Recently, one of my Clients shared the story of how she engaged her kids in the family business with The Guardian and I think parents can learn from it. Enjoy.
Children naturally love and relish the fine things of life, their demand for same is endless.
On one of those weekends, there was a random request for a treat by the children which led to a conversation regarding the value of money and hard work.
We made them realise that from the moment they wake up, till they go to bed, money is being spent. One of them exclaimed "how"? Because their thinking is, spending takes place when things are bought for them or when spending is done in their presence.
They were, however, made to understand that, from the use of their toiletries, water, TV, AC, down to the car that takes them to school,...money talks! Before now, we had, from time to time, discussed the family business in the home, it dawned on us that it was an opportunity to give them first hand knowledge of the family business processes. We decided to put our words to action by informing them that they will be spending a month of their summer holiday working at the factory, with pay of course.
Aside from motivating them and making them understand that their efforts have a measurable outcome, the essence of paying them is to also inculcate a savings culture and value for money. The children will learn that a frugal entrepreneur is most likely to sustain a business.Working in the factory will give them the opportunity to make their own money through their own effort, save, help the business, and also develop the idea that they can make more money in the future.
The children will be engaged in the various departments: cleaning, packaging, store, quality control, marketing and admin. Working in these different sections will avail them the opportunity to appreciate the dignity in labour and working hard.They will also understand the concept that money is difficult to make but easy to spend!
Catching them young is quite exciting and challenging, exciting for them because they are able to earn their own money and also this is totally different from what they are used to as they are privileged to work as team members with adults which gives them a sense of responsibility.It is exciting for me as a parent seeing them engage themselves. I believe its also challenging because as children they can’t absorb it all so you have to pace ourselves and take the processes bit by bit.
I believe it has become imperative to expose our children early to entrepreneurship and to the concept of working hard, not only because it helps them succeed but also helps our nation to prosper. Entrepreneurs are the driving force of an economy. While engaging them during this holiday, I will be able to sample their opinions on some of our business processes, though their reasoning capacity may not be in depth but this will help unleash their problem solving skills.
While having a chat with the children during their time out, I deemed it necessary to further educate them on the business legacy. As a parent, I believe family businesses shouldn't be gifted to children and shouldn’t be seen as an obligation either but it should be earned and also be seen as an option for the child.
Making our children good entrepreneurs does not just happen, it must be deliberate, intentional and strategic.
Follow the kids' adventures on Banrut Rolls Social Media Page.