Memo to Millennials

I handle many family transition issues, the coaching and mentoring of family members, and succession planning for businesses. One of the things I see most often is that young people coming into a business are not there as a first choice. Sometimes they feel guilty that they should help their parents. Other times they have nowhere else to go.

Young people should work outside of their family business before they join it. Sometimes it’s too late for that, and there is little recourse but to continue on. But this often leads to problems, uncertainty about long-term commitment, and resentment about not being able to choose one’s own path in business and in life.

 
Young people deserve the right to follow their passion and to choose their own way. One of the things I recommend to Millennials is to simply write down in one column what you love to do, in another column what you are good at doing, and in a third column whether you can earn a living from either or both. We are usually quite good at what we like to do, and if we can make money doing it, we may have a formula for success.

Sometimes our work is a means to an end and simply a way to earn a living. When this is the case, we often find a hobby where we can unleash our true happiness. Sometimes people can find that joy through their hobby, and also make a nice living from it. It’s hard to do, but perhaps worth trying. If you’re a Millennial, consider this option. It will help you decide what you truly want to do.

Business Tips:

• Courage without measured caution is a recipe for disaster. Have the common sense to listen to others and consider their advice.
• When we are too close to a problem, we are blinded by familiarity and proximity, while others can see the issue immediately.
• We don’t realize the power of our words until we are silenced by the words of others. Be careful about what you say to people.

Life Tips:

• That uncomfortable feeling when things just aren’t right, is often caused when we get outside of our comfort zone or experience.
• Humility is not having a low opinion of yourself, but rather, the right opinion. Humble people are comfortable in their own skin.
• Time is your most precious asset in life. Use it to explore new horizons, discover your passion, and share great moments with friends.

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