A Business Owner in the Family: How Parents Can Encourage and Support Their Entrepreneurial Kids

Running a business can be a challenge at any age, so it is all the more surprising when your child wants to become an entrepreneur. But before you dismiss those dreams of entrepreneurial success, just think about the many advantages the endeavor could bring.

From an increase in self-esteem to a newfound commitment to learning and schoolwork, becoming a childhood entrepreneur can have a host of advantages. Even if the proposed business is not financially successful, it could be a real win for you and your family. And of course there is always the chance your young entrepreneur will be financially successful, and if that happens the family could be in for an amazing ride.

So how can parents nurture and support the entrepreneurial dreams of their children? As a parent, you want the best for your child, and that includes encouraging all their dreams, including the dream of becoming a business owner. Here are some tips you can use to encourage the inspirational dreams of the next generation.

Take Their Dreams Seriously

It is easy to dismiss budding entrepreneurs, especially when they are still in elementary school or thinking about the high school prom. Even so, those entrepreneurial dreams are very real to the young people themselves, and parents should take those aspirations seriously.

Even if you are not fully invested in their current business ideas, being a nurturing and supportive parent can go a long way. Who knows, you just might find that the business idea is a winner.

Be a Positive Role Model

No matter what their age, children learn from their parents, so be a positive role model. If you want to spark creativity and entrepreneurial dreams in your offspring, start by setting a good example.

Even if you have a full-time job and little time for anything else, try to research business ownership and the factors that help mold successful entrepreneurs. You can use the knowledge you acquire to help your child develop their own entrepreneurial abilities.

Seek a Suitable Mentor

No matter how successful they may appear, no entrepreneur got there on their own. From Thomas Edison to Steve Jobs, every successful business owner got help from mentors along the way.

Finding a suitable mentor for your own young entrepreneur can tip the odds in their favor and allow them to learn about the world of business first hand. So talk to your child’s teacher, reach out to the local business community, discuss the situation with people you trust and look for a mentor who can guide your child to entrepreneurial success.  

Research the Boring Stuff

Starting a business is exciting, especially when you are still in school. But there is another side of business ownership, one that is far less thrilling.

The boring side of starting a business may not be sexy, but it certainly is important. Things like licenses, zoning laws, and health codes could all get in the way of your child’s entrepreneurial dreams, but as a parent, you can ease the way.

While your child is busy planning out their business, you can be on the sidelines researching tax laws and applying for the necessary licenses. As the business moves forward, you can share these steps with your child, giving them a fuller picture of what it is like to start and run a business.

If you have a budding entrepreneur in the family, you should count yourself lucky. The desire to start a business is a sign of intelligence, creativity and a different way of thinking. All of these qualities are positive in nature, and they deserve to be nurtured and encouraged.

At the same time, dealing with a young business owner can be confusing, and knowing what to do next is not always easy. The tips listed above can help you guide your budding business maven and encourage them to live out their entrepreneurial dreams.

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