Being an entrepreneur and raising children are both challenging in so many ways. But the former can actually give parents an advantage when it comes to the latter. Business owners have a unique sense of resourcefulness, curiosity and creativity that they can share with their children.
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If you’re an entrepreneur with kids, teach them the following values to set them up for future success.
1. Financial Literacy
Children can certainly benefit from learning at a young age that success takes responsibility, sacrifice and financial acumen. To succeed at starting and running a business, they need to have a firm grasp of its financial aspect. Advanced concepts such as expenses, profit, savings, margin and revenue can be learned by kids if you start by explaining and showing the basics in fun ways before moving into the more intricate concepts.
The entrepreneurs who truly thrive are those who have a sense of autonomy. Rather than micromanaging, they focus on the bigger picture within their sphere of influence. In parenting, perhaps the most concrete and impactful example of micromanaging is helicopter parenting. A helicopter parent always plays close attention to their child’s problems and experiences. More often than not, this form of parenting can set children up for failure by taking a toll on their confidence and stopping them from welcoming new experiences because of overdependence on authority.
Don’t micromanage your children. Instead, let them solve problems on their own with your guidance.
3. Mindset of Growth
One of the best pieces of advice successful entrepreneurs can give to younger generations is that failure is essential to success. Children are often taught that failing is bad, but in reality it is a stepping stone towards better experiences. Failure should be used not as a means to instill fear, but to foster lifelong improvement. They are the perfect learning opportunities because they encourage persistence, creativity and innovation. If your children don’t succeed at something, guide them to figure out what they learned from the experience so they can do better.
4. Drive to Take Practical Action
Instead of spending most of their time creating business plans, the most driven entrepreneurs are quick to turn their ideas into actions. They prefer to experiment and learn from experiences. Since parents with an entrepreneurial background are less likely to overanalyze, they are in the best position to teach their children the perks of being an action-oriented risk-taker.
If your kids are interested in launching their first business, give them encouragement and support. Offer to teach them, but always let them take action on their own ideas while guiding and motivating them through the ups and downs.
5. Passion for Learning
The most successful entrepreneurs are on an unending process of learning. They never stop finding ways to improve their businesses and themselves. They understand that change is constant, so they are always ready to learn and adapt. While they don’t necessarily strive for perfection, they foster healthy and productive habits through discipline. Teaching this value to children will bolster their confidence to challenge themselves and keep on taking steps outside their comfort zone.
Incorporating these values into child’s daily life will give them certain advantage while enriching your own life. You will develop a more fun, rewarding and healthier relationship that’s built not just on love, but also knowledge and mutual respect.
Author: Maricor Bunal for Loopfy