7 Ways Parents Can Teach Their Kids About Entrepreneurship

Teaching kids entrepreneurship requires skill and patience from parents. Parents are the best example to their kids. They tend to inspire them and guide them to build a successful career and future. Parents shall learn and be aware of some techniques to use with kids to lead them to the world of entrepreneurship. 

1. Financial Literacy

Schools do not teach our children how to invest money or how money is spent wisely; unfortunately, education does not focus on this subject area. As parents, it’s our role to instil in our kids the culture of financial transaction and literacy. To teach them this, we have to ask our kids from time to time their opinion about certain things we buy and what things can we save money for. Kids will feel our trust, as a result, they will learn responsibility and start to think twice before spending money or asking for it. 

2. Motivate them to ‘Think outside the box’

Technique number two is to involve our kids in projects. If your son is eleven years old or twelve, and it is summertime, suggest to your kid to sell lemonade or prepare home burgers and sell them to tourists. This real business situation will allow the kid the chance to fix the price, decide about the ingredients, the time, and the place where to sell. 

3. Mentor them to be ‘Independent’

Technique number three is all about teaching the kid the entrepreneurial spirit and readiness. Do not make your kid rely on you in all situations to solve his or her problem. Teach your child to find the right solution or to suggest one. You will only mentor him or her. 

4. Importance of ‘Goals’

Teach your kid the SMART goal principle. At a certain age, children must be aware of the goals they want to achieve in their life. I always tend to ask my 12 years old son to write his top five objectives with five plans that will lead him to accomplish them. This activity enhances the kid’s self-worth and confidence. 

5. Importance of ‘Ownership‘

What other thing you can teach your kid is the concept of ownership. As kids grow old, stand by them but allow them to make their own decisions. As parents the more we get involved, there is a possibility the less autonomous and responsible our child might become, resulting in a lack of enthusiasm, experience, knowledge and skills. Draw a line between getting involved and coaching.

For example: when we offer gifts, we sometimes feel or ask kids that they must take good care of toys and not break it. On the contrary, tell your kids to buy toys/gifts from limited pocket money. You will be amazed to see the difference in usage. They will use it wisely due to limited expennditure. The concept of ownership is very important. It shows kids how the value of money is important. 

6. Help them ‘Visualise‘

Another educational activity that I tend to do with my kids is drawing the project on a very large piece of paper, and colour it. For example, if it is a market, or a hotel, or a company, give your kids the liberty to name it, to colour the building, and to decide who to employ… etc. This task makes children mature and more serious about their future endeavours. 

7. Encourage them to ‘Ask’

Furthermore, let your kids think of this question: why start a business? What is a business? Why this – What that ? How ?

Value your kid’s questions. Be curious to respond to them. Curiosity fosters intelligence.

Formal education will make you a living.
Self-education will make you a fortune.

JIM ROhn

As parents, we want to see our kids successful. Lets begin their journey at Home!