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December 2022 < Back

Resilience in Next Generation (Part II)
contd... from Nov 2022 (Part I)

C. Growth Mindset and Grit

For NxG members who are raised in a wealthy entrepreneurial family, the benchmark for success can seem overwhelmingly high and unattainable. The legacy of business success and the fear of not measuring up can be a heavy burden for a rising gen member to carry.

To deal with it, a growth mind-set and grit can prove significantly helpful. People who have a growth mind-set believe that any ability or competence can be developed or improved through hard work, good strategies, and thoughtful feedback from others. Such individuals perceive difficulty and failure as part of the learning process, and not a sign of their weakness. The passion and perseverance in pursuit of a long-term goal, despite obstacles along the way is known as Grit. Growth-minded people tend to exhibit grit as they learn new skills, and people with grit are able to stay motivated in pursuing difficult, long-term goals by adopting a growth mind-set.

Ways to cultivate grit and a growth mind-set include - asking for frequent and meaningful feedback; a willingness to struggle while you learn the ropes and stretch into a new role; recognizing that genuine constructive feedback is a sign that someone believes in you (not a sign you’re not good enough); and the fortitude to stick with a new challenge long enough to build a genuine sense of skill and accomplishment.

D. Learned Mastery

By being part of a flourishing legacy, some NxG might unintentionally develop a sense of “learned helplessness”. It is a state in which one realizes that their own efforts do not significantly alter their circumstances, so they stop making efforts. The lack of a financial need to work also can significantly diminish their motivation to make a difference in their family business or can derail them into passive owners.

The development plan for a NxG who could be at a risk of “learned helplessness” should include opportunities or projects to intentionally cultivate different variety of mastery experiences – situations / assignments which challenge the individual with a level of “desirable difficulty”.

Key Development Interventions for NxG:

  1. Support them in active experimentation
  2. Enable them to experience and embrace failures
  3. Guide them to identify multiple solutions to a problem/failure situation
  4. Avoid telling them what needs to be done or what is right
  5. Provide opportunities for building identity capital
  6. Encourage and promote growth mindset
  7. Reward them suitably and immediately when they demonstrate grit
  8. Provide them ample amount of mastery experiences

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