Owning a business is hard. And it’s an even more difficult task when you have children and trying to achieve a family work life balance. Workdays can be ongoing, often stretching to 16 hours, 7 days a week. Oftentimes, you’ll be missing out on quality time with your children, one of the biggest disadvantages in the early days of entrepreneurship. But if you stay the course, you can be rewarded with freedom and more time with your family as the end result. In the meantime, here are some great ways to reduce family work friction and teach your children the value of entrepreneurship and all that it has to offer.
Being around the family business can help kids become more successful in life.
Entrepreneurship introduced early into a child’s life can help them develop social emotional skills like drive, mental toughness, communication, and negotiation skills that they may could not have learned elsewhere.
How can you help your children develop these life-long skills?
Try the following 5 ways and watch your children increase their initiative, grit, and business skills, naturally.
1. Teach Them Fiscal Fitness
Teaching your kids financial literacy enables them to develop delayed gratification and can set them up for life.
2. Set Goals Together
Setting goals can help your child develop a hard work ethic and grit. My favorite medium to use to develop goals is a vision board. This can be done as a family event wherein everyone creates one. Following up a vision board with written goals can help cement them into the subconscious. Goals can be broken down into 3 components:
3. Allow Them to Fail
“Every failure carries with it a seed of equal or greater benefit, ” states Napoleon Hill in Think and Grow Rich.
When we allow our children to fail, we encourage them to learn from their past mistakes and to think of different ways in which to accomplish their goals. As a result, they become more mentally tough.
It’s important to have a discussion about what was learned from the mistake so that they can adjust the course of action. Once they’ve realized what they’ve learned from this failure, give them the support that only a parent can provide by listening and encouraging them to not give up even when the odds seem insurmountable.
4. Cultivate Grit and a Hard Work Ethic
“How you do anything is how you do everything” is about having a proactive mindset.
As far as entrepreneurial skills, the phrase says a lot:
The main point to keep in mind is that even the seemingly insignificant stuff counts in business. Consider a few of these:
5. Instill Passion in All That They Choose to Do
Parents can play a huge influence in determining a child’s work ethic and habits. This means that how you talk about your work and job, including your happiness or lack thereof with it, helps to shape the ideas about work that your children will likely adopt. You want them to know that it is possible to love what you do because when you make your passion your work, it really doesn’t feel like work.
To do this, talk about what you’re learning and why it matters to you. Lead by example and demonstrate the importance of continual education by living it. Allow your kids to see you reading books, doing research, listening to podcasts in the car, and taking courses. You can involve them in it by explaining what skills you’re looking to improve and sharing your goals.
Instilling passion also involves allowing them to try things that interest them. Providing them space to follow their hearts opens up opportunities for real passions to develop.
The point isn’t necessarily to encourage your kids to become entrepreneurs themselves. It’s to teach them the values that enable it and help them in any industry they choose to go into. In any career, you have an advantage when you embody hard work, grit, and, above all, passion.
As young children begin their academic careers, parents often wonder are they doing enough to keep up.
“Does Timmy know all his 100 sight words?”
“Should I start Olivia with physics?”
“Does Emma know her multiplication table?”
However, many parents would be surprised to know that social skills predicted outcomes into adulthood much more than early academics.
For instance, a research study published in 2015 showed that social skills observed in kindergarten showed significant correlation with well-being at age 25, even with factoring in for family demographics and early academic ability,
Social skills far outweigh intellectual intelligence!
Kindergarteners who displayed social ability were more likely to graduate from high school, go to college, stay out of trouble, and start a career than those who showed a lower level of social aptitude, regardless of their socio-economic status or what age they began reading.
So while many parents feel pressured to cut back on free and play time, it's actually those “not as important skills" that predict long-term success.
Here are five important social skills you can foster in your child.
1. How to communicate
Free time is a powerful tool for the development of social skills in a child’s early years. By playing with others, children learn to problem solve, negotiate, communicate, share and take turns.
2. How to grow grit
Where does problem-solving come from? And at what point do we, as parents, teach problem-solving and perseverance? We can teach problem-solving by allowing them to fail and try again. When we ask children how a problem should be solved or how their solution is working out, we give them a chance to think about the experience and results. We're teaching them that mistakes help us grow as long as we take the lessons learned from them.
3. How to manage emotions
The development of this crucial skill calls for the naming of emotions. Whether you do this in your own home (“Your sister doesn’t look very happy you took her jumprope without asking.”) or though a storybook (“How do you think this made him feel?”), it’s important that you give each emotion a name. That way, your child can recognize it for what it is.
What drives the plot in most books are conflict and emotion. If you are able to have conversations about observed emotions of the characters, it’s often easier because your child isn't tied up in the emotion roller coaster themselves. From an unemotional vantage point, your child may be more accepting about the emotions in the book and then apply it in real life.
It’s important to make sure that your kids get plenty of time interacting with other children since excessive screen use may prevent the development of your child's social skills to recognize emotions in others.
4. How to be kind to themselves and others
Children who learn empathy and compassion for others adapt in the real world more easily. Being kind to others requires them to understand the needs of others. By complimenting your child when you notice kindness, You can encourage your children’s helpful and kind behavior by praising them for acts of kindness, both big and small.
Children can help with household daily tasks which include bringing in the groceries, grabbing a band-aid when someone is hurt, or holding the door open. It can, also, be as simple as smiling, saying “Thank you”, or giving a compliment.
5. How to develop delayed gratification
If a child doesn’t learn how to control their impulses, the results in adulthood can end up in eating disorders, spending addictions, and even hoarding.
In the infamous marshmallow study, where a child must delay gratification and wait before consuming a treat, most children did not have this skill down yet.
One way to foster delayed gratification in children is though sports. For example, tennis and soccer are sports that require a lot of time and patience to develop. The success is not seen overnight. Instead, children must practice and develop long-term goals which can help delay their gratification to win a trophy.
Books are also a great way to build these skills. By taking a character and an imaginative storyline, children can stand in the character’s shoes, thinking outside of their own perspective.
It may seem as if, with social media’s highlight reel, that your child is academically behind or that you need to ‘catch up’. However, the reality is everyone learns at their own pace and social skills they develop in early childhood may assist them far better and for much longer.
On April 16, SBA announced that they are no longer accepting new applications for the Paycheck Protection Program and the Economic Injury Disaster Loan, leaving many small business owners in the dust. After 13 days of dispersing funds to hundreds of thousands of business owners across the country, the relief fund of $349 billion has run dry. It's possible the PPP will re-open at some point.
So what can you do right now? I recommend these 3 things:
Pre-apply for the PPP
According to recent research, there are approximately 800,000+ applications waiting to be processed once the PPP opens up again.
If you want to be first in line once the PPP opens, I recommend getting your application in order today and submitting it to a PPP lender. It seems that the smaller community banks are handling PPP loan applications faster than big banks. I recommend reaching out to the financial institutions you’re already a member of first to see if they’re an SBA approved lender.
When I found out restaurants in my state were only allowed to accommodate take-out and delivery, we had to come up with alternative plans so not to lay off or furlough our employees.
That's when we came up with several different programs our restaurant could offer to do just that AND help those on the frontline. We created the 'Adopt a Doc or Nurse Program'. We also fast-tracked our mobile app, online ordering, e-gift card launch in the rise for contactless and convenient ordering.
Explore alternative funding
If you don’t qualify for the PPP but still need cash flow to keep your operations going, here are resources I recommend looking into.
Support from government
The Save Small Business fund
This is a grant made available by the U.S. Chamber of Commerce and supporting partner companies. It provides $5,000 to small businesses with 3–20 employees.
The employee retention tax credit
You can be eligible for payroll tax credits if you keep your employees on payroll, if you paid COVID-19-related sick leave for employees, or if you had to suspend operations.
The Express Bridge Loan
You can borrow up to $25,000 for disaster-related purposes from a lender you have an existing banking relationship with.
Support from large businesses
Many large companies have stepped up with resources and funding for small businesses affected by COVID-19.
Facebook Small Business Grants Program
Facebook is providing cash grants and ad credit to small businesses with 2–50 employees.
Google Ad Credits for Small and Medium-sized Businesses
Google is providing ad credits to small and medium businesses that advertised on Google in 2019. Credits will be added automatically.
Salesforce Care Small Businesses Grant
$10,000 grants for small businesses. Applications not yet open.
There are many region-specific supports and resources offering emergency funding. Check your local chamber of commerce, economic development office, or nonprofit for relief programs. If your business is located in OKC, you may qualify for forgivable loans up to $50,000 through the state of Oklahoma: https://www.okc.gov/Home/Components/News/News/3357/18
Support for your industry
Your industry organization may offer grants and specialized support. Here are a few active funding sources:
Restaurant Employee Relief Fund
The National Restaurant Association Educational Foundation is providing grants of up to $500 for impacted employees. Food delivery workers (such as those who work with Uber Eats and Doordash) are eligible.
The Photographer Fund
This fund is providing up to $500 in grants to impacted photographers.
CERF+ Emergency AssistanceUp to $3,000 in grants to established artists working in a craft discipline.
Support for self-employed individuals
Federal Stimulus Checks
The federal government is providing up to $1,200 to eligible individuals. You can check the status of your payment at the IRS Get My Payment site.
Pandemic Unemployment Assistance
Self-employed individuals and independent contractors are eligible for unemployment benefits if they find themselves unemployed, partially unemployed, or unable to work due to COVID-19. Visit your state’s Department of Labor site to apply.
Freelancers Relief Fund
Up to $1,000 in grants for freelancers experiencing financial or health hardship as a result of COVID-19. **Applications are temporarily closed**.
Banks, merchant processors, and other private lenders may offer lines of credit or other lending options. But the terms won’t be as favorable as the PPP and EIDL. One other thing: some of the below offers may have been changed due to COVID-19.
Business line of credit
A line of credit is more flexible than a bank loan, and usually cheaper too.
Business credit cardUsing a credit card to float your business is usually a bad idea. However, some business credit cards offer 0% interest for the first year.
RCB bank is accepting pre-applications now.
In our state (Oklahoma), Grubhub only has a small stake of the 3rd party delivery business. Here’s my advice to other restauranteurs for the other three top third party delivery services:
Research each platform my downloading their app and then actually use it by placing an order for yourself or your family. It would be similar to interviewing someone except they don’t know they’re being interviewed. I did this with each 3rd party service platform I was considering partnering with, at least two times each. My personal findings were this:
Grit is a fairly new word used in the social emotional arena. Based on Angela Duckworth’s 2016 book titled Grit, it is a key emotional intelligence skill that is derived from both passion and perseverance. I believe it is a predicator of success in all areas of life including financial, fitness, marital, and career.
But if grit is so important, how do you develop passion and perseverance in kids? Read on to see my top tips on how, as parents and educators, we can help our children develop grit.
1. Entertain our kids’ urge to explore the hobbies and activities that attract them. If we allow our kids to explore what they find interesting, overcoming obstacles can come more naturally and giving up will be less of an option. The more they understand that even mistakes and failures teach us, the more they can focus on celebrating their journey, mistakes and all. It’s important to allow kids to see how it feels to be scared, and how to move past fear and learn to be brave.
2. Encourage them to set goals. Writing down goals is essential for intrinsic motivation and a growth mindset. It’s a long journey to achieve something you set your sights on so if kids are able to find a love for battling challenges and grow up eager to explore solutions to obstacles, they will succeed. Allowing kids to focus on performance goals, rather than outcome goals provides a basis for long-term satisfaction. Goals can be divided into these 3 subcategories:
a. Process Goals: This is the only goal that one can control. An example of a process goal would be practicing soccer passes/kicks for 30 minutes.
b. Performance Goals: This goal cannot be controlled. An example of a performance goal would be achieving 20/30 successful soccer ball passes or kicks.
c. Outcome Goals: This goal cannot be controlled. An example of this would be scoring 24 soccer goals for the season or winning the end-of-season soccer championship.
3. Empower our kids’ with the self-help tools that foster positivity and optimism. We can do this by teaching them the 4 Cs:
Confident - I am confident when I visualize my success.
Calm - I stay calm by using positive mantras like ‘I can do this!’
Carefree - I feel carefree when I face my fear of failure. I do this by asking myself, What’s the worst thing that can happen? I answer it. Then, I ask myself Will I survive?
Capable - I am capable of creating and achieving goals.
The 4 Cs empower kids by giving them the skill set needed to overcome obstacles. Once learned, kids can use at their disposal to recognize negativity and employ a variety of tools such as visualization, creating good habits, positive mantras, and setting goals. We all get side-tracked and that's why it's important to have good habits and mantras to reset oneself. With these tools, kids can get back on track and focus on the task at hand. Life itself is overwhelming so if we help equip our kids with emotional intelligence with which they can be self-sufficient, it will help serve them for life.
Thank you so much for a wonderful 2019! We started a new publishing company, Grow Grit Press with the objective to help others overcome obstacles in their lives with more fervor and grit!❤️💜💙
With the release of 3 series, the Grow Grit Series, the UnicronPreneur series, and the Ninja Life Hacks series, we sold more than 10,000+ books empowering more children than we could have ever imagined.
I grew closer to my two oldest boys because they are an integral part of our publishing company. Kobe co-writes the Grow Grit Series while Michael helps with marketing and is finishing up his first book. So when you buy a Grow Grit Press book, you’ll know you’re buying from a local family business! We are practitioners of what we preach and are empowering our own kids with situations that allow them to fail so they can learn about persevering and growing grit.
DIY Yoga Doll Craft
Materials needed- Click here for my Shoppable Amazon link for all the materials listed here.
Wooden Squares or balls (for the head) (Wooden Dowel Caps)
Step 1: Bend the pipe cleaner in half.
Step 2: Insert through the hall of ball or square. Push the pipe cleaner through by only 1.5" for just enough room to thread yarn through. I found wooden knobs at Hobby Lobby. It had a hole on one end and my husband drilled out the other side.
Step 3: Loop yarn around hand about 6x.
Step 4: Insert Yarn through the pipe cleaner.
Step 5: Cut the yarn for length of hair desired.
Step 6: Place one pipe cleaner underneath the head and fold over to form arms.
Step 7: Thread the beads through pipe cleaner for the legs and arms.
Step 8: Knob the hands and feet by folding over the ends of pipe cleaners.
Step 9: Draw on the face with a permanent marker.
Step 10: Enjoy! Have fun bending the dolls into yoga shapes!
Yoga Mala Necklaces, Bracelets, Sticks, and Rocks
I purchased most of my products at Hobby Lobby. But if you're in a hurry or you don't have access to one, Click here for the Shopping supplies that can be found on my Amazon store titled Yogi Crafts
One of my favorite healthy recipes to snack on! Each Arial, the Youtuber book has the recipe in it. Tag me in your pics if you end up making them @Marynhin
Click here to get ALL the ingredients in the recipe on my Amazon store page.