Entrepreneurs Raising Entrepreneurs Entrepreneurial parents, here's what you need to pass on to your kids.
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The entrepreneurship road hasn't always been easy, but one thing is for sure, it has taught you some valuable lessons- and for some of us, we wouldn't have it any other way. Whether you would like your children to follow in the same path, or take over the business you have established, passing on some of the knowledge you learned along your journey can help them succeed in theirs. These lessons will help your children regardless of the path they choose in life, make them well-rounded individuals, and give them the ability to take on any future challenge.
The value of money and how to manage it
If you recall how hard you had to work to earn your first dollar, this gave you a deeper sense of appreciation and understanding of the value of money. While your children may have it easier than you, they still need to learn the value of their work and what it takes to earn money. Just as important, they need to know what to do with that money when they do earn it and this requires a basic level of financial literacy. One way to start is to give your child opportunities to earn money by doing chores or helping out around the house. You should also help them take that money and put it into a bank account so they develop a basic understanding of saving, interest, and investing.
Reward their curiosity
A healthy sense of curiosity has propelled many entrepreneurs to create innovative businesses and find creative solutions to age-old problems. This sense of curiosity however needs to be nurtured and encouraged at a young age. Rewarding your child's curiosity and encouraging them to pursue methods of finding their own answers will help them throughout their entire careers. They will learn to question information and think critically about daily challenges, a valuable trait for independent individuals and innovators in any field.
The value of giving back to the community
Entrepreneurs face a great deal of loneliness during their journey, a fact you may be all too familiar with. One way entrepreneurs find fulfilment and the energy to keep going is helping others around them. Developing a sense of belonging to the community will give your children greater perspective on the world around them and the problems facing their immediate community. You can start by setting an example for your children by volunteering in various community initiatives and exposing them to regular activities like food donation drives or environmental projects. You will be teaching your children that they can make a difference if they participate, a belief they will carry into adulthood.
Cultivate empathy
Empathy is a crucial skill that needs to start at home. Relating to others' emotions and working with people to help accomplish their goals is a vital skill for entrepreneurs. Being empathetic is the difference between an effective leader who is respected and one who is not much liked by their employees. You can set an example for your kids by showing them how to listen to others and the value of supporting those around them. Emotional intelligence requires a role model who practices active listening, understanding, and is consistently respectful to others.
Did you give up after your first failure? Probably not, otherwise you wouldn't be where you are today. Failure carries a heavy stigma in our society, but in the world of entrepreneurship, it's a fundamental part of the equation. Many entrepreneurs fail, but it's the successful ones who didn't give up and tried again. Fear of failure is learned at an early age, but if you want to raise a successful entrepreneur, you need to show them how to deal with it in a healthy way while remaining positive. Even more important, you need to guide your child (at a healthy distance as to maintain their independence) through their failure so they can learn from the experience. As they learn to embrace failure, your child will develop resilience which will help them overcome setbacks in the future and keep moving forward.
Related: Making The Case For Kids To Have An Entrepreneurship Education
