Tips on how to raise Entrepreneurial kids
Many entrepreneurs today had parents who never thought they’d end up running a business of their own. The emphasis was and still is that individuals should focus on school so they can get a job. Entrepreneurship, which requires much more extensive skills and experience, has not quite received that kind of intentional childhood training.
Many entrepreneurs struggle to internalize the qualities that make a successful entrepreneur. That’s because they are way past their formative years when they easily form or change habits. You can help the next generation of entrepreneurs by teaching them to think and act like entrepreneurs.
12 Tips for raising entrepreneurial kids
Start simple with zero pressure
Entrepreneurship can be complicated but learning entrepreneurial skills doesn’t have to be. Start with the simplest concepts like saving to buy a toy, rewards for doing extra chores. And then slowly move to more complex topics like profit and loss, advertising and relating with customers. Taking it slow and steady also ensures that your child doesn’t feel pressured to become an entrepreneur. Once the pressure is off, learning becomes a lot more fun.
Show them how money works
Being entrepreneurial is not all about the money but it’s important kids learn how money works. Money doesn’t grow on trees but a lot of little kids don’t know that and so they attach the wrong value to money. Your kids need to understand that money is earned by offering a product or service to another person. A practical demonstration on a small but progressive scale would be great.
Give them opportunities to practice
Even if your child can not set up a lemonade stand or sell newspapers, they could still practice their entrepreneurial skills. They can practice negotiation skills by negotiating a higher allowance instead of simply demanding it. Teach them problem-solving skills and step back to let them practice with simple challenges. Allowing them to put their skills to practice encourages innovativeness.
Give them responsibilities
Children aren’t born with a sense of responsibility, they need to be taught. Having responsibilities teaches children about teamwork, deadlines, accountability, leadership and consequences. Apart from house chores, a child should have personal and social responsibilities. Children who learn to be responsible early find it easier to practice discipline and hard work. Social responsibilities also help them develop qualities like selflessness and kindness.
Teach planning and budgeting
This is one of the more technical but straightforward tips. You must teach your kids how to manage their time and money. Those are key entrepreneur skills. Encourage your child to create to-do lists every morning and keep a record of how they get and spend money. Help them with regular reviews to identify how they could have done more with less time. And bought more with less money as well.
Allow them to take calculated risks
All the big-name entrepreneurs are people who took risks. Chasing one’s dreams, investing in a new business or attempting to innovate are risks. Instead of discouraging your child from attempting a radical idea, guide them through it. Show them how to weigh the pros and cons of a decision before choosing the right one. They will learn how to manage risky situations and take chances on themselves and their dreams.
Give them a better view of failure
Many people experience failure and give up on their dreams. Because they were raised to believe that failing at something meant that they were incapable of success. Teach your kids to learn from failure rather than fear it. They should not see failure as an end but a chance to try again, differently. Be gentle and contractive with your feedback in situations where they have failed for whatever reason.
Allow self-expression
Helping your child to develop an entrepreneurial mindset is to encourage them to believe in themselves. To dream big and see a future of amazing possibilities. Allow your child’s natural abilities and interests to blossom. Also, give space for healthy debates and conversations. That will help them learn assertiveness and confidence.
Help them build resilience
One distinguishing quality of successful entrepreneurs is their ability to persevere in times of difficulty. Raise your kids to be resilient, guide them to always see a bright side or at least a way out in difficulties. Some practices boost an individual’s resilience, learn them and teach them to your kids. Some of those practices are mindfulness, affirmation and networking.
Use books and games
One of the fun ways kids learn is by reading. You will find more than a few books that teach kids about entrepreneurship online and in bookstores. Look out for children’s books with themes like saving money, being responsible, being honest and so on. Some books may even contain fun games, coloring activities or role-plays.
Teach them to see opportunities
Finding the right ideas makes the entrepreneur. They look at their environment and spot opportunities and solutions. You can use real-life or imagined situations to get your child’s creative juices flowing. Ask questions that will spur them to think of solutions and how they can be part of that solution. For example, if a neighbor’s car is dirty, lead them into suggesting it needs washing and then realizing they could wash it.
Be their role model
Kids learn more from what they see you do than what you say. You can’t raise a well-adjusted entrepreneurial kid if you lack entrepreneurial qualities. So the first thing is to inculcate an entrepreneurial mindset and let it show in your actions. Then you can teach your children to be entrepreneurial too.
Conclusion
If they had raised everyone to be entrepreneurial, we bet there would be fewer business failures. But entrepreneurship skills aren’t only useful for making money, they build resilient, innovative and independent individuals.