Motivation is key

Starting a small business is daunting in itself, so is starting out on your own, or even running a business in general. When children of family business owners want to get involved in business, it’s a great way to challenge them and excite them, much easier than when they don’t want to get involved (a topic we will cover in weeks to come). So how can you motivate them when they are already motivated?

In reading “The Eventual Millionaire” by Jaime Tardy, she provides excellent tips on organizing business ideas, starting small without too much money or capital, and how successful entrepreneurs often use more of their sweat and tears into a business than cold cash. One of her mini-activities is to:

“Figure out how much money you really do have to invest. Then write all the things down that you would like to be able to do in your business. Then go research to see if you can get the same results you want for a lot cheaper”, p. 53 (Tardy, J. The Eventual Millionaire. 2014, John Wiley & Sons, Inc., Hoboken: New Jersey.

(I just realized her publisher Wiley & Sons has been operating with 6th generation family members since 1806!!)

The reason this activity is a good way to motivate children of family business owners is when they come on board, they might bring lots of ideas that would not necessarily fit in with the status quo. This is a good opportunity to have them think of all the things they would like to do with the family business, research it and get the results on a bootstring budget. It’s easy to think especially with over supportive parents that they will pay for all the ideas that come to the brain, but by testing their limits, and pushing them to go a little further than they had in the past, we’re helping them learn things on their own, and take charge of their own projects. It helps to keep them challenged and inspired to stay involved and not get burnt out.