At a recent gathering of 100 family business and family office advisors, from numerous professional disciplines, there was an expansive discussion about what it takes to foster entrepreneurship in business, philanthropy and wealth management.
Over the course of two days, a few themes surfaced around specific actions parents might take to instill qualities often found in successful entrepreneurs, such as…
Create a Foundation for Resilience. Resilience surfaced as the most common thread in entrepreneurial success stories. Healthy relationships, sound health, eating and sleeping well, and physical activity all create a foundation for resilience. When relationships amongst people in a family are healthy, individuals can withstand stress, even trauma. When you feel resilient you are more able to view risk as a means to reward (not an impediment), and gain strength and courage from difficulties.
Insist on Respect. Being considerate of each other, demonstrating respect, is the tie that binds, even more than love. When we allow family members to define themselves, appreciating and celebrating differences, they can then embrace their own strengths – fostering confidence and self-esteem. When someone feels respected they are more able to believe in possibilities and their own personal ability, and dream actively – a foundation of entrepreneurship.
Embrace Failure. Treat failure as a given; celebrate failure. Some families actively seek out failure examples at the dinner table, or in family meetings, to explore what was learned and how the experience can be turned into another opportunity. Making failure acceptable and expected encourages resilience, courage and the inner strength to continue to move forward.
Look for Mentors. Encourage family members at an early age to ask for advice, learn from others, and shape and create opportunities. Mentors can be found through school, athletics, community, social relationships, business contacts, and family members. Entrepreneurs generally have a strong work ethic influenced by those around them who modeled the right behaviors. Mentors can help frame up a vision for the future.