Taking up entrepreneurship at a young age has its own challenges. Balancing academics, work and keeping clients happy needs a great multitasker. Amongst this, what a young entrepreneur needs is the support from parents. This support provides a boost to their profession. How can parents exactly help in building a young entrepreneur?
Whenever we have asked successful young entrepreneurs who would they like to thank, the first thing they say is that the support of parents is the most important thing in an entrepreneur’s journey.
When interviewing Ananya, a young entrepreneur and the co-founder of Infinite Creations, she stated, “My mother has always liked creative things. She always encouraged me to do whatever I want to. Picking up making handmades as a hobby came from there. The support of my family was very important for me to keep me motivated through the entrepreneurial journey.”
Let’s take a look at how exactly can parents support their children through entrepreneurship:

Support them through successes and failures:

Entrepreneurship brings with it many unforeseen challenges. Not only kids but each and every entrepreneur needs some emotional and mental support. Building young entrepreneurs simply need altering some simple words or sentences which parents use in daily life can create huge differences in your child’s life. Children need an emotional support for many things and profession should definitely top the list and thus a parental role in their child’s profession is of great importance. If a child fails, the fear in him makes it unable for him to try again. So, rather than saying, “I told you not to” or “You shouldn’t even have started it” it is better to use words such as “it is OK. You will succeed the next time.”
This helps them to reinvent themselves even after failing.

Encourage them to take up the challenges:

“Our neighbour’s child started this last summer but failed badly” scares them. Rather than projecting failure, learn to encourage them to take up new challenges, whatever the results may be, whether they succeed or fail. In the long run, this will help the young entrepreneurs to expand their business and to venture into the unknown areas.

Build them up:

When your children become serious about entrepreneurship, build some important values in them. When they come to you and say, “Mom, Dad, I need some money to start business” don’t just directly hand the cash over to them. Rather say, “You need Rs.5000, so you go out there, earn some money by yourself. If you prove yourself, we will give you half of your requirement.”

So, this is how parents can support their kids for entrepreneurship. This will make them ready for all the challenges that they will have to face in their young entrepreneurial journey.
So, if you are a parent to a child who wants to become an entrepreneur at a young age, do not fret. Support your child throughout their journey because they will need you at each and every step. And you might never know, your child would become the next most successful young entrepreneur.