Supporting your kids’ entrepreneurial spirit

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I believe these kids can do anything if they work hard and believe.

In an article by Melody Hahm from Yahoo Finance called “Parents want their teens to be entrepreneurs — but teens don’t want to” a majority of parents are ready to support their kids’ starting their own businesses. With our own kids, my husband and I express the same view. We encouraged our kids’ entrepreneurial spirit at a young age. Our son had interesting ideas and although he didn’t come up with a multi-million dollar start-up or app in high school like we’d hoped so he could buy us a beach house, he did work through high school as a tutor and website developer.

During a recent weekend together, we were brainstorming with him about start-ups. We had an enjoyable time playing “shark-tank” during a drive up to the mountains, coming up with a dozen practical as well as ridiculous ideas. I’m doubtful he’ll be starting a business anytime soon, but we hope someday he might.

We’re also encouraging our daughter to consider starting up a business after she’s gained some work experience. She’s creative and creates handmade gifts for her friends and family like mosaic picture frames, hand-painted gift boxes and wall hangings. 

She reminds me of a friend, who’s a fellow parent and introduced our kids to mosaics during their elementary school years. This friend has a business called Hippy Sister Soap Company, LLC and her gorgeous products can be found in catalogues, on line and in stores across the country.

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Gorgeous soaps from the Happy Sister Soap Company, LLC website.

 

Here are some interesting facts from the Yahoo Finance article with a survey from Junior Achievement:

Eighty-eight percent of parents would be extremely or very likely to support their teens becoming entrepreneurs when they grow up. In contrast, a mere 30% of teens say they want to start a business, according to a new survey by Junior Achievement (JA) and EY.

They surveyed 1,007 parents of children ages 13-17 and 1,005 13- to 17-year-olds. 

“Parents are seeing entrepreneurship as an exciting opportunity, especially because it’s embraced by society. While kids aren’t showing as much interest, this may change as parents encourage them to take risks,” said Ed Grocholski, Senior Vice President, Junior Achievement.

In 2013, startup activity was at its lowest point in the last 20 years. It has gone up for three consecutive years, nearly reaching the peak before the drop during the Great Recession, according to the 2017 Kauffman Index of Entrepreneurship.

Plus, hit shows like “Silicon Valley” and “Shark Tank” make the idea of starting a company accessible and entertaining, at least for parents. And young founders like Facebook’s (FB) Mark Zuckerberg and Snap’s (SNAP) Evan Spiegel have hatched small ideas into publicly traded companies.

Thirty-one percent of teens said their primary concern is that starting a business is “too risky.” Twenty-one percent said that there’s “not enough money in it.” Only 16 percent of teens indicate they have no concerns about trying.

Conversely, 53% of parents have no concerns about their teen starting a business as an adult.

“I do think there’s something to be said about being a risk taker and trying new things. Employers hire people with entrepreneurial mindsets. It’s not just about starting a business,” said Grocholski.

JA is trying to help young students make smart economic choices and realize the breadth of opportunities they have. The nonprofit reaches nearly 5 million students every year in 109 markets across the US. Grocholski said it’s his mission to support teens and continue to encourage parents to take the road less traveled.

We as parents see the world as wide open and believe that our kids can do anything. However, if we’ve been helicopter parents and made a practice of doing too much for our kids, they may lack the interest or belief in themselves as a consequence of our actions.

Also, there are so many studies and stories out there that the millennial generation is not doing the adventurous and often risk-taking things we did as kids. It will be interesting to see where they end up.

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We’ll support our kids in whatever they decide to do.

Why do you think that kids today aren’t interested in being an entrepreneur?

 

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Why are kids taking longer to grow up?

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Senior prom–the kids got together in person.

Several articles published today are referencing a study by San Diego State University professor of psychology Jean M. Twenge. She studied millions of kids to come up with the fact that millennials are taking longer to grow up than in previous generations. Twenge doesn’t make a judgment on whether that’s good or bad, she just states it as a fact.

In a talk I attended a few years ago for my daughter’s college, in one of the sessions led by an Associate Vice President of Student Affairs, Psychologist Kari Ellingson said the same thing. She said when we were young, kids matured into adults at age 19, 20 and 21. Today, those numbers are delayed to 26, 27 and 28.

In an article from the New York Times, called “The curse of the helicopter parent” Twenge and her study are cited:

New York – Parents may still marvel at how fast their children grow up, but a new study finds that US teenagers are maturing more slowly than past generations.

In some ways, the trend appears positive: high school children today are less likely to be drinking or having sex compared with their counterparts in the 1980s and 1990s.

But they are also less likely to go on dates, have a part-time job or drive – traditional milestones along the path to adulthood.

So is that slower development “good” or “bad”? It may depend on how you look at it, the researchers say.

The findings, published online in the journal Child Development this week, are based on surveys done between 1976 and 2016.

Together, they involved more than 8 million US children in the 13-19 age group.

Over those years, the study found, teenagers gradually became less likely to try “adult” activities – including drinking, having sex, working, driving, dating and simply going out (with or without their parents).

By the 2010s, only 55% of high school seniors had ever worked for pay – versus roughly three-quarters of their counterparts in the late 1970s to the 1990s.

Similarly, only 63% had ever been on a date. That compared with 81% to 87% of high school seniors in the 1970s through 1990s.

In the San Diego Tribune, contact reporter Bradley J. Fikes wrote: “Teens are growing up more slowly — and they seem OK with it.”

Mid- to -late teens are delaying the classic milestones of adulthood, namely working, going out without their parents, driving, dating, having sex, and drinking alcohol, according to four decades of surveys reviewed for the study, led by San Diego State University professor of psychology Jean M. Twenge.

Today’s 18-year-olds exhibit similar milestone behaviors as did 15-year-olds in the late 1970s, Twenge said. Moreover, they’re mostly doing this voluntarily — parents aren’t imposing this delayed independence.

The spread of smartphones, which allow teens to socialize from the safety of their homes, is part of the explanation, said Twenge. The author of “Generation Me,” she has released a new book on the generation born after 1995 called “iGen: Why Today’s Super-Connected Kids are Growing Up Less Rebellious, More Tolerant, Less Happy — and Completely Unprepared for Adulthood.”

When I look back on my teenage years compared to my kids, we had a whole lot more freedom. We were out all the time and our parents didn’t seem to care where we were. In fact, my parents were enjoying weekends on our boat or at the cabin and would leave my brother and me alone when we were teens. The same was true for a lot of my friends’ parents, as well. They didn’t keep track of us on a minute by minute basis. They also didn’t track us on “find my iPhone.” There weren’t any cell phones to call home and they just said to be home by a certain time.

I wonder how much influence our technology has today over our kids not growing up so fast? They aren’t getting together with friends to interact in person. They can do that from the comfort of their own bedrooms. Plus, they have all the entertainment they can consume, right on their iPhones. We helicopter parents keep a close eye on our kids and we know where they are at all times. By contrast, our parents told us to get outside and not come back until dinner. Between us and iPhones, our kids aren’t getting real-world experiences.

Everyone I knew growing up had some sort of part-time job in high school–even if it was working for their family’s business. I worked in my dad’s dental office and my brother bagged groceries at the local Safeway. Today, I know of very few kids with part-time jobs. My own son worked several jobs, but he was one of the few. He was an assistant lifeguard, then a coach for our team. He tutored in math and was paid to maintain a website. Very few of my kids’ friends had jobs after school. Teens today must not need to earn money because we are providing for all their needs and wants.

On the bright side, it’s good our kids aren’t running around at night unsupervised, drinking and having sex as teens. Also, they actually like hanging out with their parents!

What are your thoughts about why kids are not growing up as fast as we did?

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Hanging out together this summer.

Here’s a recent story I wrote that included psychologist Jean M. Twenge.

Are millennials awful? Or, is it the normal “old vs. young” thing?

 

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My millennials and pupper.

While my husband and I were driving to the movies, I had the radio tuned to a top-40 countdown. We were at number two–ready to find out who was the top song of the week–when he turned off the radio and said he couldn’t stand today’s music.

I told him, “I guess you really are an old fart.”

He said he was thinking exactly the same thing. “I’ve become one of those old geezers who can’t listen to the younger generation’s music.” He said it sounded like noise to him and he didn’t get it.

That exchange struck me today when I was reading an article in Business Insider that talked about how helicopter parents may be better than what we get credit for and that the millennials are turning out okay.

According to Libby Kane in “Millennials are turning out better than anyone expected — and it may be thanks to their parents” her generation was set up for success better than previous generations and a lot is thanks to their parents. Many of the bias against them could be due to generational differences. She talked with researchers to find out if her theory was true.

“ ‘What we’ve learned in our Generation Nation deep-dive is that, while behavior and beliefs may be influenced by generations, they’re dictated by life stages,’ wrote the researchers, who decided to do this research to have cross-generational data points after years of studying millennials specifically. ’In other words, how Gen Z is today is just as Gen X would have been today had Gen Xers been born 35 years later.’

“I spoke to principal researcher Michael Wood about the report, and floated my theory by him. Are millennials really so entitled, and lazy, and difficult to deal with? (You know you’ve heard it.) Why is hating on millennials so popular?

“ ‘If you go back in time, Boomers were also referred to as the me generation,’ Wood told me. ‘We’ve always carried biases against people who are younger than we are.’

Millennials are those between the ages of 20 and 35. Both of my kids fall into that category, although on the younger end. The older millennials were set up for success by their “helicopter-caring” parents, and then their futures got hit by the economic crash a decade ago.

“One of Wood’s standout findings from the research was the incredible resilience of millennials. ‘They’re still very upbeat, they’re very hopeful, and they have a positive outlook on their generation and what they’re going to contribute to the greater good,’ he said. ‘I find that fascinating and reassuring, and it confirms what we’ve always believed.’

“In the report, millennials were more likely than other generations to agree with statements expressing a desire to make the world a better place, confirming a purpose in life, and projecting a confidence in the US, the government, and each other to work together to solve problems.

“Plus, here’s a sentence from the report to inspire some teeth-gnashing: ‘Playing against type, millennials are actually an employer’s dream.’ This is largely because millennials are willing to work hard for an employer who supports them, and they tend to blur the lines between life and work — they’re more willing than members of other generations to catch up on work during their personal time. ‘Millennials truly care about their work,’ wrote the researchers. ‘And they care about it beyond being a means to a paycheck.’ “

During college orientation with my daughter at the University of Utah in Salt Lake City, I learned many of these facts about millennials in a talk called “Supporting Your College Student” presented by Dr. Kari Ellingson, Associate Vice President, Student Affairs, and a psychologist. I wrote some parenting tips from her talk here.

I think it’s important to learn about generational tendencies to better understand our own kids and what they’re going through. Here are a few of the things I learned from Dr. Ellingson:

Millenials are those born from 1980 to 2000. They are a generation that doesn’t like to suffer. They like having nice things and they don’t mind working for it. But, that can interfere with their education. It’s best if they work on campus. A student that works 10 to 15 hours on campus will do better in school than someone who works off campus, or doesn’t work at all. Also, delayed maturation is common. It used to be people matured around 19, 20, 21. Today it’s 26, 27 and 28.

HOPES
We all have hopes for our kids that include these things: Graduation. Career. Education. Responsible Adult. Financially Responsible. Time Management. Problem-solving.

FEARS
Our kids will go through fears during their years in college. For example, those who did well in high school with very little effort will find they won’t do as well in college and it can become an identity crisis.

They firmly believe not to stay in a major they do not like. A child dreams of being a doctor their entire life, but they may find they don’t like the smell of hospitals, or they can’t pass the Chemistry class–this can be another identity crisis. It’s important for them to take advantage of general ed requirements their first years of college to find what they do like. Internships are important, too.

INDEPENDENCE
First steps are towards you as a toddler. Every step after that is away from you. “How can I be on my own?” is another one of their fears.

Dr. Ellingson’s final statements stayed with me. “Most people who enter crises come out stronger and ahead on the other side.” And as for us parents of millennials?
You will change from “taking care of them, to caring for them.”

What are your opinions of millennials? Do you they think they are a different generation from us because of technology or traits such as laziness? Or are our differences between generations the normal living through life’s phases that we all go through?

 

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Back in the day.