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Cultivating the Entrepreneurial Mindset among Your Kids

When you ask children what they want to be when they grow up, their most likely answers would be teacher, doctor, police officer or engineer, but not businessperson. This is especially true when parents don’t have an entrepreneur mindset or are not into business.

However, it is never too late or too early to cultivate an entrepreneur mindset among kids. With unemployment growing steadily, parents fear for their children not having a promising future. Perhaps it’s time to teach kids about entrepreneurship.

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Encourage Kids to Set and Accomplish Goals

Some tasks are easy to do such as cleaning the bedroom, watering the garden or finishing an assignment. The important thing is to start the day discussing each kid’s goal for the day or week, checking on their progress, and helping finish the goal if they have difficulty.

Solicit Ideas for Business Startup

A simple lemonade stall in summer is a fantastic way of teaching your kids to be business minded. Let them identify basic problems in the neighborhood and encourage them to think of ways to solve those problems. For example, pets may be abundant in the neighborhood, so there are opportunities to offer pet walking or grooming, or creating pet costumes.

Develop Good Communication and Marketing Skills

Children are innately blessed with cuteness and charm that adults can’t resist. However, beyond this charm, teach your kids the real truths of marketing. Tell them to be as persuasive in selling their products (even if it’s just lemonade) as when they ask for a new toy. Harness this skill and channel it into a business.

Teach Them the Importance of Teamwork

Teach your kids the value of collaboration and teamwork; that even greater things can be done if they were working as a team, together. Allow your kids to play team sports, let siblings complete a chore together or simply join with friends to set up a playhouse or garden.

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Nurture Time Management and Money Management

Time is money, and money is time. It is important for your kids to learn this principle at a young age. Teach them to organize their schedule carefully such that they have enough time for work, study and play. Also, give them money to manage. This is ripe for Christmas time, when there are plenty of cash gifts. Give them incentive if they are able to resist spending all of their money at once. Encourage them to save up (from allowance, gift or lemonade sales) for that toy they like.

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