Children of entrepreneurs are more likely to start their own businesses; this paper pegs an increased likelihood at 60%.
This has implications for financial well-being; as Robert Frank writes in Richistan, “Most Richistanis got where they are by tapping into this global river of cash—usually by starting their own companies.”
It’s important to acknowledge this tendency. If your parents weren’t entrepreneurs, then you’re going to have to overcome factors like not growing up with role models, observed intuitions, and preferences or adaptations towards risk.
Some simple examples: You wouldn’t have gotten to soak up what being an entrepreneur felt like, how an entrepreneur made decisions, and watch negative and positive outcomes unfold. If one or both of your parents were entrepreneurs, you would have watched them live it in real-time, soaking it up like a sponge as a child. That’s a gift.
In other words, if your parents weren’t entrepreneurs, choosing a path of entrepreneurship will feel like a bigger intuitive leap because it is.
There are all sorts of intergenerational advantages like this outside of entrepreneurship as well—some that work in your favor, and others that won’t.
Conversely, if you want your (future) children to take a bet on themselves and become entrepreneurs, a reliable way to do that is to do it yourself.