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Own It!Starting a Family Enterprise Owner’s Mindset Early: Young Child (Ages 0 to 12)

Own It!: Starting a Family Enterprise Owner’s Mindset Early: Young Child (Ages 0 to 12) [Ownership development starts early—with the youngest family members. This fosters healthy interest in the enterprise, creates a foundation for success, and sets the stage for strong family bonds. Part of developing young prospective owners is good parenting. Another critical component is an inclusive approach to shifting norms around family, marriage, gender, and other dimensions. Development goals in this stage include promotion of a healthy sense of individuality and belonging; an understanding of basic ownership responsibilities (like taking good care of toys, for example); and positive feelings toward the family’s business. Good ownership-development opportunities for children revolve around fostering familiarity with family members, family values, and the enterprise (and understanding of the time commitment a family business can require in a positive manner); encouraging healthy emotional development and confidence; promoting financial and ownership literacy; involving them in community service and family governance, in an age-appropriate and fun manner; and others. Helpful development influencers include parents and other family members, teachers, mentors, and family advisors. Starting simple but proactively is best for ownership development in this youngest family cohort. This often means a strong focus on values and cultural elements—and fun. Things to watch out for include allowing the business to take too much of parents’ time and imposing explicit or implicit expectations about children’s future involvement in the enterprise.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Own It!Starting a Family Enterprise Owner’s Mindset Early: Young Child (Ages 0 to 12)

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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) under, exclusive licence to Springer Nature Switzerland AG 2022
ISBN
978-3-030-20418-1
Pages
19 –46
DOI
10.1007/978-3-030-20419-8_2
Publisher site
See Chapter on Publisher Site

Abstract

[Ownership development starts early—with the youngest family members. This fosters healthy interest in the enterprise, creates a foundation for success, and sets the stage for strong family bonds. Part of developing young prospective owners is good parenting. Another critical component is an inclusive approach to shifting norms around family, marriage, gender, and other dimensions. Development goals in this stage include promotion of a healthy sense of individuality and belonging; an understanding of basic ownership responsibilities (like taking good care of toys, for example); and positive feelings toward the family’s business. Good ownership-development opportunities for children revolve around fostering familiarity with family members, family values, and the enterprise (and understanding of the time commitment a family business can require in a positive manner); encouraging healthy emotional development and confidence; promoting financial and ownership literacy; involving them in community service and family governance, in an age-appropriate and fun manner; and others. Helpful development influencers include parents and other family members, teachers, mentors, and family advisors. Starting simple but proactively is best for ownership development in this youngest family cohort. This often means a strong focus on values and cultural elements—and fun. Things to watch out for include allowing the business to take too much of parents’ time and imposing explicit or implicit expectations about children’s future involvement in the enterprise.]

Published: Nov 16, 2022

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