The next generation of small business owners: five ideas to keep it simple.

• Author: Branham, Michael A.
• Position: SPECIAL SECTION: Junior Achievement

I'm the son of a small business owner. I understood from a young age that to make a business successful one had to be all in; that long hours, hard work, and self-sacrifice were part of the entrepreneur's tool chest. We didn't have mini-MBA courses in my house to teach these lessons, they were simply observed over time. Children are incredibly inquisitive and impressionable, so how can we equip the next generation of small business owner with the skills they'll need to succeed? In my experience, keep it simple and start with these five ideas:

Develop a Strong Work Ethic

One of the best gifts you can give your children, as well as one of the best tools for the future entrepreneur, is to foster a strong work ethic. Expect them to do various jobs around the house, hold them accountable if they don't, and offer a reward (usually financial) if they do. Additionally, ask them to put in some effort for major purchases like a new bike or cell phone.

Foster Self-Motivation

The ability to work independently towards success is critical to any entrepreneur. There are some key components of self-motivation that can be unlocked in your children, and allowing them to witness these traits in your actions is a great learning tool. Maintaining a positive attitude in the face of adversity; curiosity and the desire for continued learning; the willingness to take risks (and to fail); and a keen self-awareness of one's strengths and weaknesses are all key to the development of a motivated business owner. It's important that rewards extend beyond the financial, so be sure to highlight sense of accomplishment and other intangibles when communicating a job well done.

Encourage Creativity and Passion

My dad has worked in the elevator business, and owned elevator related businesses, for his entire adult life (and my entire life), and yet I have no mechanical inclination. Pushing the button for my intended floor is about as elevator savvy as I get. The opportunity for me to learn the requisite skills to be in the elevator business was certainly a possibility, but it never interested me. My dad understood that, and always encouraged my brothers and I to find our own paths. Giving kids the space, and freedom, to figure out what excites and interests them will allow them to run businesses that excite and interest them and give them the best chance at being fully motivated to succeed in their own endeavors. Be open to the fact that it may not be what you had in mind when...