Does your child show any signs of being an entrepreneur? Well if they do, that’s awesome and it’s time to encourage it.
There is a general belief that an entrepreneur is born, not raised and that you cannot teach someone to be an entrepreneur; they either are or they aren’t. Well, we’re going to squash that notion right here and right now and tell you why you should encourage entrepreneurship from a young age and how you can do it to. Learning the art of entrepreneurship, as it really is quite an art, is an important life lesson for your kids and you’ll be amazed at what comes out of it; so if you’re going to teach your kid’s one thing, then entrepreneurship should be it.
Creel Price is an Australian Entrepreneur who focuses on building entrepreneurial skills in kids. He believes that “contrary to popular thinking, entrepreneurial skills are not necessarily innate, but that they can be taught. Every child I have ever met has the potential to be an entrepreneur. They have a solid confidence in their own abilities and a belief that anything is possible. I’m a firm believer that these are traits to be actively encouraged in young people to help them realise their personal potential and give them the grounding for a fulfilling career in later life.”
We couldn’t agree more. So let’s get on with it.
why you should encourage entrepreneurship in your kids
- Entrepreneurs are independent thinkers which mean they are keen to listen to people’s advice, but will ultimately make up their own minds.
- They are fearless beings and they realise that failure, as well as success, are part of life and they’re also willing to take calculated risks.
- Entrepreneurs take responsibility for their actions, which is an important lesson for kids.
- They are self-motivated, and can easily motivate people around them with their enthusiasm and spirit.
- Children are naturally curious, and if you encourage this they will ask questions right throughout their lives which will lead them onto greater things.
how to teach entrepreneurial skills in kids
- Ask your kids what they want to achieve in life and what their goals are and get them to write them down.
- What is their most important goal, which will impact them in a positive way?
- Now they need to write down how they’re going to achieve this goal.
Teach them the art of selling
- Start small and get your kids to sell their old toys, have a lemonade stand or even get them to sell stuff they make.
- Get them to price it, deal with ‘customers’ and with all the sales.
Teach them about finances
- They’ve made their money from their sales, now financial skills are needed.
- First they need to pay themselves. Instil the idea of saving and how this can help them get more money.
- Open a bank account for them. Take them to the ATM to see how much money they’ve got. Teach them that they can only buy things if they’ve got enough money. If they don’t have enough get them to come up with ideas of how they can earn the rest.
Creativity leads to great things
- Get them to look at ads or any marketing materials that you come across. Ask them what they like, what they don’t like, why they think that people might buy it, what they think of the words, or the pictures.
- For a fun activity, get them to create ads or billboards for their little business!
- If they fail at something, don’t punish them but talk to them.
- Find out the reasons that led to the failure and brainstorm ideas of what they can do to avoid it in the future. Look for the learning opportunity.
Communication, communication, communication!
- Remember that kids mimic what we do, so always be polite and respectful to people and they’ll pick up on this.
- Most kids talk at the rate of knots, so teach them to speak slowly and pronounce their words properly so people can understand them.
- You can teach them to communicate via email by sending messages to each other. Just don’t let them use ‘text’ language so to speak…good proper sentences are what we need here.
Help them to be independent
- First don’t try and do everything for them, respect that they’re little people who are quite capable of many things.
- The next time they ask for their favourite toy, brainstorm how they can get the money to buy it. This will encourage creativity.
Teach them leadership skills
- Give them ways to lead friends in some activities. They can set up a club or a sports team or even get some friends together for ‘business’ projects.
- Give them opportunities to talk in public, whether it’s at their birthday party or at a function.
- At Awesome Family Adventures we run a Junior Detective programme, where kids are encouraged to sign up as detectives to report back on all the cool and interesting things they see. Why not get them to sign up and they can report back on their business ideas?
Hopefully we’ve given you some food for thought, and some practical things to try at home to build these all-important life skills. Good luck and here’s to our successful entrepreneurs of the future.