085: Margot Bisnow on How to Raise an Entrepreneur

College? 9-5 job? In today’s internet-driven world it’s perhaps more possible than ever to skip these and become an entrepreneur. I interview many of them and as an accidental entrepreneur myself, it’s a topic that’s extremely personal to me.It can’t be denied that the rules for success have changed since our parents’ generation. So how do we know how to guide our kids in a changing world?Enter Margot Bisnow, Entrepreneur and MomMargot Machol Bisnow raised two sons who both grew up to be successful entrepreneurs (just one of her claims to fame!). Her son Elliot Bisnow founded Summit, an influential conference series promoting entrepreneurship, and her son Austin started the Indie band Magic Giant.The entrepreneurial bug bit Margot’s husband Mark too, but later in life, when he started his national newsletter company Bisnow Media at the age of 50.Margot herself, after 20 years in government and serving on the President’s Council of Economic Advisers, decided to capture her ideas about entrepreneurship and parenthood in her 2016 book Raising an Entrepreneur: 10 Rules for Nurturing Risk Takers, Problem Solvers, and Change Makers.Something’s up with this family! What did they do differently? Is there a “secret” to unlocking this kind of change-making potential?Parenting an Entrepreneur 101The entrepreneurs Margot interviewed did in fact have something important in common: a parent (usually a mom!) who believed in them.For her book Margot took on the monumental task of interviewing over 70 mothers and their wildly successful offspring—entrepreneurs, activists, and artists like Eric Ryan of Method products, Robert Stephens of Geek Squad, Adam Braun of Pencils of Promise, Blake Mycoskie of TOMS Shoes, and Tom Scott of Nantucket Nectars.The result is a fascinating collection of stories from families (with a huge variety of backgrounds, social status, and means) who somehow ended up with kids who thought out of the box, weren’t afraid to fail, and went about success in a different way.So what’s the common factor among these families? Can parents do anything to create creative kids?As the mom of 6 kids, I’m hanging on Margot’s every word!In This Episode You’ll Learn:What an entrepreneur really is (and why we’d want our kids to be one … it’s not only about money either!)The lessons learned from interviewing over 70 entrepreneurs and their momsOne trait all successful entrepreneurs had in common (hint: it has to do with moms!)Why you may not want your kids to follow your path in life … especially in today’s worldReasons why helping your kids may hurt them in the long runWhat you should never praise (success) and the thing you should (hard work)The influence of birth order on future success as an entrepreneurHigher education: is it really the best path for today’s kids?How to get comfortable with risk-taking and change as a parentAnd, is it even legal to raise an entrepreneur today? (you’ll see what I mean!)Resources We MentionBook: Margot Bisnow,