Richard Kranitz
As a parent and entrepreneur, one of the best things you can do for your kids is get them involved in your business. Certain aspects of introducing your children to your business can be lot of fun for them, such as showing them what you do, giving them free reign to the sodas and snacks in the office kitchen, and introducing them to the staff. But, the benefits go far beyond what you see on the surface.
When you truly introduce your children to your business, you can teach them many of the ins and outs of being a business owner and having an entrepreneurial mindset. Since they’ve observed this repeatedly, our business coaches say that when parents teach their children the ropes of entrepreneurship, it can open a whole new world of possibilities,
Benefits of Thinking Like an Entrepreneur
Have you noticed how quickly the workforce has been evolving? Now, many workers are being replaced with machines, and working remotely is increasingly popular. In an era where technology and work is rapidly advancing, teaching your children to have an entrepreneurial mindset, not to mention leadership skills, helps prepare them better for the future. The more skills they have, the more valuable they are in any field.
Your child may not be aspiring to be a business owner at this point in their young life, but with the rapid changes across all sectors, thinking like an entrepreneur will work to their advantage no matter the industry. Even if your child does choose a path in Corporate America, having a business mindset will be valuable in their chosen profession, especially as they climb the ranks and fill leadership roles.
Exposing Your Child to the Family Business
If you have teenagers, they can experience the benefits first-hand by working for you on weekends, after school, or during summer break. When you hire your child on to work for your business, you take advantage of the business tax deduction (because it’s an employee wage expense), which reduces your federal tax bill, and your self-employment and state-income tax bills (if applicable).
If hiring your teenage son or daughter doesn’t work out for scheduling reasons (e.g. your child is too busy with athletics or you share custody with their other parent), there’s still a lot you can do to expose them to entrepreneurship. For starters, talk to them about the business a lot.
You talk to your kids about how school is going, sports, and their friends at the dinner table, so they should hear about your day too. Afraid of oversharing? Don’t be. It’s good for children to understand what has to be done to bring in a paycheck and put food on the table. You should tell them about your goals and the clients or projects you’re working on, and celebrate with them when you land that big client or accomplish that big goal you’ve been working on for the last year. Talking about your work can inspire your kids to set goals themselves, and work hard until they accomplish them.
Don’t Be Afraid to Bring Your Child to Work
Whether your child is five, ten, or fifteen, don’t be afraid to bring your child to work any day of the week, in the evenings, or on the weekends. When you bring your child to work, they can see you in action, watch you be a leader, and feel the “energy” in the workplace.
Whenever you can, show your children the different aspects of the business. These regular visits can be incredible learning and bonding experiences, which is why we encourage entrepreneurial parents to seek out as many opportunities as they can to share their daily work lives with their children.
While we recommend bringing your children to work, of course make sure it’s handled in such a way so it’s not disrupting. Talk to your staff ahead of time so they know to expect the visit. Inform them that your children will not interfere with anything, and they can still come to you if they need your assistance.
Let Your Children Help
Every household has menial chores that not only have to be done, but that children can do and the office is no different. If your kids are old enough to empty the trash or load the dishwasher at home, they’re old enough to help out at the office too. You can give them jobs like sweeping the floor, cleaning the conference table, emptying the trash, stamping envelopes, etc.
Kids love to help out, and by allowing them to play an active role in the business, you can increase their interest in the place you spend so much time at every day. As your children get older, for example, above the age of nine, you can start teaching them about the importance of prioritization, customer service, delegation, taking care of your employees, and having good leadership skills.
At AdviCoach, our coaches have extensive experience helping family businesses succeed and flourish. If you’re interested in growing your family business, contact us today.