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.
They get tired.
They lose interest.
How do you keep your young mogul interested in their business when the excitement wears off?
It’s called motivation.
Motivation is the reason or general willingness someone has for doing something. Nothing gets done unless there is a motivation to do it.
How do you keep your young mogul MOTIVATED in their business?
As parent managers, many of us believe that the best way to keep our young CEOS motivated is by allowing them to use a portion of the money they make to buy the things they want. While money is a good motivator, you’d be surprised to discover that money quickly loses its motivating power, and if you’re not mindful you will quickly be back at square one looking for ways to motivate them again.
So rather than using extrinsic motivators like money, try to develop intrinsic motivators instead. Here are a few ways to develop intrinsic motivation to help your young mogul keep going even when there are other distractions tugging on their attention.
Identify the why
Your “why” is defined as “The compelling higher purpose that inspires us and acts as the source of all we do”
While it is true that consumers buy or support your business because of your “why”, it is also true that we continue to be motivated when we know why we are doing something. Identifying the “why” early and ensuring it is a “why” that has meaning to your young CEO will provide them with the motivation to keep pushing forward.
Celebrate ALL the wins (even the small ones)
It is very easy to get so wrapped up in the work, that we forget to celebrate along the way. Celebrations create a sense of satisfaction and can serve as affirmation or confirmation of a job well done. Confirmation is a great source of intrinsic motivation and keeps us going.
Provide effective feedback
Feedback is essential, but many of us are providing ineffective feedback. Ineffective feedback is defeating and demotivating. When we learn to identify things that are working well or address the actions that had a positive result, those who experience this type of feedback become empowered and motivated. So look for the actions that are working, highlight the behaviors that have positive effects on the business, and praise them. This simple adjustment in feedback will go a long way.
All of us lose steam. All of us get tired. Be mindful of normal fatigue and take needed moments to relax and refresh. When your young mogul begins to show signs of disinterest, be open to conversations to identify the reason for the disconnect. If it is a simple case of demotivation, try to implement one of the ideas here and you may find that you are all back on track in no time!