These days, the traditional path of getting a good education and going to work in the corporate world isn’t always the best way to find success. Although it’s still a great choice, many young people prefer instead to take a path of entrepreneurship, and there’s a lot that parents can do to help them follow that path. Lemonade stands, family learning adventures, and smart financial lessons are just a few of the ways that parents can instill an entrepreneurial attitude of success in their children from a very early age. Read on to find out how you can help your child become a great entrepreneur from the very start.
Instill a good work ethic in your children by requiring that they earn their allowance. Emptying the dishwasher, mowing the lawn, and washing the family dog are all ways that kids can learn how to earn money. Take it a step further by encouraging them to do similar tasks for neighbors as a way to earn additional money.
Lay the foundation for earning money by giving it a place to go. When your child earns money, make going to the bank a major event that is it’s own reward. Have fun helping your kids do the math and figure out how much they’ve put away in the bank for all their hard work.
Teach your children that going above and beyond leads to increased earning. Give them the opportunity to do more difficult chores that go above what they’re normally expected to do. Trent at The Simple Dollar suggests that kids can pull weeds, and parents will pay a certain amount for every pound of weeds delivered.
Kids begging for items at the store might be annoying, but it’s a teachable moment. When your child asks for a toy that’s out of budget or not really necessary, make it a goal to earn enough money to buy it. Encourage your child to come up with ideas for ways to make enough for the toy and maybe even more.
Whether your kids want to start a blog, sell vegetables from your garden, or set up a classic lemonade stand, give them your time and encouragement. Let them learn by doing, and find opportunities for lessons along the way. Ask them to consider how they’ll fund their startup, where to get supplies, how much to charge, how to find their customers, and of course, what to do with the money they earn. You should of course set some limitations for time, legality, and safety, but be open to let your kids explore their own ideas. Allow them to fail, and turn failures into learning moments.
Rarely do entrepreneurs succeed completely independently. Even if they’re in business alone, they’re networking, getting others interested, and meeting with people that can help get their business off the ground. Learning how to work with others is essential for success, so be sure to encourage group work in school, in your home, and beyond.
Team sports are a great way to teach kids to work with others, and they’re also great for learning business lessons. Chances are, they won’t win every game, but the setbacks and hard work that are a part of playing sports can teach kids how to work toward success.
Every great entrepreneur needs a mentor, and for your kids, you are that person. Although you should encourage your child to operate independently, always be there to answer questions or offer helpful suggestions. If you don’t know how to solve a problem, learn how to do it together.
Doing what they’re told is easy for most kids. Asking them to complete certain chores is simple and straightforward. But if you want them to start thinking creatively, encourage their initiative. Ask them to come up with ideas for chores that need to be done, or encourage them to plan a meal and cook for the family once a week.
Some of the best entrepreneurs found success simply by filling a need that no one else even knew existed. The world is full of business opportunities, if only we could notice them. Parents can help their children learn to recognize these types of opportunities by developing observation and creativity. Walk around your neighborhood with your kids and consider which needs are not being met. Do you have neighbors that need lawn care? Businesses that need a website? Teach kids to recognize and anticipate the needs of others.
Entrepreneurship can be a bumpy road full of obstacles and challenges to overcome, even for the best-laid plans. Show your children that problems are just solutions that have not been solved yet. Give them small challenges to overcome, and nudge them in the right direction to find a solution.
Kids can learn about entrepreneurship by watching you in your own venture. Even if you’re working a 9-to-5 office job, you can take on a small entrepreneurial experience on the side. Selling crafts on Etsy, walking dogs, and doing handyman (or woman) work is a great way to set an example. Be sure to openly share your experiences with your kids.
In addition to setting your own example in entrepreneurship, encourage your kids to learn from the greats. Tell them the stories of young, successful entrepreneurs like Mark Zuckerberg, who started Facebook in his dorm room. Give them examples and role models to look up to and be inspired by. Show them that others are making it big as entrepreneurs, even other teens and young adults.
Many schools have chapters of Junior Achievement, an organization that brings business owners into schools to teach and mentor students as they create entrepreneurial opportunities. This is a great way for your child to learn about leadership, teamwork, and real world entrepreneurship in a team setting.
Many games exist to teach kids the basics of business. Make learning about entrepreneurship fun by engaging your children in these games. In one such game, Disney’s Hot Shot Business, children decide what to do when a comic book company leaves town and leaves the opportunity to utilize resources.
“Grit is passion and perseverance for very long term goals. Grit is having stamina. Grit is sticking with your future. Day in Day out. Not just for the week, not just for the month but for years. And working really hard to make that future a reality. Grit is living life like its a marathon, not just a sprint.”
Imagine if you were blind. Complete darkness. No Colors, No Views, No Beauty, Just Pitch Black. If you were blind, ask yourself how badly you would want to see. If pushing yourself to your limits could give you sight, would you do it? If there was a cure would you let anything stand in your way? Would you listen to haters and the critics to see again? Do you really want to succeed?
Would you really care if they mocked you, laughed at you, pointed at you or bad-mouthed you? Would you be concerned about your extreme goal or just embrace the extreme work? What if you had to learn hurt, trust pain, and embrace struggle, would you still be concerned with being realistic? Would you still figure your odds and calculate your chances? If you had to spend more time planning your work-outs and less time planning your weekends, would it even be a tough choice?
If the cure for blindness was humility and pain, would you go for it? If the cure for blindness was looking foolish would you risk it? If seeing again took a fight, would you start swinging? If the cure was doing things you can’t do, would you attempt them? If a few extra hours, a few more drops of sweat and a little bit more blood was all it took, would you claim your sight?
Do you really want to succeed? Then choose to be blind and do whatever it takes to see. Because if you don’t, then you are just blind anyway.
Using this in my MMM. Great video showing how we can impact others on a daily basis. Many applicable areas, for our business it shows what we can do for a family with our policies.
Burn the Boats! 