New venture creation is critical to sustain transgenerational family entrepreneurship. Business families with diversified businesses perceive emergent opportunities distinctly from those perceived by family firms engaged in a single line of business. Driven by passionate next-generation family champions, the scope of venture creation for business families goes beyond business, including creation of social ventures. This probe examines four in-depth case studies of new venture creation by four business families in India. The study probes the drivers, the process, key players, and the dynamics of new venture creation by these business families. The study observes that the nature, intensity, and direction of the influence of family champions varies across business families, leading to different venture choices and outcomes. Interests and inclinations of next-generation members distinctly shapes business families’ venture creation and resource allocation decisions. Some business families create new business ventures for strategic depth, competitive advantage, growth and providing career path to family members. In contrast, other business families create new social ventures for a lasting family legacy or to support a social cause espoused by the next-generation family champion. Based on the observations of their new venture creation decisions and strategies followed, business families are classified into two categories: the guarded Conservatives and the adventurous Pathfinders. The chapter presents a typology of new venture creation by business families and concludes with implications for theory and practice.