It can be scary when your child wants to follow your footsteps as an entrepreneur. You know just how risky it can be and the sacrifices they’ll have to make. However, it can be just as exciting to know that you — in some small or big way — have inspired them to follow your footsteps!

If your child wants to start venturing into their own business ideas, here are just a few ways you can support or mentor them through the process.

No. 1: Allow them to pursue their passion.
It might be nerve-wrecking to see your little one explore an industry or field that’s completely foreign to you, but any business owner knows that the most important part of setting up your own business is being passionate about the field.

If your child is passionate about books, let them set up their own bookstore! Whatever you do, don’t limit their creativity. With the obvious challenges of a bookstore in the modern age, they may have to do some innovating to stay open, but that might be a world-changing innovation — consider what Amazon did!

No. 2: Work on customer service and communication skills.
One of the best parts of diving into business when you’re younger is that you can start improving your necessary social skills right away. As a seasoned entrepreneur, you can give your child the best advice for handling unique social situations and challenges that you might have not been prepared for at their age.

No. 3: Advise how to make a money strategy and utilize the best financial resources.
Of course, to have a successful business, you need successful money management. That’s a lesson your child, like most entrepreneurs and adults, will learn over their entire lifetime — but you can give them a jump start.

For example, the merchant processing industry often applies unfair fees on businesses without them ever knowing about it. However, if you’re an AFEUSA member, you can get signed up with First American, one of the most trusted merchant processing companies in the U.S., PLUS a free EMV chip-compatible mobile card reader ($90 value), a 10% discount on your monthly fee, and much more. Check it out today!

Article by
Wayne Goshkarian,
Senior Advisor

Wayne Goshkarian in front of his jet