Raising Successful Kids

A friend of mine shared an article by the author of 'Raising An Entrepreneur', in which Margot Machol Bisnow wrote about four things parents of highly successful adults never did when their kids were young. Every parent wants their child to grow up to be successful adults (however 'success' is defined), but what practical steps can we take to help them get there? This is what Bisnow learnt interviewing 70 parents whose kids grew up to become driven and entrepreneurial individuals.

They never treated their kid’s hobby as a waste of time.

One of my deeply held beliefs is that parents need to give kids the time and space to explore their interests and passions. Hobbies are not a waste of time. Hobbies help kids discover what they are passionate about and what they are good at. Hobbies like team sports and performing arts also help kids build confidence and resilience and develop collaboration skills, creative expression etc. 

We realised our ten year old daughter is a kinesthetic learner through her love for rock climbing, gymnastics and dance. She is much more interested in learning if the activity involves movement. We will continue to provide her with opportunities to keep practising and learning for as long as she continues to be passionate about sports and movement.

They never made all the choices for their kids.

My daughter attends Doyobi ('skill-building through collaborative problem-solving in the metaverse'), the startup I founded for kids ages 8-12. When I asked her what she liked or didn't like about Doyobi, she said: "At Doyobi, we get to make decisions. In school, we just listen to the teacher talk and talk and talk." Schools are not set up to allow kids to practise decision-making, making it difficult for kids to learn critical thinking.

I believe the most effective way for kids to learn critical thinking is by making decisions and learning from examining the consequences of those decisions. The fact that kids are rarely asked to make decisions in school makes it all the more important that parents not make all the choices for their kids. As parents, it's tempting to try to protect our kids from making bad decisions, but thinking through why they've made a bad decision is precisely how kids learn to become critical thinkers.

They never prized money or high-paying degrees over happiness.

Many parents have a narrow definition of success - degree from a top-tier college, high-paying job. This definition of success has been passed on from generation to generation, but the world has changed dramatically over the last 40 years, and the rate of change is accelerating. Parents of 'successful' adults did not impose their definition of success on their child. They understand that a university degree leading to a lucrative career is not the end all and be all of life, and certainly not the only path to happiness in life.

With AI and robotics expected to automate many jobs over the next ten years, we need to question whether college degrees will still be relevant. Will employers continue to hire based on academic qualifications, or will they change their hiring policy to screen for candidates with the skills and disposition to keep up with exponential change and contribute meaningfully to the organisation from day one? 

One more thing I'll add here is that as the future of work evolves and as the world becomes more global, the definition of success needs to broaden to take into account the ability to succeed anywhere in the world. Our kids will not be competing with the friends they went to school with. The competition is any adult, anywhere in the world.

They never neglected financial literacy.

Financial literacy is especially important as digital and cryptocurrencies become increasingly mainstream. The answer to the question 'what is money?' is evolving. As parents, we need to help kids learn about money in its various forms and help them understand how to earn, save, invest and give. 

Our eldest child is twelve. About a year ago, we set up a Gemini account in our name which he uses to buy and sell bitcoin. The goal is not for him to try to make money from bitcoin. The goal is simply to get him to learn about bitcoin (I am neither pro nor anti crypto) and understand how trading and investing work.

If this was useful to you, please share it with your friends!   

Subscribe now and follow me on Instagram and Twitter for thoughts on raising curious, self-directed learners.   

Remember, it's hard work being a great parent to your child. You're doing your best.   

Till the next issue!