As a father of two daughters and three sons, I’m faced with the task of guiding these young adults to become the best version of themselves. Part of me wants them to follow in my footsteps and embrace the life of an entrepreneur. I see the benefits of being master of my own fate and never needing a vacation away from my own life. You don’t retire from such a joyous mission. Once you become an entrepreneur, you stay the course for the rest of your days.
When you have it good, it’s natural to want your children to have what you have and build upon it even further. For many business owners, the most logical move is to hand their children the keys to their empire. Tread with caution. I sometimes must remind myself that my children have their own aspirations. They don’t have to become entrepreneurs. My job is not to steer them one way or the other, but to encourage them to fulfill their inner calling.
Only about 5% of people have an entrepreneurial mindset. I find that most people would rather work in an organization than create a new one themselves. This makes sense when considering the number of employees it takes to run a thriving business. On the other hand, it’s not uncommon for entrepreneurs to raise future entrepreneurs. It’s not rare for dentists to raise future dentists; just no guarantees, of course.
Before you drill into your son’s or daughter’s head that the good life you’ve created should be the one they want, remember how you felt when you stood in their shoes. What went through your mind when you were figuring out how to spend the rest of your time on this planet? Chances are good that your ideas weren’t in lockstep with your parents’. If they tried to persuade you against your wishes, you likely felt some resentment. It can feel miserable when someone attempts to squelch your dreams and supplant them with their own. Your desires exist for a reason, and to deny them is self-betrayal.
When you realize you can’t control your kids’ future, do you give up parenting? Obviously not. There’s an important distinction between coercion and influence. As a successful entrepreneur and parent, you wield tremendous influence over many people in your life, including your children.
The best way to guide future entrepreneurs
Keep in mind that you lead by the clarity of your example rather than the cacophony of your rhetoric. In other words, your success speaks for itself. When your children see you with a happy life, they pay attention. When they ask questions about your success, be open and transparent. That’s your invitation to let them in on your trade secrets. Receptivity is key, and when they approach you, rest assured that they’re ready for your wisdom.
When you have their attention, you might wonder what to say so as not to dispel their interest. Author and engineer Robert Byrne said, “The purpose of life is a life of purpose.”1 Purpose is a great starting point, but what does it entail? For me, it stems from being joyously of service to others. When you teach your children that their natural talents are tied to exhibiting a life of service, they’ll identify and trust their inner calling.
Entrepreneurship involves a wide spectrum of interests. It takes a blend of science, art, and psychology, among other disciplines, to build a business. If you want your children to seek their inner entrepreneur, let them explore their natural curiosities.
I consider myself a lifelong student. I’m a huge proponent of higher education, and I’ve steadfastly encouraged all my children to pursue a degree. However, college is far from the only education I recommend. In most cases, getting a job is an even more efficient way to advance your education. Not only is there no tuition, but your employer pays you to learn.
What an entrepreneur path looks like
If you really want to get down to it, the path of an entrepreneur starts long before the business license. Tell your children as they enter the workplace to consider themselves the boss of their time. They might not own a company yet, but they own their choices. Tell them that the growth and maintenance of their network is as important as their ongoing education.
Also, teach them the importance of saving early on. It’s risky to leave an employer to start your own business if you don’t have adequate savings to support you when you start out. Even if your children don’t aspire to start a business, remind them of the leverage that comes with having significant capital in the bank. It’s nearly impossible to take any professional risk living paycheck to paycheck.
Will your children listen to your advice? Not all the time. What you can do, however, is monitor your own behavior. Children tend to mimic their parents, especially when they see them living happy and successful lives. If you can demonstrate your passion for your work and your willingness to serve your community, your children will take note.
Put your appetite for knowledge on full display, and they’ll hunger for great intellect right alongside you. If you can show them how impeccably you regard your finances, and more importantly, your relationships with others, then your children’s success, regardless of their chosen endeavor, is a sure bet.
Editor’s note: This article appeared in the January 2025 print edition of Dental Economics magazine:
https://www.dentaleconomics.com/money/article/55247103/inspiring-future-dental-entrepreneurs
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Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.