We all love kids, because most kids are daring, adventurous, eager to learn, willing to take risks, fearless, and decisive. Most of these traits are equally found in most successful entrepreneurs.
Although they are enthusiastic about all their activities the best that you as a parent can do is to nurture your child’s entrepreneurial spirit. It is great to teach your kids important life skills generally, but but it is equally important to teach them how to become budding entrepreneurs.
We have listed 10 such simple steps to help you through this process, so read on.
1. Communication is the key
Communication is the best and only means to put your thoughts across in a creative manner. So, share how and where you find business opportunities. Make a family game of encouraging them to look at situations and imagine what it would take to make improvements. Not just that, you should also tell them about the sacrifices that you had to make to get where you are today and that they will need to do the same sometime in future. This will surely make them appreciate what you are doing and they would be more than willing to contribute to your business and its success.
2. Show them the bright side, inspire them
Let your kids see the smart things that you do to protect your business. Let them see how you manage your mails, a glimpse of your tax and income/expense reports. Let them know the value of keeping your business secure in ways like using a VPN, having a very strong password, etc. This will help them understand and value security.
3. Encourage the entrepreneur in them
While you tell them about what you do, also encourage them to start something of their own. Teach your kids about supply, cost, profit, loss and encourage them to work to earn enough money for that special doll or a new guitar. This encourages them to think through problems, builds their own sense of self and develops their voice. And all these traits are definitely required in am entrepreneur.
4. Show them the importance of creativity in Entrepreneurship
Encourage your kids to think out of the box. Guide them to be creative about ideas. Help them find solutions to their problems. Write lists of solutions together. Map out potential answers together. Make time to create with your child. Creativity is a skill that will always serve them in entrepreneurship.
5. Don’t downgrade Failure
Failures are very important and inevitable for anyone and everyone. So don’t downgrade failure, allow your kids to fail. But at the same time help coach them toward solutions for their own recovery after failure. Don’t solve the problem for them or blame the world or external circumstances.
6. Encourage their Determination
The type of workload and challenge involved in entrepreneurship is enough to stop many people from pursuing the entrepreneurial career path. Hence, it is very important for you to encourage the determination that children usually have because if you aren’t fully determined to make it there is a good chance you will crumble under the pressure.
7. Let them take risks
Risks are inevitable for any business, risks could be intrinsic or extrinsic, but its very important that you talk to your kids about the potential risks involved in any business venture that they might undertake. Because those who aren’t afraid to take risks don’t see things as a handicap.
8. Passion for the business
Passion fuels the drive and determination required to be successful, whether you are building a company from the ground up or buying an Internet business that already has a proven track record. Hence, it is very important to instill passion for the venture into your kids so that they can be successful in whatever they do.
9. Understanding Money Management
It doesn’t matter if you are bootstrapping your business, using personal credit cards or have millions of dollars from investors — you must have excellent money management skills. Poor financial decisions, such as overspending or allocating funds to less important tasks can quickly ruin a business. Hence, as parents it is very important to help your kids gain the much required money management talent.
10. Ability to sell and promote
If you can’t express what it is that makes your product or service a solution to a problem, you will be in for a rough ride. Thus teach your kids the importance of communication and let them know the importance of the ability to sell and promote.
