Two thirds of UK businesses are family owned, that’s 4.7 million in total and they generate over a quarter of UK GDP.
Family businesses in Great Britain come in all sizes, span many sectors, and are from all regions. Many of these businesses have been operating for hundreds of years.
The longevity of many of these businesses is testament to their long term outlook.
Two thirds of UK businesses are family owned – 4.7 million in total, of which over 17,000 are medium and large businesses. The UK’s family businesses come in all sizes, sectors, and from all regions and many of these businesses have been operating for hundreds of years.
Some 100,000 family businesses transfer ownership between generations each year; a crucial time in underpinning the future of the business.
Family businesses have sometimes been considered incompatible to entrepreneurship because they are usually tradition-bound and multi- generational. However, for family firms to continually prosper, they need to ensure that they pass on the entrepreneurial mindset and capabilities to create new streams of wealth across future generations.
The inaugural Family Business Entrepreneur award will be awarded to the entrepreneur/entrepreneurs leading and excelling within a family business. Whether you’re the tenth generation of your family to take the reigns of the family business or have set up a venture with a family member, we want to hear your story.
Remember, the NatWest Great British Entrepreneur Awards celebrate and champions the stories of entrepreneurs. True entrepreneurs are as much about their story as they are about their balance sheet. The NatWest Great British Entrepreneur Awards celebrate the truly inspiring entrepreneurs who are the agents of positive change in our country.
Application top tips:
- Don’t fall back on cliches and tired story lines.
- Don’t undersell yourself, your business and your hard work.
- Give us the truth, not just the formula.
- You (the entrepreneur) are the hero/heroine of your story; tell us about your ingenuity, your insight.