Having seen the wealthy families closely, I can share some of the challenges to build and nurture the right legacy.
Some time, the GenNext is not keen to join their family businesses. We have to read between the lines carefully as they may be rather saying that they do not want to continue the business the way it’s being run currently. Given their early global exposure, let's give them space and opportunities to experiment with their own ideas. Let them have a venture of their own (not indirectly supervised by seniors). Let them experience their ideas in action with end to end ownership. Let them fail and rebuild on their own. If they fail, this may be the best life lesson to make them more humble and passionate to win.
GenNext is also often getting carried by "momentum businesses" (akin to momentum stocks in the market ) or new age glamour ideas. Very few are keen to build businesses in grass root sectors like agriculture, dairy, rural livelihood, water/waste management or core manufacturing. There is a general dislike for field/shop floor businesses as these are perceived to be unsophisticated. One has to distinguish between businesses which caters our needs and our desires. Many of these so called unsophisticated businesses are essential for our needs.
Some of the GenNext leaders tend to become passive wealth creators by managing family's investments and at times, becoming angel investors. There is nothing wrong here - but let's be aware that becoming a passive investor at an early age may not bring the best of their entrepreneurial skills and could lead to an identity crisis (socially as well) as an entrepreneur even if the wealth is created. Shall we not make them play their own game before they turn into an umpire?
Let them be the creators on their own legacy and not merely be the carriers of their family wealth.
Let our "true wealth" build a legacy of their own by bringing wealth and its purpose together.
