Which Comes First Parenthood or Money?

By Prof. Enrique Soriano

Balancing the demands of running a business with the responsibilities of parenthood is no easy task, especially for those who started with very little. Many successful entrepreneurs began their journeys with just the shirt on their backs, driven by a relentless pursuit of a better life for their families.

Baby boomers I’ve come to know and respect were migrants or children of migrants who embraced hard work after seeing their parents toil just to get by. For some, this journey involved harrowing experiences, including breakups with their parents, siblings, or cousins. Many of these individuals moved to cities to eke out a living, fighting for survival, overcoming obstacles, and eventually becoming successful business owners.

In their quest to prove themselves to their extended and estranged families, they often had to prioritize survival and build a stable foundation, sometimes at the expense of being present parents. This raises the question: Is there a good balance between entrepreneurship and parenting?

Case Study: My favorite client May

Consider the story of  May (not her real name), a successful entrepreneur who built a thriving trading and property business from scratch. May, armed with a college education but no resources, worked tirelessly to provide for her family. Despite the long hours and challenges,  May always made time for her children. She prioritized being present in their lives, attending school events, and creating family traditions. May’s ability to balance her business responsibilities with her role as a mother exemplifies that it is possible to achieve both professional success and be a good parent.

On Being a Good Parent First:

1. Prioritize Time with Family: Set aside dedicated time each day to spend with your children. Engage in activities that foster bonding and create lasting memories.
2. Be Present: When you are with your family, be fully present. Put away distractions and focus on the moment.
3. Teach Values: Impart important values such as integrity, kindness, and perseverance through your actions and words.
4. Provide Guidance: Be a source of wisdom and guidance for your children. Help them navigate challenges and celebrate their achievements.
5. Create Traditions: Establish family traditions that your children will cherish and carry forward into their own families.
6. Balance Work and Family: Strive for a balance that allows you to fulfill your professional responsibilities while being an active and engaged parent.

Finding the Balance

The stories of entrepreneurs like May demonstrate that it is possible to find a balance between building a successful business and being a good parent. While the initial stages of business development may require intense focus and long hours, it is essential to find ways to integrate family time and prioritize relationships. This balance is not only beneficial for the family but also contributes to the overall well-being and success of the business owner.

The Long-Term Benefits

Investing in your role as a parent yields long-term benefits that extend beyond the immediate family. Children who grow up in nurturing environments with present and supportive parents are more likely to become well-rounded, successful individuals. They are also more likely to appreciate the legacy of values and love that their parents have left behind.

Learnings

Being a good parent first lays the groundwork for a meaningful and lasting legacy. While the demands of building a business are significant, the relationships we cultivate with our children and the values we instill in them are what truly endure. By prioritizing our roles as parents, we not only enrich our own lives but also create a foundation of love, wisdom, and support that will benefit future generations. In the end, it is the love we share, the values we uphold, and the moments we cherish that truly define the richness of our lives.