Photo by Nick Morrison on Unsplash
Venturing into midlife, for many parents, means their children going off to university and getting ready for the next phase of life. Being a parent involves making many sacrifices, and when they’re old enough to fend for themselves, it means you’ve got a bit more breathing space. But what happens if your teenager doesn’t go to university? What if they want to be an entrepreneur? It’s a very possible thing because many younger adults don’t view university education as a vital component of creating an amazing life anymore. Moreover, younger generations don’t want to commit to an organisation for 30 years of their life, which is why they choose to set up a business. So, what happens when your child wants to set up a business, and what do you need to do to help them?
Be involved (but not too much)
If you are concerned that your child is trying to do something without necessarily understanding the bigger picture, it is vital to guide them towards the right resources. Encourage them to be excited about the possibilities ahead, but also make them aware of the realities of starting a business. This includes understanding financial and legal aspects, as well as marketing. One of the challenges younger generations face is thinking it’s easy to get in front of an audience of millions, often influenced by growing up on platforms like YouTube. The fact is that with a YouTuber seemingly getting their content in front of millions of people with minimal effort, this sends a message to younger people that it’s easy to find the right people to promote to. The reality involves putting time and effort into getting the business seen by the right people. This could include setting up events, which involves considerations like event insurance or promoting the event. Be a guiding light to make them aware of the business realities without taking over.
Don’t make them lose that spark
As parents, we have a tendency to put a dampener on our children’s excitement for something. It’s essential to remember the excitement and endless possibilities we felt when we were younger. For our children to retain that fire is crucial because it gives them the drive to achieve something. Starting a business at home with minimal expenses and your moral support can be an excellent opportunity for them. While there may be times when they work late into the night, it’s a choice driven by their desire to create a better life for themselves. Therefore, don’t dismiss every idea; recognise that their decisions can impact not just their lives, but the entire family’s. Working together and providing necessary support can help your teenager gain invaluable skills that set them up for life, and even if the business doesn’t work out, the experience can be a positive one for the family, so make sure that you are giving them the time, support, and space necessary to create a venture that could have an amazing impact on their entire lives.