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ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?

by Randy Gerber, Founder & Principal

As first-generation entrepreneurs, we provide our children the opportunity to witness first-hand what can come from hard work and following a dream. But aside from instilling these industrious qualities, our children are also afforded the privileges of our financial independence and time flexibility. So do these luxuries make them more likely than their peers to be spoiled?

Yes and no—it all depends on what you’re willing to share with them.

First-generation entrepreneurs who communicate work issues with their children make them less susceptible to the entitlement issues facing their generation. Those who address work issues with their kids at the dinner table and provide their children opportunities to work in their business give them a better sense of reality. Contrary wise, those who aren’t willing to share the wealth of their knowledge and experience, in addition to the materialistic items they provide, do little to benefit their children.

That being said, is it still easy for us to think that this generation is spoiled? Of course. Today’s kids grow up with video games, YouTube, and reality TV—things we never had access to or could even imagine at that age – so how couldn’t we? To us, this altered sense of reality makes them appear both entitled and unwilling to work. But they view it differently.

To them, their reality is not warped—ours is. The work of our generation and those before us have made them used to things constantly improving; to their becoming bigger, faster, and better; and to easily being able to access information and content at a moment’s notice. It’s all they know, and our pushing them to do things our way (though the less spoiled way) makes us appear out-of-touch and unwilling to accept change.

So what are you to do? Talk to your kids about your business; explain to them the work you’ve put in to achieve success, and then let them find their own paths. Push them to pursue their dream, to learn that in trying they can never fail, to use the information and technology that we have all worked so hard to develop to get ahead, and to enjoy the payoff that comes only from taking a true risk.

Want more? Watch our video, Randy Gerber on Children of Entrepreneurs.
 
 
Any opinions are those of Randall Gerber and not necessarily those of Raymond James.


INDEX
  • ASK GERBER: HOW DO I HELP EASE EMPLOYEE STRESS DURING BUSY SEASON ?
  • ASK GERBER: DO I NEED TO HIRE HR?
  • ASK GERBER : DO I NEED A CEO?
  • ASK GERBER: DO I NEED TO HIRE A COO?
  • ASK GERBER: DO I NEED TO HIRE A CMO?
  • ASK GERBER: DO I NEED TO HIRE A CFO?
  • ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?
  • ASK GERBER: WHY DO I NEED TO INVEST IN HOSTING AN ANNUAL RETREAT FOR MY TEAM?
  • ASK GERBER: HOW CAN I ENGAGE WITH MY CLIENTS/PROSPECTS WITHOUT BREAKING THE BANK?
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART DEUX
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART ONE
  • ASK GERBER: THE HIRING PROCESS. WHY IS IT SO DAMN HARD?
  • ASK GERBER: WHY IT'S IMPORTANT TO KNOW AND GROW YOUR COMPANY CULTURE
  • ASK GERBER: HOW DO I ACHIEVE THE WORK/LIFE BALANCE AS A BUSY ENTREPRENEUR?
  • ASK GERBER: HOW DO I PREPARE MY FRIENDS FOR LIFE AS AN ENTREPRENEUR?
  • ASK GERBER: FIRST GENERATION ENTREPRENEURS AND BUSINESS EXECUTIVES, HOW ARE THEY DIFFERENT?
  • ASK GERBER: I PUT SO MUCH OF MYSELF INTO MY BUSINESS THAT I WORRY I AM FALLING SHORT AS A SPOUSE AND PARENT. WHAT CAN I DO?
  • ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?
  • ASK GERBER: WHAT'S YOUR STANCE ON REMOTE ACCESS FOR EMPLOYEES?
  • ASK GERBER: WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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