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Managing Multiple Young Moguls in the Household

May 6, 2021

Do you have kids who want to own businesses? We as parents can have mixed feelings about this. On the one hand, raising a mogul or two can be something of which we can be proud. On the other hand, the undertaking poses challenges of its own.

And these challenges multiply, especially for families that are already in business. Whether you have one child prodigy or two, your parental duties can increase. Raising a mogul can force us parents to wear the hats of negotiators, conflict mediators, and facilitators.

If you want tips on how to create a supportive family environment for your young business owners, keep reading!

Managing Competitiveness

We as humans have an innate drive towards competition. We manifest our competitiveness in life, at work, and in business. With that said, why should we expect our young mogul or moguls to be any different?

Children, for the most part, tend to be quite competitive with their siblings. We may not see this if our kids are separated by years. For our children with not much of an age gap, competitiveness can be something we have to manage day in and day out.

Be that as it may, at the root of competitiveness is a desire to be the best at something. As parents, we need to nurture this drive to get the best out of our children.

In other words, managing a mogul means harnessing this drive to be better. How do we do this? We can by providing opportunities to show individual assets, and there are two ways we can achieve this.

Option A: Encourage Our Children to Manage Different Businesses

Competition and fierce rivalry may be driving forces for more seasoned business owners. For children, the effect is not familiar. Encouraging competition is like adding a mystery ingredient to a familiar dish. You will get a reaction or change, but it may not be the one you desire.

Some children will react positively. Others will be rendered discouraged. To prevent the negative backlash, a good strategy can be encouraging the pursuit of different businesses. For example, if Sally wants a lemonade stand, we can encourage Tom to be at the helm of a dog walking business. This will remove the extra competition that comes with being in the same industry.

Option B: Involving a Young Mogul in the Family Business

For families in business, competitiveness can create feelings of resentment when one child prodigy is excluded. To prevent this from occurring, we can involve our young child prodigies in the family business. Does it mean they need to balance accounts and manage our portfolios for clients? No.

Instead, we can start simple, as with anything we teach our young mogul or moguls. Whenever we make changes to the family business, we can ask for their feedback. And since we are managing egos and competitiveness, we need to show that we accept their feedback and contributions. Recognizing our children equally for their sentiments can also go a long way.

Final Thoughts: Raising a Mogul or Two Means Harnessing Competitiveness, Not Subverting It

As the parents of a child prodigy in business, we can anticipate feelings of competitiveness. These feelings are not negative in themselves. They are present in us as well as in our young moguls.

By helping them manage these feelings, we can provide a supportive environment that harnesses competitiveness. We can achieve this through the encouragement of different pursuits, or we can involve our children in the family business.

Either way, we can provide an environment that encourages our children not to outdo the other but to be the best they can be.

What happens when family doesn’t believe in your vision

July 23, 2021

Most entrepreneurs and visionaries have a strong support system to encourage their dreams. Their cheers and words of affirmation are often the motivation needed to keep moving forward in times of frustration or discouragement. Being the parent of a young entrepreneur is not only challenging, but it is also scary. Having a solid support system…

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How do you keep your young mogul MOTIVATED in their business?

July 9, 2021

All the paperwork has been filed, you’ve had a blast creating the product, building the website, and attending vending events. Things are going well, their products are selling, they have orders to fill and their social media is even starting to pick up! Then it happens. Summer activities grab their attention. The school year begins….

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How To Create SOPs in Your Child’s Business: Simply and Easily

June 7, 2021

How do you keep your young mogul MOTIVATED in their business? Working with your child may be one of the most fulfilling yet challenging roles you can have as a parent. Fulfilling because you get to see them grow and develop the entrepreneurial spirit; challenging because the dynamics that you’re used to at home will…

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How to Teach Your Kid to Become an Entrepreneur Through Travel

May 28, 2021

“Travel is the only thing in life that makes you richer.” There are many ways to interpret this quote. But we can say with certainty that travel is an important investment you can give your children to let them have a better and more successful future. If you wish to train and groom your child…

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Previous Post: « Having Tough Conversations With Your Child About Running a Business
Next Post: Top Qualities and Skills You Would Want Your Child To Have as a Leader »

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avatarI am the mom of 5 amazing game changing moguls, a brand strategist, mentor; fake cook and crafter. I love life and I am committed to supporting the parents of biz kids and young moguls who are challenging the status quo and paving the way for change and new conversations. Let's dig deeper →

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Young Mogul News Network

What happens when family doesn’t believe in your vision

Most entrepreneurs and visionaries have a strong support system to encourage their dreams. Their cheers and words of affirmation are ...
Read More
July 23, 2021

How do you keep your young mogul MOTIVATED in their business?

All the paperwork has been filed, you’ve had a blast creating the product, building the website, and attending vending events ...
Read More
July 9, 2021

How To Create SOPs in Your Child’s Business: Simply and Easily

How do you keep your young mogul MOTIVATED in their business? Working with your child may be one of the ...
Read More
June 7, 2021

How to Teach Your Kid to Become an Entrepreneur Through Travel

"Travel is the only thing in life that makes you richer." There are many ways to interpret this quote. But ...
Read More
May 28, 2021

Should You Continue Supporting Your Child’s Business If They Are Failing School?

Juggling school and business ventures is not an easy feat. Even adults pursuing a degree while managing their own company ...
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May 20, 2021

Top Qualities and Skills You Would Want Your Child To Have as a Leader

Raising a mogul can be challenging for us parents, especially if we’re caught up with running our own businesses. However, ...
Read More
May 14, 2021

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