and experience, and what support they need to build their skills and succeed in any career.
- Great things come from failing and learning. Let the next generation try things, fail, learn, try again and repeat to succeed, within a safe environment.
- Your legacy as a family does not and should not be limited by the business, no matter how many generations it has existed. Let the next generation find their passion and explore the world outside your walls — you’ll be surprised what happens.
- Introduce children to role models and mentors across genders very early in life.
- Engage them in conversations about the business and about finances. Don’t assume children aren’t interested in numbers, investments or business because of their gender.
- Use stories to share knowledge and make information accessible.
- Teach children how to make decisions and take responsibility early on. Being comfortable with risk is critical to feeling confident and independent.
O’Dwyer reminds parents who run a family firm: “You play an important role in the success of the family and the business.” St. Amand highlights the need to question rigid norms: “Families are members of communities and communities share cultural norms that are embedded for generations. It takes strength and courage to be disruptive and time to evaluate the results.”
Susan St. Amand, TEP, FEA, ICD.D is the founder and president of the Sirius Group Inc. and Sirius Financial Services in Ottawa, and chair of Family Enterprise Canada. Learn more about her work with multi-generation families.
Emma O’Dwyer is a regional manager at Family Enterprise Canada.
- Category: Latest News
Lavagnon Ika is a Full Professor of Project Management and founding director of the new Observatory on Large-Scale Projects at the Telfer School of Management, who makes a difference at the school and beyond when it comes to his research, teaching, and practice. His research interest focuses on the evolution of complex projects that have developed around the globe. He is also affiliated with the uOttawa School of International Development and Global Studies. Ika holds both a MSc and a PhD in project management from the Université du Québec.
Mastering Hurdles in Life
Last year, Professor Ika came across Bruce Feiler’s bestselling book Life is in the Transitions: Mastering Change at any Age: “It resonated with the story of my life as a Black faculty member of African descent in Canada.” Almost twenty-five years ago, just after the ice storm crisis, he arrived in Canada to pursue a master’s degree. That transition was not always easy as he faced a number of hurdles to prove his academic excellence. These obstacles did not deter him from pursuing his dreams. A few years later, Professor Ika found himself doing his PhD.
“As a project management scholar, I was well aware that project planners and managers end up underestimating the times, costs, and challenges of such big endeavours, only to sometimes ‘stumble into success’ as Albert Hirschman, the late economist and social scientist said,” shared Professor Ika. Ironically, his own PhD turned out to be a very complex project to manage; first, it was not easy to gain access to the data around World Bank funded project management. Finding researchers who were experts on international development projects proved to be another struggle to form his thesis committee. Financial challenges forced him to commute to the National Capital region for a part-time teaching position while having to attend classes in Montréal. However, his hard work and excellence were rewarded. Professor Ika was proud to receive two prestigious competitive doctoral scholarships. After stumbling on many difficulties that delayed the completion of his doctoral studies, he defended his thesis and won several academic awards. Before his long-awaited defense, he got a tenure-track position at the Université du Québec, then he later joined the University of Ottawa.
Valuing Inclusion in Academia
Professor Ika also overcame challenges of being different in the academic environment in Canada: “As a Black faculty member, I am well aware that we have a long way to go in terms of equity in Academia.” A 2017 study has recently shown that discrimination remains a complex phenomenon in higher education in Canada. Reflecting on many situations that were personally discouraging for him, Professor Ika says that we need to have these difficult conversations in a constructive manner: “The representation of BIPOC in the students, faculty and staff communities is a work in progress at Canadian universities.”
One positive example that he notes is called Dimensions; it is a government-led initiative that supports post-secondary institutions that are collectively seeking to drive cultural change and increase equity and diversity within the research ecosystem. Professor Ika believes that it is also important to implement these strategies into actions. “Equity Diversity and Inclusion (EDI) is a long-term transformation that requires changing behaviours and tackling bias and prejudice at all levels,” he says.
Mentoring Others and Conducting Impactful Research
Professor Ika champions equity and inclusion in his teaching, research, and leadership activities: “Some of the challenges I faced made me more understanding of the hardships that many students and colleagues go through.” In class, he works hard to integrate students into diverse teams so that they can learn to work with people from different backgrounds. Professor Ika has also mentored several BIPOC graduate students, including a very bright young man who was struggling to establish himself in the job market. Professor Ika helped the recent graduate to secure a very well-paid job, became a close friend, and still advises him today.
When asked what he would advise to junior colleagues who arrive from other cultures, Professor Ika focuses on the importance of persistence and mentorship. “Always tell yourself that you can make it, tap into your creativity to that end, and never stop fighting.” He has encountered many supportive colleagues who opened their doors and offered insights and advice. “Find a mentor to help you navigate the complexities and uncertainties of academic life,” he adds.
Professor Ika is also proud of having become a well-established researcher in the area of project management in Canada, Africa, and other global economies. Beyond his many recognized research contributions in the field, he is also an engaged scholar who is having an impact: “I was motivated to study projects in the global South because when I was younger, I always wondered about how these large international development projects had varying degrees of success,” he shares. He collaborates with several African universities to expand the knowledge of project management and to improve education programs offered to academics and practitioners. Ultimately, these investments can help address issues pertaining to project management capacity and infrastructure development.
Professor Ika is an academic leader whose research, teaching, and practice contribute to advancing our knowledge of project management are recognized across the world. As a result, he was recently invited by the Minister of Higher Education in Guinea to share his knowledge on project management. He also worked with the African Capacity Building Foundation, to evaluate and enhance capacity building standards. He is currently a World Bank Research Fellow, sharing research insights to help the organization strengthen its project management systems.
Professor Ika is not only excelling in his field and pushing the frontiers of impactful research, but he is also inspiring the next generation of academics to push all frontiers.
- Category: Student Announcements
The Entrepreneurs’ Club (TECDE) has been hosting the Elevator Pitch Competition as a part of Global Entrepreneurship Week for over a decade, showcasing top talent and innovation among uOttawa student-entrepreneurs. This year’s competition offers ten companies, competing in two divisions, an opportunity to pitch their business ideas for a chance at a prize pack valued at over $35,000; with $20,000 in cash prizes and over $15,000 in additional services including law (offered by LaBarge Weinstein LLP), accounting (offered by Logan Katz) and incubation space (offered by Invest Ottawa).
Throughout the years, the competition has grown both in popularity and in awareness amongst the Ottawa business community. Back in the first few years of the competition, there was one category which was only for companies that were already established. When Professor Stephen Daze, Entrepreneur in Residence at the Telfer School of Management got involved in the event, he pushed for the formation of a second “Validation” category. Professor Daze recently explained the evolution of the competition, and shared that the new category “allows the opportunity to promote that it's important to validate your ideas before you just create a business. By showcasing the top five companies at this stage, [we] demonstrate to everyone else in the room what they need to be doing as next steps for their business ideas.”
Over the decades, TECDE, the Telfer School of Management, and the competition’s sponsors have been able to help countless companies launched by uOttawa students. Two of these companies include Hoppier, co-founded by Telfer alumnus, Cassy Aite, and Welbi, founded by Telfer alumna, Elizabeth Audette-Bourdeau. These two bright co-founders will both be joining the 2019 competition as judges.
Aite, co-founder and CEO of Hoppier shared that: "the Elevator Pitch Competition gave Hoppier the opportunity to connect with a network of people and receive funding to help the company grow in a time when we needed it most. Hoppier was able to grow into a self-sustaining company, achieving over 6 figures in sales in its first year. Today, 2 years later, Hoppier employs over 20 people and is used by companies across Canada and the United States." The ability to create an impact in the lives of students and their companies over the years is the reason why TECDE continues to host this flagship event and strives to make improvements year over year.
In addition to the two category prizes, TECDE will be featuring a People’s Choice Award where the audience will vote on their favourite startup to be awarded a $2000 cash prize!
Join TECDE on Tuesday, November 19th in DMS 4101 to hear the 2019 finalists pitch their ideas and support our uOttawa student-entrepreneurs.
- Category: Telfer Announcements
From Monday, November 18th to Friday, November 22nd, the University of Ottawa will be celebrating Global Entrepreneurship Week with unique events and workshops organized by the University of Ottawa Entrepreneurship Hub.
Whether you make valuable connections at the Telfer Career Centre’s Startup Career Fair, learn some HTML basics at the Coding with Legacy workshop, get inspired hearing new business ideas at the Elevator Pitch Competition, or attend any of the other events, be sure to take advantage of the incredible opportunities on campus this Global Entrepreneurship Week. See the schedule and register here.
Entrepreneurship is about more than just starting a business. Entrepreneurship is also a mindset and lifestyle. Before the week starts, you don’t have to go far to find the entrepreneurial spirit in our community! Our university is home to many budding innovators. Here is some advice that some student-entrepreneurs want to share with students interested in entrepreneurship:
Alina Jahani, CEO and Co-Founder of HireFast
While completing her degree in Management Information Systems and Analytics (now renamed Business Technology Management) at Telfer, Alina started HireFast, a SaaS company that reads through millions of data points on Github to source top developer talent for recruiters within seconds.
Alina shares, “starting your own business is an exciting process that leaves you tangled in tons of information about the best next step to take for your business. As a result, tons of great entrepreneurs get stuck in the quicksand known as analysis paralysis. The best way to stop yourself from sinking further is to get ‘out of the building’ and talk to your users about your idea and about your competition.
Logan MacPherson, Co-Founder of Point3D Commercial Imaging
Two years ago, Management and Entrepreneurship student, Logan launched his startup, Point3D Commercial Imaging, a B2B company that creates media experiences to allow audiences to digitally navigate a space as if they were actually there.
Logan adds that “everyone wants to be successful, but only a few are willing to put in the work to make it happen. From my experience, failing is a key part of the process, but more importantly, it is how you learn from failure that determines your success."
Andres Tovar, Co-Founder of Noetic Marketer
Marketing alumnus, Andres started his own digital agency, Noetic Marketer while he was studying Marketing at Telfer. Now he runs his company from Toronto.
Andres shared some meaningful advice: “entrepreneurship is about adding value to people’s lives through a business or an organization. Is your business making people’s life easier, more enjoyable, more affordable, or profitable? You don’t need a ground-breaking idea or a lot of money to achieve this, all you need to do is care, think critically about this question, and continue to push that agenda. So, don’t overcomplicate entrepreneurship, and put your energy into nurturing your mindset and learning new skills. The idea will come to you as you become passionate about starting your business.”
Check out the uOttawa Global Entrepreneurship Week event schedule to register and connect with some of the brightest and most creative people in Ottawa!
- Category: Telfer Announcements
The Telfer Financial Research and Learning Lab located in the Desmarais building at the University of Ottawa is used as a key tool to educate students about capital markets.
This lab is recognizable with its real-time stock exchange ticker tape, multiple televisions displaying world news, and 11 Bloomberg terminals available for students. The lab is open to all University of Ottawa students daily from 8:00 a.m. to 10:00 p.m.
Each Bachelor of Commerce student in the Finance specialization requires the use of Bloomberg technology in capstone and mandatory finance classes as well as in extra-curricular programs, workshops and competitions.
The Bloomberg terminals provide students with the ability to retrieve past historical pricing data, review past financial statements of publicly listed companies, acquire in-depth industry analysis, and track macro-economic trends.
Students are able to enhance their resumes by taking the Bloomberg Market Concepts Certification, an 8-hour self-paced e-learning course that provides a visual introduction to the financial markets. This course covers economics, currencies, fixed income and equities, and retails for $249 USD, but is FREE to all students with a valid University of Ottawa ID.
Also, the Financial Research and Learning Lab is the first of its kind in Canada to be recognized as a Bloomberg Experiential Learning Partner (ELP). This means the lab hosts a number of workshops such as “Financial Literacy”, “Key Functions in Bloomberg”, “FactSet Overview” and an “Introduction to Capital Markets”. This is a four-part series that helps students learn and practice technical skills in finance.
Recently, this lab has become part of the University Affiliation Program (UAP) from the Chartered Financial Analysts (CFA) Institute. They are a global association of investment professionals that offer the CFA designation, the Certificate in Investment Performance Measurement designation, and the Investment Foundation Certificate.
As a result of joining the UAP, 10 new scholarships will be awarded this year to select Telfer students. The Manager of the Financial Research and Learning Lab shared that “the scholarship for the CFA designation will be awarded to students who demonstrate excellent academic standing, who have a passion for finance, and have strong career aspirations for capital markets.” Students who are interested in getting their CFA designation and who would like to receive a scholarship are encouraged to talk with the lab manager if they have any questions or if they demonstrate a strong interest in the tools that the Financial Research and Learning Lab has to offer.
In addition, to the variety of opportunities and scholarships offered with access to the lab, there is also a variety of ongoing workshops available throughout the year, led by industry professionals such as Vice Presidents, Portfolio Managers, and Asset Management professionals from leading institutions.
This lab also enables students to compete in an annual Telfer Simulation Trading Competition. Top competitors of the simulation are invited to compete at the Roman International Trading Competition (RITC) in Toronto, where students compete against schools from around the world. The simulation is effective in providing students with real-life experience in a financial trading environment. Last year, Telfer’s team placed third at the RITC.
Visit Telfer’s Financial Research and Learning Lab today to improve your financial analysis skills and learn more about the various opportunities mentioned. Follow the lab on Facebook to stay up-to-date with ongoing events.
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Student Voices
The following article was written by a member of our student community. The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Telfer School of Management. For more information or to flag inappropriate content, please