Entrepreneurial Kids vs Kid Entrepreneurs
It’s easy to assume that every kid who owns a business is entrepreneurial. But being an entrepreneur and being entrepreneurial are two different things. And a person may have one without the other. So even if your kid shows no interest at all in running a business, they could still be entrepreneurial. In this article, we discuss the details of being an entrepreneurial kid vs being just a kid entrepreneur.
Who is a kid entrepreneur?
In the simplest terms, an entrepreneur is someone who has their own business. They take financial risk in setting up a business to make a profit because they might make a loss. The entrepreneur may simply come up with an idea and funds while someone else manages the day-to-day activities of the business.
So a kid entrepreneur is a kid who owns a business. It could be that they are running the business themselves or it was set up and run by their parents. That a kid is an entrepreneur is not an indication that they are entrepreneurial. Some entrepreneurs lack the skills needed to run a successful business. Their businesses tend to crash and burn quickly.
Entrepreneurship is not for every child, regardless of their entrepreneurial skills. But if kids want to be an entrepreneur, they should be encouraged to build entrepreneurial skills. That will give them a better chance at long-term business success.
What it means to be an entrepreneurial kid
To be an entrepreneurial kid is to have the mindset and skills that make entrepreneurs successful. Skills such as creativity, empathic communication, problem-solving and negotiation are what mark successful entrepreneurs. An enterprising person can take initiative, see opportunities and act on them.
Enterprising people have leadership and business management skills. They can organize and work with people and material to achieve organizational or financial goals. They are assertive, resilient, resourceful, ambitious, and energetic. The world may one day have enough entrepreneurs but people with entrepreneurial mindsets will always be in demand. They are thinkers, doers and leaders.
Entrepreneurial skills are not only useful to business owners. They can be applied in our personal and professional lives. Whether you are an astronaut, an artist, or own a million-dollar firm, you’ll benefit from having entrepreneurial skills.
Why you should raise your kids to be entrepreneurial
Raising entrepreneurial children requires deliberate and systematic efforts. The efforts are well worth it for the following reasons.
Optimistic attitude towards life
Entrepreneurial kids have learned to see failure as a bump in the road, not a halt to progress in life. They understand that they can bounce back from any fall with time and persistence. Such children see opportunities where others only see disaster. They have confidence in their ability to handle whatever life throws their way.
Competitive advantage
Life’s not a competition but sometimes you need to stand out for certain opportunities to come your way. A person who has good time management and teamwork skills is more productive. Employers and investors value critical thinking, analytical problem solving, strategy and planning skills. A person with great networking skills will themselves with easy access to information and resources. If your child grew up with those skills, they grow up with an advantage.
Make the world better
For entrepreneurial persons, purpose comes before profit so they focus on creating value first. Not just value for themselves but society as well. When your kids are entrepreneurial, they understand that life goes beyond just having things. They have a sense of social responsibility. They will find a way to give back to the world, wherever they are, whatever they do. Those are the best kind of entrepreneurs.
More satisfaction
An entrepreneurial attitude can help kids go on to live satisfying lives. They dare to take chances and stick with their decisions. If things don’t work out, they are resilient to bounce back. More importantly, they have a mindset that pushes them to be a lot more daring. For example, an entrepreneurial kid dares to choose a career path even if it’s not traditional. Higher stakes bring higher satisfaction most times, right? So
Prepared for entrepreneurship
So your child may not be interested in owning a lemonade stand or selling cookies right now. But who’s to say they won’t come up with an amazing business idea at 26 or so. By instilling entrepreneurship qualities in kids, you ensure that if they are ever ready to start a business, they have the skills they need.
How to raise an entrepreneurial kid
Instill an entrepreneurial mindset
Teaching entrepreneurial skills to your kids should start as early as they can comprehend words. Instill in them a mindset of abundance, that they are creators of opportunities. Teach them that making mistakes is part of success and their lives should be what they want them to be. They need to understand that work requires discipline but it can be creative and rewarding.
Help them practice
We learn by doing. We also learn by experimenting, tinkering and making mistakes. Create fun opportunities for your kids to learn entrepreneurial skills. Give them responsibilities that will teach teamwork, leadership and time management. Make them practice pitching and negotiation skills when they make requests. Have role-playing games that help them develop skills like sales, marketing and customer service. Financial accountability is essential, so teach them to budget and record expenditures.
Conclusion
Not every kid can be an entrepreneur but it would be great if all kids are raised to be entrepreneurial. The skills that entrepreneurial kids learn will make them well-rounded professionals someday.