Entrepreneurs of all types want to teach their own kids the lessons of resilience and resourcefulness that they learned through the process of running a family business. When it comes down to deciding when the right time to include children in the process, however, there might be some confusion and uncertainty. Keeping the following factors in mind can help any business owner determine when the time is right as well as how to handle the situation.
Share Age-Appropriate Lessons
As children get older, they are more capable of understanding and retaining complex ideas and concepts. Therefore, it is important for entrepreneurs to maintain close communication with their kids in order to determine when they are mature enough to absorb some of the life lessons that can be taught through the day-to-day operation of a family business.
Solicit Input and Advice
Since young people are more likely to be engaged if they are able to share their thoughts and ideas, this can be the perfect way for parents to help their children feel like a real part of a business. Inviting kids into mock meetings or simply asking how they would handle a particular situation can give them the confidence to think critically and express their opinions in a concise and compelling way.
Put Your Kids to Work
Although there are clear prohibitions against child labor, there is no reason that the children of entrepreneurs should be relegated to bystander status as their parents operate the family business. Instead, introducing kids to the responsibilities and requirements that come along with having a career can be easy to teach by giving them specific tasks to perform. When they see how their actions have an impact on the business as a whole, it can be easy to understand the value of hard work and dedication.
This is also an excellent way to help teach financial responsibility by offering an allowance based on the completion of these tasks and allowing them the freedom to spend that money as they see fit. Opening a bank account in their name and providing some assistance regarding how to manage their money are lessons that can pay off for years to come.