How to Raise and Mentor Entrepreneurial Kids for Next-Generation Innovation

Stephen Shortt, an Entrepreneurs’ Organization (EO) member in Ireland and founder of Successful Succession, is a career and talent strategist who prepares people and organizations for the future of work. We asked Stephen how parents can help to mentor the next generation of entrepreneurs.

As an entrepreneur, I believe you are on your own individual hero’s journey—the classic narrative arc that follows an ordinary person leaving their familiar world and venturing into a special world filled with challenges, growth, and transformation. For entrepreneurs, this journey mirrors the leap into the unknown world of business. It is filled with risks, resilience, rewards, and adventure. To me, entrepreneurship itself is that special world, where each step offers new insights and opportunities for self-discovery. 

Before embarking on this journey, heroes typically encounter a mentor or guide. This is someone who helps them understand the path ahead, providing wisdom, tools, and encouragement to navigate the challenges of the special world. Think Yoda or Dumbledore.   

For entrepreneurial parents, becoming a mentor for the next generation means sharing insights and guiding your children as they prepare for their unique adventures. No matter what path they choose, you hope your kids will take the best of what you’ve learned and carry it forward, either stepping into your business or creating their own. Your greatest legacy could be instilling a sense of entrepreneurial thinking in your kids, which requires you to go from hero in your own story to mentor in the next generation’s hero’s journey. 

It will require more than just passing down knowledge. You must be a wise guide, offering the tools, insights, and values that will empower your children to navigate their unique paths. Here are three pivotal pillars to help shape that journey for your children:  

Curiosity and problem-solving: Teach kids to seek and solve 

Curiosity is the core of entrepreneurship. It drives you to ask “Why?” and “What if?” It’s that very questioning spirit you must nurture in your children. Curiosity leads them to explore, experiment, and discover, setting the foundation for problem-solving skills.  

But remember: Your role isn’t to give them answers. It’s to ask the right questions that help them see that solutions are often hidden in plain sight. 

Use practical methods to encourage curiosity: 

• Model inquiry; show your kids curiosity in action as you tackle problems. 
• Ask thought-provoking questions to help them dig deeper and discover their own answers. 
• Broaden their perspective with new environments, cultures, and activities to spark ideas.  

Show your kids that life is filled with questions to be answered and problems to be solved. They will gain the confidence to pursue knowledge, tackle challenges, and view obstacles as opportunities rather than roadblocks. 

Cultivate a growth mindset: Building resilience for the journey 

Entrepreneurship is filled with highs and lows. Resilience is the foundation of a growth mindset. It teaches that failures are simply stepping stones, talent is not fixed, and grit often outweighs sheer intelligence. Teaching kids to bounce back, to keep learning, and adapt is one of the most powerful gifts you can give them. 

Take steps to foster a growth mindset: 

• Reframe failure as learning, both in your life and theirs, even academically. 
• Celebrate dedication, willingness, and effort over outcome, which teaches persistence. 
• Challenge comfort zones with projects, skills, or sports that stretch their abilities. 

Instilling a growth mindset allows children to approach the world with resilience and adaptability. When they encounter setbacks and challenges, they’ll be better equipped to view challenges as part of their adventure. 

Promote creativity and innovation: Empower kids to imagine and build 

Creativity and innovative thinking distinguish entrepreneurs as dreamers and doers who see possibilities, whereas others see only problems. Nurturing this in your children empowers them to think outside the box, generate new ideas, and boldly create. Even if they don’t pursue entrepreneurship, these skills will serve them well. 

Empower your children by inspiring creativity: 

• Foster unstructured play where imagination blossoms into exploring ideas freely. 
• Celebrate wild, impractical ideas; encourage the mindset that nothing is impossible. 
• Provide opportunities for making and building, teaching the joy of bringing concepts to life. 

When you encourage creativity and innovative thinking, children see that the world isn’t set in stone. They learn to be agents of change, capable of turning their unique ideas into reality. 

How to take on the role of mentor in your child’s journey 

As entrepreneurial parents, you know that the journey is as transformative as the destination. You also know that your child’s path will look different from yours (what got you here won’t get them there). That’s what makes their journey unique.  

Your role, then, is not to lay the path but to be a supportive guide along the way: 

• Share your own hero’s journey. Let your children in on both your triumphs and struggles as an entrepreneur to demystify the entrepreneurial world and show them that it’s okay to face challenges. 

• Guide. Don’t direct. When your child faces a decision, don’t jump in with a solution. Instead, ask questions and help them weigh options. Empower them to make decisions, learn from mistakes, and develop confidence in their judgment. 

• Show them their unique strengths. Every hero has unique talents and attributes. Help your child recognize and pursue their individual strengths, interests, and passions rather than follow a set path. 

As a mentor, you’re not merely raising children. You’re nurturing the next generation of dreamers, thinkers, and doers. Your role is to be a source of wisdom, a guide who lights the path but never controls the direction. 

Nurture an entrepreneurial spirit, whatever path they choose. 

Entrepreneurship isn’t just a career choice. It’s a way of thinking and engaging with the world. It’s the courage to seek new challenges, the resilience to bounce back, and the creativity to build what doesn’t yet exist. By nurturing these qualities, you empower your children to handle a future filled with unknowns. 

The skills and values you pass on will give them the tools to succeed in their own right. So, embrace the role of mentor and guide your children with open minds and open hearts. Encourage them to forge their own paths into the special entrepreneurial world. 

Every hero’s journey needs a mentor. As entrepreneurial parents, you are uniquely positioned to help the next generation prepare for their journey and go into the world with curiosity, resilience, and creativity. You can also cheer for them every step of the way. 

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