Peter Drucker, the father of modern management, observed that most family-run businesses do not last beyond the third generation. To reach the top is easy but to be there is the most difficult thing to do.
The biggest challenge for a successful businessman is to ensure maintenance of his wealth after he is dead and gone.
Children born with a silver spoon in their mouth would hardly understand the effort, pains and hard work their parents put up in to become rich. How are such people supposed to train their children?
Kautilya advices, “For, like the piece of wood eaten by worms, the royal family, with its princes undisciplined, would break the moment it is attacked” (1.17.23)
Disciplining one’s children is a must for every successful person. A certain level of control and direction has to be given to them. If not, they will become like a piece of wood eaten by worms and white ants which looks strong from outside but is very hollow within. The moment a small pressure is applied it breaks.
Few are steps that will help discipline the child of a businessman.
Challenge them. Challenge their thoughts and ideas. Initially it may seem difficult but that is the only way to get matured. Only when one’s beliefs and ideologies are challenged does one come out of his comfort zone. Secondly, let them face challenges on their own. It is very tempting for parents to go out and help their children when they are in trouble. But hold on! It is only by struggling to break the shell of the egg that a bird emerges.