Book Review: What Entrepreneurs Can Teach Their Children
How does an entrepreneur know that he or she is successful? For most, there are a handful of metrics that serve as a gauge.
.
How does an entrepreneur know that he or she is successful? For most, there are a handful of metrics that serve as a gauge. Money is definitely one of them. Others include power, influence, freedom, satisfaction, and generosity.
Matt DeLong, author of “What Entrepreneurs Teach Their Kids,” has another metric to add to the list.
“Success is not just your portfolio or bottom line,” Matt explains in the preface to the book. “True success lies in helping your kids identify and pursue their dreams and passions.”
Matt is a successful entrepreneur who is considered one of the leading global minds on stock market and entrepreneurship education. He currently serves as the CTO ofReal Life Trading, an organization that works to help people find financial freedom by mentoring them in all aspects of traversing the stock market.
Matt is also a father who is committed to seeing his kids become passionate, productive, and successful adults. In writing “What Entrepreneurs Teach Their Kids,” Matt set out to inform, provoke, and equip other parents to make the same commitment to their kids. His mission is to empower others to instill the entrepreneurial spirit in the next generation.
“Over the years, I have witnessed affluent parents struggle with seeing their adult children fail to launch their own productive and independent lives,” Matt says. “Many times, this happens because of their financial dependence on their affluent parents. It is a side effect of giving your kids wealth instead of teaching them how to achieve their own.”
Dive into Matt’s book, and you will find a call to go beyond leaving a legacy for your kids; Matt’s challenge is that you create a legacy through your kids, imparting winning habits and routines that produce a winning mindset in them. Drawing upon what Matt has learned from interviewing hundreds of entrepreneurs, the book gives committed parents what they need to raise successful, entrepreneurial children.
The importance of investing
One of the central themes of the book is the importance of investing in your kids, which to Matt involves both money and time. Matt uses the word “nurture” to describe the best plan for raising kids destined for success. Nurturing goes beyond financing — it involves caring for and encouraging the growth and development of your kids.
“Nurturing is more than swim meets, music lessons, or practices,” Matt explains. “It is a commitment. It’s not just a one-time summer camp sort of thing. Nurturing means giving your kids a vote of confidence in both who they are and what they are capable of. To invest in them, you need to vote with your dollars and your hours for years to come.”
The importance of time
Another central theme in Matt’s book is the value of time. Successful entrepreneurs know what a valuable resource time is and, according to Matt, they need to pass that knowledge on to their children.
“Time is your most valuable resource,” Matt says. “If you lose money, you can always make more. Once time is lost, however, it’s gone forever. Entrepreneurs know that they cannot waste time. Getting their kids on the same page is difficult, but needs to be done.”
Matt’s book provides parents with tips, tricks, and exercises that can be used to help kids understand that time is a scarce resource. It provides parents with a plan for looking at time management in a tangible way. His hope is that kids would come to see time as an investment vehicle.
“Kids either waste time or use it to improve the ‘future version’ of themselves,” Matt explains. “The biggest difference I have observed between successful and unsuccessful kids is how they spend their free time. Successful kids invest it, but unsuccessful kids waste it.”
At its core, Matt’s book is a call for parents to be proactive rather than reactive as they raise their kids.
“When it comes to engaging with their kids, most parents are either preparing or repairing,” Matt explains. “You can either prepare your kids to be successful in the real world, or you can repair the damage that happens when they fail. As a parent, are you willing to do the hard work that will help your child to excel in their calling? Or are you only interested when it’s comfortable, convenient, and inexpensive?”
For more insight, Pick up a copy of “What Entrepreneurs Teach Their Kids,” on Amazon today (available in Kindle and paperback versions).
