Why families need to support young entrepreneurs

A lot of my young friends have been complaining recently about lack of support for their business. Their families and friends are goading them to leave their established or yet to be established small business(which may be earning a good amount of money) and join a “regular job”.

These guys are mostly college graduate and  started their own businesses (such as blogging or e commerce sites) while studying. They did not secure a job offer because probably they were not interested to work as an employee. However it may is difficult for them, when their friends are get job offers while they continue to struggle with their business.

Jobs are easier to explain

The families and parents of entrepreneurs are biased mostly towards job. The entrepreneur’s family always wants him or her to take the safer, known route. A job is much easier to explain to others. It is easier for them  to tell it to their friends that their son/daughter is employed with a multinational corporation and earns a lot of salary. Often the budding entrepreneur is left alone to justify why he is working on his own.

I had talked about the difference between job and entrepreneurship. I am not really saying that one should not seek a job. A person needs to follow his or her passion. All experiences good or bad are very much part of life. It is immaterial, if one may have failed as an entrepreneur or succeeded in a job . The lessons from any experience are important.

But since I love to encourage entrepreneurship, I would say that it is one of the most exciting and fulfilling thing that can happen to a person. Entrepreneurs are known to take risks and end up creating things that no one thought were possible. Entrepreneurs generate thousands of jobs all around the world. They bring out inefficiencies present in business processes and then exploit them to generate incredible wealth.

Here is what entrepreneur can achieve

  1. High level of self esteem
  2. A business to call their own
  3. No stress of reporting to any other person
  4. Diverse skill set
  5. No need to worry about a job even in times of recession
  6. Possibility of much higher earnings
  7. High level of satisfaction with work

All this is only possible if the families of the entrepreneur support them. As with success in career, it is often hard to be get success easily in your own business. Parents need to be supportive of their child at those difficult times. Work satisfaction is the most important thing at the workplace. If the young entrepreneur derives satisfaction from his work, it is just great. As a parent you need to be proud to say that your child is an entrepreneur and that he earns his own money.

A few tips to young entrepreneurs

  1. Keep your family updated about progress of your business
  2. Sometimes family members really don’t know what you are doing. Explain to them clearly your business.
  3. You may think about taking part time offers
  4. Tell them about possibilities that can happen. Talk about growth , opening your own offices, becoming famous. That will excite them for sure.
  5. Involve them in your business if possible. Give them small jobs which will help them understand your business
  6. Take them to business conferences with you. Your parents are worried about your lack of seriousness. Show them you are serious
  7. Reinforce the point that you love working for yourself.
  8. Call your entrepreneur friends home. Let them do a little bit of talking.
  9. Keep documents to show them what you have planned. Create a slideshow or a small presentation ( yes, even for your family Winking smile )
  10. Show them appreciation letters from your customers.
  11. Most important – > Send them to this blog. Ask them to read this post.

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Your comments and replies

  • Yes it is very important to support an entrepreneur in the family because whoever it is they have there mind set to perform and make something work for them which is great for someone to have, if nobody supports them you might just tear there dreams away from them which is not fair.

    • Hi Andrew,
      Welcome to my blog and thanks for your comments.
      It is indeed common for families to push their youngsters away from business( successful or not). As you rightly said, it might tear their dreams away. I think everyone deserves at least one chance to do what they like. If they fail, they can always look for the job :)

  • Yes, sometimes it’s hard to keep supporting someone after they are educated and all they hear is ‘just get a job’, huh? You make some good points however and certainly some merit to it. I think the communication and updates are critical for your support group however.

    Thanks for sharing.

    • Hey Bill,

      On my Facebook page , I keep seeing youngster saying that. Their parents want them to take up a job as soon as possible. Youngsters often find it difficult to convince their parents. In my opinion, support groups are very necessary. Thanks for adding your bit to it. :)

  • Great post buddy. Very useful for the budding entrepreneurs. Support from your family members is required at every stage in your life and from my own experience, lack of the same can make your life hell at times. I had a similar feeling when I was out to explore career opportunities in a job market. It happened just after my post graduation. I always knew that it could take time but I was sure of the results. Anyways, I am in a much better position now and I have a great support from my family members as I have made them to trust my words. Entrepreneurship or not, support matters a lot..!

  • I was very surprised to hear that families don’t support their relatives businesses as for me it may seem strange and unusual. Thanks for the tips you give as i am in favour of young businessmen and I think they should be given a chance to develop themselves.

    • Hi Suresh,

      Thank you for your confidence in my becoming VC one day :). You will be the first entrepreneur who will get VC money from me :).

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