Most people think of entrepreneurs as people who run their own business. But entrepreneurship is so much more than that. It’s a mindset that involves thinking out of the box, creative thinking and the drive to move forward. An entrepreneurial mindset is a huge benefit to children. It helps them to develop values such as resilience, respect and commitment, which are useful in all aspects of life.
With new technologies emerging daily and the growing competitiveness in society, kids benefit from being introduced to entrepreneurship early. Here are 6 ways to help your child develop entrepreneurial skills.
How to introduce your kids to entrepreneurship from a young age
1. Encourage them to set goals
Teaching your kids to set goals develops grit and commitment. It teaches them to be responsible for their actions and to promote a “can do” mindset. When they accomplish a goal, they develop a sense of accomplishment and boosts to their self esteem. Help your kids come up with plans on how to accomplish goals that are realistic, purposeful and measurable.
2. Talk about Money Matters early
The earlier we teach kids about money, the sooner they’ll understand the value. Money can be an abstract concept to kids and they don’t necessarily equate work with money. They might think money is something that comes out of a machine or mom’s bag.
- Start by talking to kids about the difference between needs and wants, and help them make the connection by letting the kids “work” for it. Some families pay kids for chores and other jobs at home. Other may pay their kids for work that is not typically expected of them (chores) such as babysitting, helping wash the car, tutoring younger kids etc.
- Show kids that things cost money and the importance of saving and conserving for items on their wish list. For example, returning bottles for recycling.
- Teach kids to start a budget early on and allow them to make money mistakes early.
- Talk to the kids about how much money they have and have a plan on how to spend it.
- Talk to them about delaying gratification and what might happen if they don’t buy the toy right now and instead save up the money? – (They may be able to buy a bigger toy!).
- Let kids learn from making impulse buys and making mistakes. It will teach them the importance of really thinking about each purchase.
3. Develop their passions and interests
Notice your kids interests and help them develop their passion through classes, reading, videos and mentorship. These passions could become a business or career later on. And even if they don’t, curiosity and hard work can only help them at school and in life!
4. Let them take risks and allow them to solve their own problems
Kids have to learn to solve their own problems. We won’t always be there for them 24/7. Finding solutions, negotiating, conflict resolutions are skills that are developed only through experience. Allowing them to find their own solutions also builds creativity and confidence in kids.
When kids are allowed to take risks, they learn that it is okay to try out new things. Their confidence grows every time they try something new and their curiosity develops. Letting kids take risks also teaches them to be accountable for their actions and decisions.
5. Find lessons in failures
Failure is the new success doncha know?
Failure can be a great learning experience and failing while young is a low-risk failure.
Instead of reprimanding kids for failing at something (i.e. bad grades, losing at a game etc.) discuss with them what went wrong or the factors that may have led to the failure. Together, brainstorm ways to prevent it from happening in the future and how to improve.
Failing is something that we will all experience, what’s important is how we react to it. All successful people have failed at something, it’s how we stand up and persist that is key to success.
6. Get them involved in the community
Teach kids to be humble in their success and share it with others. Being involved in the community is also a way for them to meet other people who share the same interests and passion.
Being involved in the community does not have to be about giving money. Kids can volunteer or join events such as a kids’ Sun Run. If they are to give food or gifts, they can help prepare sandwiches or help put together food and gift baskets or Christmas boxes.
This post is sponsored by Summit Learning
Our Kidpreneur programs allow kids to explore entrepreneurship, business concepts and ideas and learn the value of money through a collection of interactive lessons. The programs and activities have been developed by successful entrepreneurs coupled with the expertise of K-12 educational professionals to ensure that we make business fun for kids while delivering key learning objectives and teaching them real-life business and money lessons.