Children, Business and who is the Boss ?

Children, Business and who is the Boss ?

One of the problems teaching your child about money and starting or creating a business - is when you run into the issue of : Who is the Boss?

It is hard enough dealing with your child in a parent child relationship and they reach that point that they believe they are independent individuals who do not need to listen to mom and dad. That stage most parents call “rebellion” is only multiplied when your trying to teach your child how to be a business owner and not just an employee [ follower].

You tell your child that they have to think, be independent, don’t let their friends influence them, learn how to deal with rejection - but what does a parent do when their child says: “this is my business and I think I can do it like this”…..

I’ve been thinking about this for the last three weeks. I saw an altercation between my daughter and my wife over how a piece of jewelry needed to be fix. A piece of jewelry my daughter sold to a customer had broken and the customer [ a friend ] asked if it could be fixed. My daughter, the twelve year old was dragging her feet in fixing it. When “Mom” forced her to fix it, she did just that, she fixed it. But Mom wanted more, she thought she should improve the jewelry, that it was too short, not centered and so forth. Ofcourse my daughter argued back that she only needed to fix the clamp and that she put everything back the original way - just like when the customer bought it.

That started a long debate which ended in “Mom” playing the parent card. She scolded her for being an individual and told her that she was “MOM” and that she had to do what she said.

That left me in the middle - First, she had to fix the jewelry piece. Second, she should put more effort in pleasing customers in order to retain repeat loyal customers. But she did put it back just the way the customer first bought it. So here I am trying to ease my wife’s ego - trying to help her understand that even though she was right, she is not the boss, her daughter is the boss of her business. Succeed or fail, we can only advise.

Children,money, Business and who is the Boss ?On my daughter’s side, I explained to her that Mom just really wanted to help, that she wants her to succeed and just pushed a bit to far. But that she should learn to be more open to suggestions, just because she is the Boss does not mean that she is always right. The Boss can learn to improve, that she should stop and listen because someone else may have a better way or idea.

So what advice do I have to give:

1. Parents have to understand the dynamics of the relationship with your child. They run their own business [ depending on age] so you advise, help, encourage, help some more and work with them.

2. Understand that they are children - plus individuals, they have their own ways of doing things and yes they will falter, make mistakes and even fail. That is part of the learning process.

3. Remember your not the boss - but you are an investor, chairman of the board and the bank, so you have a say in the business. You want them to succeed, they need you to start and to succeed. So compromise, find a happy medium where both of you can agree to do what needs to be done to make your Childs learning experience and business a success.

4. Be ready to let them fail and to let them succeed. If they fail help them back up with encouragement, if they succeed, help them use that success to move forward.

Please, tell me what you think, and I would appreciate any advice. Leave me a comment below and I will be sure to read it.

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