STRATEGIC FAMILY BUSINESS PLANNING
Raising Entrepreneurial Kids
Once you’ve experienced life as an entrepreneur, you know how empowering, inspiring and fulfilling it is—and you may never want to go back to being an employee. Likewise, you want to make sure your children enjoy that same powerful sense of freedom and have the chance to take an innovative route in their careers.
But raising your child to be entrepreneurial takes more than simply providing a good example as a business owner. You also need to consciously apply lessons that give them the courage, determination and independence that entrepreneurial success depends on.
Here are four lessons you can teach your children to help get them started on the right foot.
1. Teach your kids to be independent thinkers. Entrepreneurs often face obstacles in the form of other people. These people fail to see opportunity and potential the same way an entrepreneur does. Your children need to learn to think independently so they can bust through any opposition and negativity they may face.
2. Teach children not to be afraid of failure—or of success. Fear of failure and success can hold a person back from realizing their ultimate dreams. Teach your children the value of failure because, after all, if you don’t fail, then you never really tried. But don’t neglect to also teach them how to feel proud of success. A good way to help them deal with both success and failure is to support them in their early business
ventures. Let them see firsthand what it’s like to try and fail—and succeed!
3. Help your kids learn how to be tenacious. Entrepreneurs have a certain stick-to-itiveness that others simply don’t. Your children need to be taught how to keep moving forward even when the road to business ownership is tough. They must have the right attitude to conquer the unique challenges they face and to possibly pave the way for new types of businesses, products and services.
4. Employ your kids. While not possible in every state, in Texas a child can work for a parent’s company at any age. There may be duties they can take care of after school including filing, research and even janitorial tasks. You can use this as a chance to teach your kids money management by helping them save some of their pay and even include them in company retirement plans. As an added benefit, if they work enough hours to qualify for health insurance coverage as an employee rather than a dependent, it can lower the cost for your whole group.
There are many ways to leave a legacy, and by far raising your kids to make a positive entrepreneurial difference in their world is one of the most meaningful.