Article: Kids + Business

GET YOUR KIDS INVOLVED…

There are many benefits to running a family business including a great opportunity to teach your kids important skills and values, such as entrepreneurship, responsibility, hard work, and financial management. Involving them in the family business from a young age can also help them gain a better understanding of what you do and why it’s important, which can lead to a greater appreciation for the business and its impact on the family’s livelihood. Additionally, working together towards common goals can help strengthen family bonds and foster a sense of teamwork and collaboration.

You are never too old or too young to learn. – David Bach

Children can start learning about business at a very young age. As they grow older, they can become more involved in the family business and learn more complex skills like marketing, accounting, and management. It’s never too early to start teaching children about the world of business and entrepreneurship.

By providing guidance, support, and education, you can help your children develop the skills and knowledge they need to succeed in the business and in life.

Encouraging children to get involved in the family business from a young age can have several advantages, including fostering a better understanding of the business and strengthening family bonds.

Since running a business often becomes an integral part of a family’s daily life, involving children can help them grasp its purpose and operations. This, in turn, can make them feel more invested in the family’s goals and create a sense of ownership. Additionally, giving age-appropriate tasks to children can make them feel like they are contributing to the business’s success.

Entrepreneurial parents have a unique opportunity to not only instil good work ethics into their children but also to teach them valuable skills that will benefit them throughout their lives.

Children learn more from what you are than what you teach. – Unknown

Children who participate in a family business can learn a variety of skills, such as basic computer skills, order management, and packaging and shipping. This experience can also provide them with a deeper understanding of how a business operates and how their family generates income, which can foster a greater appreciation for their parents as complete individuals. Furthermore, these skills can be tremendously valuable in the future, particularly if the children decide to pursue their own entrepreneurial ventures.

Legacy

As a parent and entrepreneur, you have a unique chance to create a strong foundation for the next generation. Children who grow up in a family business can gain valuable skills and experience, and many are interested in learning the theory behind them to build upon these foundations.

Children of entrepreneurial parents have a clear advantage over their peers as they are exposed to the world of business at an early age. They are highly motivated to gain knowledge and skills that will benefit not only the family business but also their own entrepreneurial ventures. With a deeper understanding of the industry and the business process, they are more confident in taking the leap of faith to start their own venture. However, it’s crucial to acknowledge that their passions and interests may not always align with the family business, and parents should encourage their children to pursue their own interests and aspirations.

It’s important to recognise and respect your children’s individual passions and interests, even if they don’t align with the family business. Allowing them the freedom to choose their own career paths and pursue their dreams can be crucial for their personal fulfilment and growth.

No legacy is so rich as honesty. – William Shakespeare

Share

By sharing the story of your business journey with your children, you can also help them learn from your mistakes and successes. This can be a great way to impart valuable lessons about entrepreneurship and business management that they can apply to their own lives. Encourage them to ask questions and engage in conversations about your experiences and be open to hearing their perspectives and ideas as well. This can be a wonderful opportunity to bond with your children and inspire them to pursue their own passions and goals.

Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning. – Albert Einstein

Involve

Involving your children in your family business by taking them to work and giving them tasks to do can be a great way to spark their interest and keep them engaged. However, it’s important to be mindful of their age and not overwhelm them with too much responsibility or time at the business. By limiting their stay and giving them age-appropriate tasks, they can feel like they are contributing and learning about the business in a meaningful way. These experiences can have a positive impact on their attitude and passion towards the business, even without them realising it.

Tell me and I forget. Teach me and I remember. Involve me and I learn. – Benjamin Franklin

Explain

To nurture your children’s interest in your business, take the time to explain to them what it does and why it matters. Show them concrete examples of your work and let them see how it benefits others. Share success stories with your children and be proud of your business accomplishments. Whenever possible, involve them in your business activities, so they can gain a firsthand understanding of how things are done and feel like they are making a valuable contribution. By doing so, you can instil a sense of pride and ownership in your children, and they may even develop an interest in pursuing a career in a related field.

If you can’t explain it simply, you don’t understand it well enough. – Albert Einstein

Mindful

While some family business owners prefer to keep their business separate from home life, it can send the wrong message to children. It’s important to discuss the family business with your children, just as you would any other activity or interest. However, it’s also important to strike a balance and not make it the sole focus of conversations or meals. This can help avoid overwhelming or discouraging children from wanting to participate in the family business.

A good practice to keep in mind is to be mindful of what you say about the business in front of your children. While it’s important to be honest about the challenges and setbacks that come with running a business, it’s equally important to provide context and perspective. Young ears may not fully understand the complexities of the business world, and exaggerating the difficulties could lead to unnecessary worry and anxiety. Instead, focus on the positive aspects of the business and the lessons learned from any setbacks. Encourage your children to ask questions and provide age-appropriate answers that will help them understand the realities of entrepreneurship.

The art of conversation is the art of hearing as well as of being heard. – William Hazlitt

Reward

Providing your children with the opportunity to work in the family business can be a great way for them to gain valuable skills and experience. Start by offering age-appropriate tasks and responsibilities that they can handle, and be sure to give them a positive and supportive environment to work in. However, it’s important to avoid giving them the undesirable tasks that nobody else wants to do, such as emptying the trash. Instead, give them meaningful tasks that allow them to contribute to the business in a significant way. Offering fair compensation for their work can also help instil a sense of responsibility and work ethic in your children.

There’s no reward without work, no victory without effort. – Nora Roberts

Communicate

Communication is key when it comes to family businesses. Open and honest discussions about the business can help everyone feel involved and invested. Sharing your passion and enthusiasm for the industry can be contagious and inspire family members to consider joining the business. However, it’s important to recognize that everyone has their own career path and aspirations, and it’s not productive to pressure or force someone to join the business. Instead, encourage family members to express their thoughts and ideas about the business, and allow them to make their own decisions about their career paths. This approach can help build a positive and supportive family dynamic and strengthen the family’s bond.

Good communication is the bridge between confusion & clarity. – Nat Turner

Boundaries

While mutual respect and collaboration are important factors for a successful family business, there are also many other considerations to keep in mind. Family businesses can be complex and challenging, and it’s important to have a clear understanding of roles and responsibilities, as well as a plan for succession and conflict resolution.

It’s also important to have strong communication and decision-making processes in place, and to prioritise open and honest communication. Family dynamics can sometimes complicate business decisions, and it’s important to have a system for addressing disagreements or conflicts that arise.

In addition, it’s important to have a clear understanding of the financial and legal aspects of the business, and to have a plan for managing risks and ensuring the long-term sustainability of the business.

Overall, a successful family business requires a combination of mutual respect, clear communication, effective decision-making processes, and careful planning and management.

Boundary setting helps you prioritise your needs over other people’s wants. – Lauren Kenson

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Enjoy the following inspirational quotes.

The art of teaching is the art of assisting discovery. – Mark Van Doren

If we teach today as we taught yesterday, we rob our children of tomorrow. – John Dewey

A child’s financial lessons aren’t taught. They are experienced through the actions of the parents. – Andrea Stephenson

Teaching kids to count is fine but teaching them what counts is best. – Bob Talbert

While we try to teach our children all about life, our children teach us what life is all about. – Angela Schwindt

Teaching is the greatest act of optimism. – Collen Wilcox

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