What values can entrepreneurial parents teach their children? Read on to know how entrepreneur parents raise entrepreneur children.
Have you wondered why many entrepreneurial parents have children that follow in their footsteps and become entrepreneurs themselves?
A recent study reported that parental entrepreneurship was one main factor that increased the probability of their children being entrepreneurs by 60%. So, what do entrepreneurial parents do differently? What entrepreneurial values do they teach their children?
Entrepreneurial Values Taught By Entrepreneurial Parents
Entrepreneurial parents raise entrepreneurial children by modeling the required behaviors and skills.
Be it in their conversations, the way they live, or work, there is always an underlying sense of entrepreneurship that they impart to their children.
As a child, I remember dinner conversations revolving around profits and losses, and also loans. My father, an entrepreneur, could change a game of Monopoly into a lesson on investments, debts, and mortgages.
Just like teaching other values, entrepreneurial parents (such as my father) would try to teach the following key values to their children:
1. Take Action
When we used to share our ideas for future ventures, my father would always tell us to take action first and then make plans.
While planning is an essential step to starting a venture, you can get bogged down in the details. So much so, that the actioning part can get delayed. We often procrastinate or let the fear of failing stop us from taking the first step.
A top value entrepreneurial parents teach their children is to be action-oriented. Rather than spending time making business plans, these parents encourage children to act on their ideas. Indeed, they can then make or change plans as required. The advantage of this is that you learn to be flexible, creative and take risks without fear.
2. Solve Your Problems
Unless it was a matter of life and death, my father would ask us to try and solve any problems ourselves. Sure, we knew he was around to help if we really needed. But, he tried to teach us to find solutions on our own. As a result, we learned to be self-reliant and confident in our abilities.
It is only normal to want to hover around your children and do things for them. But, how will they find out what they are capable of?
Children with entrepreneurial parents are encouraged to explore, identify and expand their capabilities. Not only this, but to face problems head-on and find solutions to any challenges. These parents understand that the key to raising successful children is by helping them develop a sense of autonomy. This, in turn, builds confidence and an awareness of their strengths.
3. Financial Knowledge
My father was constantly teaching us about money. We were encouraged to keep a record of how we used our pocket money – both spending and savings. He also taught us what it meant to be ‘in the black’ or ‘in the red.’
Entrepreneurial parents impart financial knowledge to their children at every opportunity.
They identify and make use of different situations to teach kids about the value of money. A game of Monopoly becomes a terrific learning opportunity around money, property and investing. Doing chores teaches discipline and reward for effort.
They also use these opportunities to introduce their children to concepts such as capital, expenses, profit and loss and compounding interest.
4. Importance of Hard Work
I remember asking my father why he couldn’t stay home to be with us since the business was his and he was the boss! My father replied, that as “The Boss”, it was his responsibility to ensure that everything worked well.
Starting and running a business is no easy task. It can require 100% commitment and dedication, especially in the initial phases.
Entrepreneurial parents teach their children the importance of hard work. There may be no set times, weekends or holidays when you are an entrepreneur.
Some parents involve their children in the family business from an early age. Not only does this expose them to the ins and outs of running a business, it gives valuable insight into the work required.
Entrepreneurial children understand that vision, hard work and dedication are the pillars of a successful business.
5. Fostering Marketing Skills
My father ran his business with one main mantra – build your contacts! Your business survival depends on it!
Marketing is an important facet of any enterprise. Your business depends on your ability to market your services or products. Therefore, you must have the acumen to put both yourself and your products on display.
Entrepreneurial children are encouraged to improve and build on their marketing skills. They are encouraged to network and build connections to help their business. These relationships will allow them to promote and market their venture to a wide range of people. To this end, children are encouraged to socialize with contacts from different sectors.
It is entrepreneurial parents who truly understand and capitalize on the saying “no man is an island.”
6. Learn From Failure
My dad was of the opinion that we needed to fail in order to experience the sweet taste of success.
Entrepreneurs are never disheartened by failures. They learn from it and try again and again till they succeed.
As Henry Ford once said, “Failure is simply the opportunity to begin again, this time more intelligently”.
Teach your children, that failure does not mean the end of a journey. Rather, it is an opportunity to learn from mistakes, and to improve yourself.
7. Continual Process
‘Once an entrepreneur, always an entrepreneur.’ You cannot do anything else. That is how my dad described his career.
Entrepreneurs are constantly brainstorming and finding ways to push themselves. They come up with innovative ideas with the aim to push their enterprise to the forefront.
Children of entrepreneurial parents understand that this journey is never-ending. They know that they have to constantly challenge themselves and be freely creative. Further, they push the limits of their learning and step out of their comfort zones to truly succeed in a competitive market. Check out the success story of the Woman In Technology: Ms. Madhumita Halder.
Learning these key entrepreneurial values can help your child succeed in life. Children will be confident, gain skills and focus on attaining their goals.
Entrepreneurial parents teach these values to their children with the aim of preparing them to both survive and excel in the real and corporate world.
Read more tips on the following links: entrepreneurial parents and what they are teaching their children; Financial Literacy For Kids – To Set Them Up For Life