Post by oldman on Oct 19, 2013 9:09:03 GMT 7
One of the fringe benefits of running my previous company was that I got to know some of the listed company bosses well and they introduced me to their family members. What is surprising is that the children of these top entrepreneurs are very down to earth and humble. Even more surprising is that they remain hungry even thought they are surrounded by significant wealth.
Many of these children now run divisions within the listed companies owned by their parents. Some of them rose from ground level up. They worked as salesmen pushing products in the company booth in trade exhibitions and it is obvious that they were not given any special privileges. They drive basic cars which are parked beside their parent's luxury cars in their family homes.
I have also met up with the children of professionals who rose through the ranks of their organisations. These professionals are employees of the companies that they represent. Their wealth did not come from the ownership of the business but from the top positions they hold within the organisation. They worked hard all their lives but seldom have enough time for their families. These folks tend to give in to their children and tend to pamper their children a lot more. This is especially true if both parents are working. My observation is that these kids are not as hungry as the kids of the entrepreneurs that I have met.
Even though the kids of successful entrepreneurs are blessed with a lot more wealth, they remain humble and hungry. I think at the end of the day, it is not the amount of wealth which will determine whether a child remains humble & hungry.... it is the upbringing that matters most. If parents spend quality time with their kids, they can nurture them to become humble and hungry.
This reminds me of the time when we were looking for a new office in a building that was undergoing renovations. Don't laugh but I walked straight into a glass panel. Everyone beside me did not know what to do as it was obviously quite funny. When I started laughing at myself, this broke the ice and the estate agent was then able to laugh as I knew then that everyone was just trying to control their laughter. By laughing at myself, I was indirectly telling every one else how silly I was to have walked into the glass panel. By laughing at myself, I admitted my mistake immediately and made fun of myself. It was my way of being humble and it was also a good way of getting out of an awkward situation even though it was a painful experience as I did get a bit of bruising around my forehead!
In life, we will make many mistakes. The first step is to be humble and recognise that we have made a mistake. Only after accepting that we made the mistake can we take steps to correct our mistakes. By laughing it off, we are basically telling ourselves that we have made a mistake and we have accepted our mistake. We can then move on to the second stage which is to understand why we made the mistake and to find ways of reducing the incidence of this happening again.
Too many of us have too much pride and are too embarrassed to accept that we have made mistakes. It does take courage to accept your mistake. But without first accepting it, we will not be in a position to rectify it. Don't be shy to admit mistakes as we are all human. Admitting to mistakes can only make us stronger, not weaker.
This reminded me of another hilarious incident. While we were having a management meeting, everyone noticed that I was suddenly very quiet. Usually, I will hear everyone first before commenting but this time, after everyone talked, I remained quiet. When I realised that everyone was looking at me for the final words, I then told them that I did not want to open my mouth because my front incisor crown just came off. I then just burst laughing as there was really nothing else I could do! Then, a strange thing happened. Those who had dentures then took theirs out to show that they too face the same problem. We all had the best laugh of our lives.
Humour does break the ice and reveal the funny side of life.
To be humble not only means that one accepts his mistakes readily but it is also a personality trait where one does not show off his wealth or position. Many successful entrepreneurs that I know live very simply and they continue running their businesses because they simply enjoy doing so. They drive very basic cars and this state of affairs is usually rubbed off to their kids. Perhaps entrepreneurs spend more time with their kids and perhaps their kids may have also gone through some of the tough times with them before their businesses became successful. And this may be the reason why the kids of successful entrepreneurs tend to be humble and down to earth.
As for hunger, anyone who has ever tried to build a business from scratch, will know the feeling. When I started my company, there were many times when I found it tough to even have enough food on the table. These experiences still haunt me till today and this is why I will always remain hungry regardless of how much I have in my bank account. I am sure all other successful entrepreneurs who started from scratch will harbour the same mentality. As a result, we will always remain cautious with regards to money because we do not want to fall back to the early days of not having enough money.
This cautiousness with regards to money is rubbed off to our kids in the direct and indirect ways in which we use money. This is why I think the kids of successful entrepreneurs usually remain as hungry as their parents. Yes, I also know of entrepreneurs who spoil their kids and they then become proud individuals with little or no hunger in their spirits. But these are few and far in between. Perhaps it may be just the company that I keep that I am exposed to more humble and hungry kids of successful entrepreneurs.
At the end of the day, I think that the best gift we can impart to our kids is not the amount of money we leave to them, but their ability to remain humble and hungry. If a child remains humble and hungry, it really does not matter if we leave the child with zero inheritance or the entire estate. They will know how to handle the money given to them.
It is my hope that my kids will always remain humble and hungry because these qualities will ensure that they will lead fruitful and successful lives. When our kids are successful, they too can help others as I always believe that we have to be financially independent first before they can help others. Otherwise, we are only fooling ourselves because the help that we give to others cannot last.
Many of these children now run divisions within the listed companies owned by their parents. Some of them rose from ground level up. They worked as salesmen pushing products in the company booth in trade exhibitions and it is obvious that they were not given any special privileges. They drive basic cars which are parked beside their parent's luxury cars in their family homes.
I have also met up with the children of professionals who rose through the ranks of their organisations. These professionals are employees of the companies that they represent. Their wealth did not come from the ownership of the business but from the top positions they hold within the organisation. They worked hard all their lives but seldom have enough time for their families. These folks tend to give in to their children and tend to pamper their children a lot more. This is especially true if both parents are working. My observation is that these kids are not as hungry as the kids of the entrepreneurs that I have met.
Even though the kids of successful entrepreneurs are blessed with a lot more wealth, they remain humble and hungry. I think at the end of the day, it is not the amount of wealth which will determine whether a child remains humble & hungry.... it is the upbringing that matters most. If parents spend quality time with their kids, they can nurture them to become humble and hungry.
This reminds me of the time when we were looking for a new office in a building that was undergoing renovations. Don't laugh but I walked straight into a glass panel. Everyone beside me did not know what to do as it was obviously quite funny. When I started laughing at myself, this broke the ice and the estate agent was then able to laugh as I knew then that everyone was just trying to control their laughter. By laughing at myself, I was indirectly telling every one else how silly I was to have walked into the glass panel. By laughing at myself, I admitted my mistake immediately and made fun of myself. It was my way of being humble and it was also a good way of getting out of an awkward situation even though it was a painful experience as I did get a bit of bruising around my forehead!
In life, we will make many mistakes. The first step is to be humble and recognise that we have made a mistake. Only after accepting that we made the mistake can we take steps to correct our mistakes. By laughing it off, we are basically telling ourselves that we have made a mistake and we have accepted our mistake. We can then move on to the second stage which is to understand why we made the mistake and to find ways of reducing the incidence of this happening again.
Too many of us have too much pride and are too embarrassed to accept that we have made mistakes. It does take courage to accept your mistake. But without first accepting it, we will not be in a position to rectify it. Don't be shy to admit mistakes as we are all human. Admitting to mistakes can only make us stronger, not weaker.
This reminded me of another hilarious incident. While we were having a management meeting, everyone noticed that I was suddenly very quiet. Usually, I will hear everyone first before commenting but this time, after everyone talked, I remained quiet. When I realised that everyone was looking at me for the final words, I then told them that I did not want to open my mouth because my front incisor crown just came off. I then just burst laughing as there was really nothing else I could do! Then, a strange thing happened. Those who had dentures then took theirs out to show that they too face the same problem. We all had the best laugh of our lives.
Humour does break the ice and reveal the funny side of life.
To be humble not only means that one accepts his mistakes readily but it is also a personality trait where one does not show off his wealth or position. Many successful entrepreneurs that I know live very simply and they continue running their businesses because they simply enjoy doing so. They drive very basic cars and this state of affairs is usually rubbed off to their kids. Perhaps entrepreneurs spend more time with their kids and perhaps their kids may have also gone through some of the tough times with them before their businesses became successful. And this may be the reason why the kids of successful entrepreneurs tend to be humble and down to earth.
As for hunger, anyone who has ever tried to build a business from scratch, will know the feeling. When I started my company, there were many times when I found it tough to even have enough food on the table. These experiences still haunt me till today and this is why I will always remain hungry regardless of how much I have in my bank account. I am sure all other successful entrepreneurs who started from scratch will harbour the same mentality. As a result, we will always remain cautious with regards to money because we do not want to fall back to the early days of not having enough money.
This cautiousness with regards to money is rubbed off to our kids in the direct and indirect ways in which we use money. This is why I think the kids of successful entrepreneurs usually remain as hungry as their parents. Yes, I also know of entrepreneurs who spoil their kids and they then become proud individuals with little or no hunger in their spirits. But these are few and far in between. Perhaps it may be just the company that I keep that I am exposed to more humble and hungry kids of successful entrepreneurs.
At the end of the day, I think that the best gift we can impart to our kids is not the amount of money we leave to them, but their ability to remain humble and hungry. If a child remains humble and hungry, it really does not matter if we leave the child with zero inheritance or the entire estate. They will know how to handle the money given to them.
It is my hope that my kids will always remain humble and hungry because these qualities will ensure that they will lead fruitful and successful lives. When our kids are successful, they too can help others as I always believe that we have to be financially independent first before they can help others. Otherwise, we are only fooling ourselves because the help that we give to others cannot last.