I think part of this that is important enough to be individually specified is that knowing you have parents who will keep a bed for you and put food on the table for you in case you take a (business, career, whatever) risk and it doesn't pay off as well as you had hoped is a huge advantage.

Not having to worry about that stuff, whether it's immediately after graduating from high school or college or when thinking about taking all your money and investing it in yourself/your new business venture is liberating.

Of course, this require two things of the parents, to put forth the effort like you say, and also to have the means to support a dependent.