So, your ivy league educated graduate child just announced his decision to abandon his professional education to pursue a career in photography, fashion designing or animation. You might not agree but It is not necessarily cause for alarm. The world as we know it is fast evolving and society now accommodates new age careers that were unpopular just a few years ago.
There is now such a thing as professional photographers, bloggers, stylists, animators, even fashion designers and cobblers who have gone ahead to make a comfortable living from their trade.
Akintayotimi for instance has travelled the world photographing weddings. Bayo Omoboriowo who is currently the president’s official photographer chose photography regardless of his first-class degree and mouth-watering job offers. Mai Atafo abandoned a budding career as a brand Manager with the Diageo group to pursue fashion designing. These examples and many others in the art and IT sectors are proof that your ward might be in good company.
How can you support your child’s new age career? Consider the following tips
Understand that your investments are not wasted
Although he might be abandoning the chambers to start a clothing line, the exposure and world view gained during his education would definitely impart on his trade. Not only will his approach to work and delivery be world class, he would also be able to better manage his business and you would have achieved your aim of giving him a good foundation on which to build the future.
Appreciate their ability to discover themselves
It’s a great thing that your child can look inwards to discover and harness his talents and potentials. Instead of disdaining his decision, attempt to see things from his perspective. Respect his passion and vision.
Show interest but don’t hover
This is his thing, not another branch of the family business. So, while you are trying to support, be careful not to hover. You can offer business advice and share proven principles that have worked for you but don’t attempt to run the business for him. Allow him to make his own decisions.
Help them with needed exposure
Entrepreneurs often need a platform to show the world their skill or goods. As much as you can, help with needed contacts and providing that platform. Encourage him to leverage on your name and goodwill.
Keep them responsible
It’s easy for a young person with big dreams to lose focus along the way, especially when faced with obstacles or a sudden rush of victories. Keep them grounded in any way you can. You could make a provision in your Trust for instance that allows your ward access to particular privileges only after he has met the condition of successfully managing his business past the five-year mark.
Celebrate their victories
For entrepreneurs and new age professionals, little victories form the stepping stone to the limelight. Celebrate those little victories with them. Congratulate him on his first client, use his product if you can, display his art in your office, play his song from time to time. Assure him you are proud of him.
Give them a soft-landing place
Many times, dreams do not materialize. Your new age entrepreneur might eventually see reason to return to the chambers or join the family business like you have always wanted. Keep the space open for him to make the switch if the need arises. Be there to help him pick up the pieces and start off on a new direction.
Apart from a sound education, another highly beneficial gift you can give your children is a well-planned estate, one that ensures your legacy is preserved for them and your good wishes for them are followed to the letter.
Talk to us today, we’ll meet your estate planning needs with a bespoke plan tailormade, just for you.