Business Education

When You Bring Your Child to Work, Teach these Lessons

Entrepreneurs often prefer to turn over their business to their children. (Of course, that’s not always the case, as Bill Gates so amply demonstrates.) But, if you’re planning on passing your business over to one or more of your children, you obviously need to teach them about said business. However, too many owners obsess over the nuts and bolts but fail to teach their children the most important lessons.

Money isn’t Everything

Everyone’s heard the cliche “money isn’t everything.” It isn’t. It’s understandable and essential to teach your children about money, particularly about the business’ operations and finances, including revenue and expenses. If your children will run the business one day, there’s no question it’s imperative to teach them about the minutiae of debt, equipment, materials, labor, insurance, payroll, and everything related to money coming in and going out.

By becoming an entrepreneur — whether it is simply putting up a neighborhood lemonade stand, launching a landscaping business or developing a new app — kids can learn about budgeting, saving, spending and investing. It also helps children develop perseverance by learning from their failures, and it begins to introduce critical thinking. —CNBC.com

Although this is necessary, it’s also just as important to teach your children how to run the business via your professional relationships. That means, how you lead, interact with employees and vendors alike, and with your peers, even your competition. It’s these lessons you shouldn’t overlook because it is critical your children understand how you handle your professional relationships.

3 Important Lessons to Teach Children about Business

When you bring your children to your place of business, they’ll experience how you run it. More particularly, they’ll gain a perspective, form opinions, and draw conclusions from how you interact with the people you work with. And, this is where you’ll be exposed to a mirror of sorts, because you’ll see your way of running the business through the eyes of your children. So, here are three important lessons to teach your kids about business:

Everyone deserves respect. Teach your kids by example how you treat employees with the respect they deserve. After all, this is how morale is built and people feel like they’re part of a genuine team. That’s a powerful and positive environment and one you would like to continue when your kids take over someday.
No one is above everyone else. Similarly, teach your children that everyone is important. If someone isn’t important, there’s no reason for him or her to be present in the first place. Yes, teach them about hierarchy, but again, be sure to make them understand that every person plays a critical role and the skill set each individual brings is a valuable one to the health of the company.
Competition is healthy and constructive. Additionally, you should demonstrate just how healthy and constructive competition is in a free market economy. For instance, teach your kids that competition fosters innovation and incentivizes businesses to pay employees commensurate with their experience, skill, and productivity.

What other lessons would you say are most important to teach young entrepreneurs? Please share your thoughts and experiences because your perspective could help someone out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Want to Be Successful? Stop Doing these Six Things Starting Now

August 23, 2017 No Comments

Who hasn’t heard the adage, “Quitters never win and winners never quit?” But, you’ve probably heard Michael Jordan talk about his career and already know he learned a lot more from losing than winning. So, why is it that we think quitting or failing are bad things? They’re not. In fact, quitting is quite healthy in some life aspects. And, that’s the key to being successful — to know when to stop doing something to move forward. Be More Successful by Not Doing these 6 Things Research conducted by the University of Rochester reveals there are two primary motivations, approaching goals and avoiding goals. Now, that’s sounds strange, but it makes sense when explained. The former personalities find motivation in challenges but also know when it’s futile to continue. The latter group greatly avoid goals due to fear of failure. So, they don’t give up, even when it’s totally illogical to continue. If we didn’t have to work hard to reach success, we wouldn’t appreciate it. If there’s something you’re putting off because it’s boring you, it’s hard, physically demanding or tiring…just get up and get it done. Quit avoiding it. There will be rewards along the way and there will be a great sense of accomplishment at the end. —Forbes Call it bull-headed, stubborn, tenaciousness, or perseverance, it does shed light on a peculiar behavior that represents a real dichotomy. Studies show those who don’t give up typically “win” more often than people who quit. But, not everything works out that way. Realizing when it’s time to stop doing something is just as important as not giving up on realistic goals. To be more successful, you must stop doing these six things right now: Stop doubting yourself. Doubt and fear are powerful foes. Each acts as a paralyzing weapon which causes angst, anxiety, and more negative feelings. When you doubt your own abilities, you’re giving into an illogical fear. Tap into your confidence and let the self-doubt go. Stop procrastinating. Tomorrow is always a day away and it’s why the “Free Drinks: Tomorrow” meme is a popular one. Tomorrow is also known as an excuse. If everything was easy, you wouldn’t procrastinate and tackle it head on. So, stop putting things off and reap the rewards of accomplishment. Stop dodging choices. There’s always a choice and sometimes, too many. But, you always have a choice and if there’s not a good one, simply chose not to undercut yourself. Think outside of the box, if necessary. But whatever you do, don’t give away your power to choose. Stop the insanity cycle. We all know how Einstein defined insanity, by doing the same thing time and again and expecting a different result. Realize when your efforts are not yielding fruit and go in a different direction. After all, it’s the smart thing to do. Stop believing it’ll work out. When you wait for things to just “naturally work out,” you’ll wait an awfully long time. It takes hard work to get ahead and just waiting around won’t move the needle. Take action and you’ll experience traction. Stop saying “yes” all the time. If you’ve seen the movie “Yes Man” you already know that by breaking this habit, you’re not constantly giving your time away. “No” by itself is indeed a complete sentence and it can easily be far more healthy than saying “yes.” What have you stopped doing to improve your chances of success? Which changes did you adopt that yielded the best results? Please share your thoughts and experiences by leaving a comment! Interested in learning more about growing your business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Studies and Statistics Show Gen Zers Prefer Entrepreneurship – So How Do Small Businesses Attract Young Talent?

February 9, 2024 No Comments

Studies and Statistics Show Gen Zers Prefer Entrepreneurship – So How Do Small Businesses Attract Young Talent? (WBC) In recent years, the entrepreneurial spirit has been on the rise among the Gen Z population. With more and more young people opting to start their own companies, small businesses face a unique challenge in attracting young talent. That necessitates learning various strategies small businesses can employ to attract Gen Z talent and remain competitive in today’s job market. Understanding Gen Z’s Entrepreneurial Drive The demographic cohort born between the mid-1990s and the early 2010s – Gen Z – has grown up in a world of rapid technological advancements, social media, and global connectivity. This has fostered a strong sense of independence and an entrepreneurial mindset among many members of this generation. Gen Zers are known for their desire to make a positive impact on the world, their focus on social and environmental issues, and their preference for flexible work arrangements. By understanding these characteristics, small businesses can tailor their recruitment strategies to appeal to this demographic. Strategies for Attracting Gen Z Talent In a landscape where Gen Zers are increasingly drawn to the allure of entrepreneurship and startup ventures, attracting their talent to small businesses may seem like a challenge. However, there are strategic approaches that savvy small business owners can employ to entice the entrepreneurial-minded Gen Z workforce. Offer flexible work arrangements. Gen Z values work-life balance and flexibility. Small businesses can attract young talent by offering flexible work hours, remote work options, and a relaxed company culture that promotes a healthy work-life balance. Provide opportunities for growth and development. Gen Zers are eager to learn and grow professionally. Small businesses can attract young talent by offering training programs, mentorship opportunities, and clear career progression paths. Leverage technology. Gen Z is the first generation to grow up as digital natives. Small businesses should embrace technology and digital tools to streamline their operations and appeal to young talent. Offer competitive compensation and benefits. While Gen Zers value purpose and impact, they obviousl expect fair compensation and benefits. Small businesses should offer competitive salaries, health insurance, and retirement plans to attract young talent. Emphasize purpose and impact. Gen Zers are highly motivated by the desire to make a difference in the world. Small businesses should highlight the social and environmental impact of their work, as well as the company’s commitment to making a positive change. And, here’s a bonus tip – don’t be afraid to embrace their entrepreneurial spirit! Offer internship programs focused on innovation, consider employee ownership options, or even collaborate with them on side projects or ventures. Remember, Gen Z sees work as an extension of their lives, not just a means to an end. Find ways to integrate their entrepreneurial ambitions with your business goals, and you’ll create a win-win scenario for everyone. By adapting your approach and creating an environment that resonates with their values and aspirations, your small business can become a magnet for the dynamic and innovative talent of Gen Z, propelling your company to new heights in the years to come. So, open your doors to the entrepreneurial spirit, and watch your hive buzz with the energy of the future! Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at 602-435-5474, or, if you prefer, send us an email. You can also visit us at Waters Business Consulting Group to learn more about us and the services we offer.

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3 Ways Business Owners and Entrepreneurs can Find more Free Time

March 8, 2021 No Comments

A substantial percentage of established business owners and fledgling entrepreneurs have experienced significant change over the course of the past year. Some had to make very difficult decisions and enact hard changes in order to survive. Conversely, some have been in the fortuitous position to thrive. Regardless of their circumstances, too many entrepreneurs and business owners struggle to find free time. Fortunately, there are some effective strategies to find more free time and enjoy it. The Dreaded Free Time Paradox The most common problems business owners have when it comes to free time is either not recognizing it, or failing to indulge it. In other words, when there’s free time available, business owners and entrepreneurs most often either prefer to spend it working, simply defaulting to a workaholic mindset. So, it’s often the case that they don’t have any free time, as much as it is they won’t take time to actually enjoy it. Time freedom is about spending your time doing what you really love doing with the clients and people who mean the most to you. Having more freedom of time is about having the ability to live a full life and have the time to pursue other interests outside of work. But finding time freedom for entrepreneurs can be tough. — Thrive Global This creates a cyclical scenario where any ostensible free time is put either toward their work or, is spent on distractions. That’s often more advice given about business owners seeking free time. That is to say, to identify and eliminate distractions, because they divert away from the task or relaxation at hand. Because entrepreneurs are action-minded people, they mistake any type of work as being valuable. Of course, that’s just not true. 3 Ways Business Owners and Entrepreneurs can Find more Free Time The advice usually given to free up time is to rely on technology, innovative tools of the trade, and eliminate redundancies. Those are all great ways to help streamline your operation, but these mostly work around the margins, and don’t address the core problems. Here are three ways business owners and entrepreneurs can find more free time: Stick to a schedule. It’s very difficult, if not impossible, to find free time in an unstructured environment. The old Friedrich Nietzsche philosophy of “out of chaos comes order” simply doesn’t apply to this situation. So, get yourself on a schedule and follow a routine. It can be flexible and should not be rigid, but should provide you with structure. This will greatly cut down on distractions, and force you to focus on the highest priorities, and work your way down to the lowest. Put your business on a budget. Before you scoff, remember this — a budget doesn’t always mean spending less, it means always spending smartly. Too many business owners either spend their time worrying about their finances. Others know their general financial situation, but dwell on every possible contingency. In either case, they waste a great deal of time worrying, because they really don’t have a plan for their company finances. Money just comes in and goes out, but with very little accountability. Creating a realistic budget allows you to operate your business with a lot more certainty, and that in turn, will create more free time. Hire (back) help. You might have responded to the pandemic and ensuing chaos in a number of ways. Perhaps, it was necessary to reduce your payroll and take on more responsibilities yourself. Or, you’ve been taking on more work personally, because you haven’t found the time to hire people to help. The longer this unnecessary stress goes on, the more you risk burning out. It not only steals away valuable downtime, it is also counterproductive. So, get yourself on a schedule, lay out a budget, and hire on some help when and where needed. What other suggestions do you have for creating more free time? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.