Over the course of 15 years, I interviewed hundreds of entrepreneurs and their parents learn how they were raised.
All in all, these families are very satisfied with how their children turned out. Parents say that their adult children are not only successful and financially successfulbut generous and kind. But looking back now, many parents have told me that there are a few things they wish they had known when they were there the children grew up.
DON’T MISS: The ultimate guide to making passive income online
This is not the same as i their regrets. However, parents shared with me that with this knowledge, they could focus on different things or emphasized less about what will become a bright future for their children.
Here are four things you would go back and tell yourself as young parents.
1. ‘Don’t panic if they don’t finish college’
Most of the parents I spoke with believe that a college degree is necessary for a successful career.
Entrepreneur Matt Mullenweg, the founder of WordPress, started the company while he was a student at the University of Houston and gave up running it. Today, WordPress is just one part of Automattic, the global software company led by Mullenweg.
Thomas Vu’s parents wanted him to be a doctor. Instead, Vu left UC San Diego to join the first intern class at Electronic Arts. He went on to become the executive producer of League of Legends, head of creative for Riot Games and executive producer of the Emmy-nominated hit series “Arcane.”
Looking back, they say they shouldn’t have worried so much. Their children he didn’t get a degreebut in the end it didn’t matter. They followed and achieved their dreams, and their skill, dedication and conviction were more than enough.
2. ‘Their passion is not a distraction—it may have more influence than you think’
Acclaimed director Jon Chu’s parents told me that he was already enthusiastic about storytelling and filmmaking at the age of 10. They worried that his passion might distract from his real work and responsibilities. But it’s hard to argue with international blockbuster success Chu’s latest film, “Wicked.”
Now they realize that Chu put in those 10,000 hours doing what he loved and was good at, worth it. Many parents I have interviewed feel the same way. They recognize that their children’s passion has helped them succeed in their careers, even if their children’s lives don’t look exactly like they imagined.
Many future entrepreneurs were involved in sports intensively and none of them became professionals. Their parents told me they were worried that all the time their children were spending on the playground instead of in the classroom was a waste of time.
Eric Ryan, founder of Method, Olly and Welly, told me he was a bad student but loved sailing. There he learned valuable skills such as elasticitydetermination, perseverance and self-confidence, all of which turned him into the entrepreneur he is today. His parents didn’t have to worry that all his hours spent on the water would prevent him from succeeding in his career – quite the opposite.
3. ‘Be more open about money’
Many of these entrepreneurs and leaders have credited their parents with teaching them the value of the dollar. I was surprised that many parents said they wished they had been more open about their own family finances and used it better as a teaching tool.
Some parents have told me that they wish they had included their children in making financial decisions, whether it was budgeting, buying big things like a car or investing in the stock market. Others have told me they wish their children had opened a bank account or gotten a credit card in high school.
For example, they wished they had been more honest when shopping for a new car, discussed leasing versus buying, how expensive a car to buy, trade-offs with other things they wanted. They believe it teaching your children how to spend money helped when they founded their companies.
4. ‘Celebrate your failures as well as your successes with enthusiasm’
Many parents of highly successful adults I spoke with said they were careful not to scold or punish their children when they failed. However, many have also told me that they wish they had gone a step further.
Parents wished they knew celebrate failures as well as successes, because they realized that you only take the kind of creative risks that lead to innovation if you understand that failure is how you learn and grow — and that your failure should be the fuel for your next success.
They saw that their children’s failures were more important to their development than their easy victories.
This is something I would say to myself as a young parent. Now, Billie Jean King’s mantra is one I return to often and pass on to my grown children: “That’s not failure, that’s feedback.“
Margot Machol Bisnow is a writer, mom and parenting expert. She spent 20 years in government, including serving as an FTC Commissioner and Chief of Staff to the President’s Council of Economic Advisers, the last 10 years spent speaking to parenting groups about raising fearless, creative, confident, resilient, enterprising children who are full of joy and purpose, and is the author “Raising an Entrepreneur: How to Help Your Kids Realize Their Dreams.” Follow her on Instagram @margotbisnow.
Want to earn extra money outside of your day job? Sign up for CNBC’s online course How to earn passive income online to learn about common passive income streams, tips for getting started, and real-life success stories.
