These 4 Reasons An Entrepreneur’s Children Are More Driven and Successful explore the amazing lessons these children learn from their motivated and successful parents.
You may have noticed that success tends to run in families. It often seems to us that children are handed jobs or companies by their parents simply because of nepotism. Whilst this may be true in some cases, I doubt big names like Packer or Murdoch would have handed their empires over to children who would be likely to ruin what they had worked most of their adult lives to build. Instead they taught them what they knew and encouraged them to learn even more than that.
The 4 Reasons An Entrepreneur's Children Are More Driven and Successful are things that any parent can teach their children to give them an edge in life.
Reason 1 - They learn to value money.
Children of entrepreneurs, especially if the parents are in the startup phase of their business, learn very quickly that money doesn’t come from nowhere. They often see the hard work their parents do but also they are instilled with a sense of respect for money because of what has gone into earning it. The child of an entrepreneur will be that kid at lunch time who forgoes eating their sugary snack because the vegan kids parents sent them to school with a soy-cheese rice biscuit and they know that kid is hanging out for some processed sugar. They will also be that kid who decides to save their pocket money for larger purchases that they value, rather than splurge on lollies and junk.
The respect entrepreneurs, true entrepreneurs, have for money does not lead them down the path of hoarding their five cent pieces. In fact it’s often quite the opposite. An entrepreneur is more like to invest their money in education, long term goals or the support of their children’s business aspirations. Scrooge McDuck might have been wealthy but he was not an entrepreneur. The value of money that these people pass on to their children is about more than just saving it. It’s about understanding it’s value and what it can do to better their lives and the lives of others as well.
Reason 2 - Their parents don’t discourage or berate failure.
All entrepreneurs know that each failure is a step closer to success. This translates to how they manage raising their children as well. When little Jenny comes home with a C- for maths, the entrepreneur parent’s first reaction isn’t to tell them how bad that is. They ask what happened with the test, why do they think they didn’t do well, were there things that were hard or they didn’t understand. From this they get an idea of why Jenny got a C- and come up with an action plan to make sure the next time the result is better. Just like they would when they get a less than stellar result from something in their business.
Children learn from an early age how they should react to failure and unfortunately a lot of this learned behaviour is geared towards seeing failure as a negative thing. Because an entrepreneur knows the true value of failure and all the potential that comes with it, their children grow up to not accept failure as a defeat but to take it all on board, learn the lesson and seek out ways to make sure the same mistake isn’t repeated.
Reason 3 - They know what a good work ethic is.
Having watched their parents work hard on their businesses, they know some of what it takes to be successful. This means when they get their first job, they’re not likely to be the slacker who waits for someone else to do things. They are more pro-active, they are more solution focussed and are likely to be better recruiters for support in team environments. These kids just want to get the job done as well as possible and with the best outcome for all involved. Not only to they make great leaders from early on in their working lives but they also know the value of collaboration and teamwork because no one gets to the top on their own.
A lot of this work ethic comes down to one simple fact. They have less of sense of self entitlement and more self awareness than many of their peers. They understand how their behaviour and actions affect others and are therefore more considerate and more responsible with the roles they are given. These kids won’t call in sick because they are hungover. They either won’t drink the night before, regardless of what others are doing, or they will come to work, put on their work face and suffer in silence, all the while continuing to be the same helpful, respectful and effective people they normally are.
Reanson 4 - They encourage them to form quality relationships.
Entrepreneurs understand the value of networking and being comfortable in social and professional situations. They know that you need to be confident without being arrogant and that you need to remain relatable. The children of entrepreneurs are usually taught that you should value someone's time and energy and that if you are spending time with them, you are present and with them, not on your phone. It can be a hard skill to master in this day and age of smartphones and I know grown up, business owning adults who can be in a meeting and think they are being very subtle checking their Facebook, Twitter or Instagram. FYI they aren’t.
The children of entrepreneurs are not only encouraged to socialise and engage in team activities but to also be mindful that everyone’s input is respected. This is why they make such great leaders. They learn the art of listening and the art of inclusivity, both of which make people want to be around them, be it at work or at social functions. These are the kids who become team captains, house prefects and school council members because they want the best for everyone and they know how to leverage their relationships to make things happen.
There are so many other reasons why An Entrepreneur’s Children Are More Driven and Successful, and none of these are in anyway solely taught by entrepreneurs. Many parents who don’t own businesses teach these and many other valuable lessons to their children because they were taught by their parents or they want to make sure their children have better prospects than they may have had. Bottom line, these are lessons than any parent can teach their child and they are all things that will make them awesome grown ups!
This article was prepared by Ant Ulijn, Social Media Extraordinaire and Values Alignment Expert from emanation. If you found this information useful, please comment below, subscribe above and like us on Facebook for more great content like this.