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We may dream big but on its own, that doesn't ensure success.

OPINION: I encourage my kids to dream big.  I encourage my clients to dream big.  I dream big.  

I love the story of the underdog who conquers, and genuinely believe for every Goliath there is a David.  

Telling our kids to reach for the stars is something parents should do, but we're doing them a disservice if we don't explain the rest of the equation.  

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Hannah McQueen: ''A good strategy identifies where the opportunities lie, but more importantly it identifies where the challenges are.''

Because for every measure of inspiration, there must be an equal dose of motivation, hard work, a generous serving of strategy, served with a side of good timing.  

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This is true when it comes to choosing a career, and it's true when it comes to starting a business.

Being inspired to pursue a particular career doesn't ensure you're suited to that career, that you will excel at it, or even that there are jobs in that field.

The same can be said for business. Anyone can come up with an idea, but not everyone can make that idea into a business, and not every business will become a success.

In fact, according to Bloomberg, 80 per cent of entrepreneurs who start a business fail within the first 18 months.

I would wager that these entrepreneurs dreamed big and were motivated, some may even have had the right strategy, but that still didn't get them there.  

For some it may have been that their timing that was off, or they ran out of money and resources.    

For many start-up business, lack of funding is their main constraint.  Helping your child understand their constraints is not bad parenting, but rather showing them how to overcome or work around these handicaps is powerful.

Don't teach them to expect plain sailing, teach them how to sail into the wind.  This is the start of teaching the importance of strategy.  

A good strategy identifies where the opportunities lie, but more importantly it identifies where the challenges are, and when you will need to think creatively.  

In the David and Goliath story, in order to defeat Goliath, David first had to acknowledge the giant existed, then formulate a strategy that he could execute despite his disadvantages, with the tools he had at his disposal.

He was too small for armour and was unskilled with a sword. He worked with what he had – 5 stones and a slingshot – and won the fight. That result was a combination of creative thinking, timing, confidence and strategy. 

I don't think it's necessarily the job of the dreaming child, or even their parent to come up with the strategy, but usually someone needs to.   

Lofty goals are a dime a dozen. A strategy to achieve the goal is less common; and a well-executed plan is surprisingly rare.  

As parents, we shouldn't just tell our kids they should reach for the stars, we need to be brainstorming with our kids how they can and the challenges they may face if they do.

Hannah McQueen is an author, accountant and financial advisor.

 - Sunday Star Times