3 Essential Lessons Business Owners Should Teach Their Children

As children, many of us weren’t taught how to manage and run a business. When raising our children we have to remember that they are our legacy and it’s our responsibility to convey knowledge that we learn through life experiences, networking, and business development.

Our TSP team recently interviewed Thiah Veona Muhammad the creator of Raising Black Millionaires Podcast, and author of the blog Raising Black Millionaires. She’s an Amazon bestseller for her book “How To Raise Your Black Child To Be A Millionaire, Vol. 1’ which was reviewed in Black Enterprise as a must read.Thiah’s goal is to equip poor and middle-class parents with child rearing strategies of the wealthy.

During our interview with Thiah, she pointed out 3 essential lessons entrepreneurs use today and should teach their children for tomorrow.

1. Fail Fast
2. Push Beyond Your Fear and Comfort Zone
3. Look for problems to solve

Let’s take a moment to look at each scenario.

 

Fail Fast
Failing is simply a step in the process for achieving your goals. This is the primary step that often holds the most value because we learn the most from failure. Our job as parents should be to train our children to build a recovery muscle. This means to go through whatever mishap, no matter how catastrophic or devastating it is, experience it. Then take on the perspective of analyzing the situation logically versus emotionally. We have to help our children form the right mentality about failure. As adults, we understand the important role failure plays in our life. It is our duty to teach our children the same principles around failure.

Push Beyond Your Fear and Comfort Zone
We all should understand how significant moving past your comfort zone has been in your development and the process of achieving any degree of success. Many of us don’t take the time to consciously acknowledge the fact that all great achievements come about because somebody somewhere decided to push through whatever senses of fear, intimidation, pain, or discomfort.

As a society, we typically forget to focus on seeking out the elements that test who we are at our core. Our job as parents is to train our children to be honest with themselves about the things they experience when they’re trying to reach a goal. Some things they face may frighten them. We have to help them develop a habit of pushing through. It’s important to expose our children to different situations that will expand their thought process.

 

3 Essential Lessons Business Owners Should Teach Their Children

 

Looking for problems to solve
We need our kids to develop critical thinking skills. We have to train our children to go in and out of different environments and assess the needs of those environments, so they can figure out ways to fulfill those needs. If you think about it, that’s the way all millionaires or billionaires are created, because they identified a need, and they figured out a way to fulfill that need.

 

In summary, teach your kids lessons you’ve acquired through business development, show them the benefits of taking a risk, and lastly help them to discover problem-solving skills that will equip them for future success.

For more tips and information about Raising Black Millionaires visit http://raisingblackmillionaires.com/

Stephanie Rollins
 

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