Over 15 years, I interviewed hundreds of entrepreneurs and their parents to learn how they were raised. The parents say their grown children are not only accomplished and financially successful, but also generous and kind. However, many of the parents shared with me that there were several things they wished they had known while their children were growing up.
Here are the four things they would go back and tell themselves as young parents:
1. “Don’t panic if they don’t finish college.” Many parents believed that a college degree was essential for a successful career, but their children went on to accomplish their dreams without one.
2. “Their passion isn’t a distraction—it may have more impact than you think.” Parents worried that their children’s passions might be a distraction from a real job and responsibilities, but in hindsight, they realize that their children’s passions helped them succeed in their careers.
3. “Be more open about money.” Many parents wished they had been more open about their own family finances and had used it better as a teaching tool. They wish they had brought their kids into financial decision making and had taught them about how to spend money.
4. “Enthusiastically celebrate their failures as well as their successes.” Parents wish they had known to celebrate their children’s failures as much as their successes, because they realized that failures are an important part of learning and growing.