Why do our kids want to be entrepreneurs, when the rate of small business failures is so high?

I read an article that said our children are more and more interested in entrepreneurship.  I find this interesting, as most small businesses fail with in the first two years.  My daughter recently entered college and they are offering courses in entrepreneurship as well.

Entrepreneurship

However, I ask myself what this could include?

How to be accountable and to whom?

How to create conflict that will benefit the growth of the organization?

Do you have a mission/vision statement that will direct you?

Can you manage your resources?

Can you create strategy in an ever changing environment?

How do you communicate your vision/mission statement?

And so many more…..

I have a MBA and these things were never taught.  It has taken years of experience, outside courses and actually hiring a business coach to help me focus myself on what is important for the corporation.  I actually had to change the way I saw the business in order to make better decisions.

Specifically,  I had to realize that “I” was not the business.  There were so many other factors: economy, buying habits, product lines, opportunities created with technology, employees, legal and compliance issues.  I was the leader!

This was truly eye opening.  It assisted me in making difficult decisions when I knew it was for the good of corporation.

Over the next few weeks, I would like to share some of the awesome experiences and things I have learned.  My hope that is that all entrepreneurs will start to see things differently in order to be more successful.

Creating a buzz….

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How do I Create a Leader?

Creating a leader requires some deliberate actions. You can create a leader in your workplace, home or any group you work with.

Create a LeaderLeaders need confidence in their decision making ability. Allow a team/family member to make small decisions and see the consequences. Even a failure is good for developing a leader. After the process, ask the person about the experience. What process did you go through to make your decision? Were you satisfied with the outcome? What would you do differently, if any thing?

  1. Allow an opportunity for a larger decision process, if the person took advantage of the previous situation and repeat the questions at the end. This should be a gradual increase in complexity as the person shows there interest in their personal growth.
  2. Leaders need good communication skills. To develop these skills, we need to encourage conversation. The only way to do that is ask questions then be quiet and listen. This allows the person the opportunity to create thoughts and opinions. I often will ask very large questions to see where the conversation will go. One time I asked my 13 year old son, what qualities do you think a CEO would need? Not only did he get to put together ideas and see what it was like for someone to actively listen to him, I gained some valuable insight into what he was thinking.
  3. Allow time for coaching. There are times when you need to schedule time for coaching and then there are times when coaching should be done on the spot. Remember, coaching is an uplifting, learning experience. The person being coached should walk away with a better understanding and positive feeling about the experience.
  4. More praise than criticism. I always refer back to the One Minute Manager. Praise, one thing to improve, praise.

Please tell me about your favorite coach and what they did for you!

Creating a buzz…

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