Who says adults are the only business-minded individuals on the planet? Kids can have the same passion for business, too.
Think about it: some kids start their lemonade stands during their elementary schooldays. By the time they hit ten years old, they switch from lemonade to selling candies, erasers and pencils to their friends during their lunch breaks. By high school, they’re learning about social media ROI by creating and monetizing YouTube channels.
Next thing you know, they’re planning out their first store – complete with retail signs and branded vinyl decals.
If the same story holds for your child, you have a natural entrepreneur at home. This drive to do business pushes them to build partnership opportunities, recognize problems and create solutions. As their parent, it’s your responsibility to nurture this gift.
But if you also have kids who don’t seem inclined to business, that’s OK! You can still teach them basic entrepreneurial skills since these will benefit them no matter what their passion is.
Teach Your Kids to Recognize Opportunities
Entrepreneurship focuses on identifying pain points and solving them. If a problem is present but left unacknowledged, entrepreneurs must find a way to illustrate the problem and come up with a solution. In the case where the people know about a problem and a solution already exists, business people must find ways to improve the solution.
Whatever the case is, recognizing an opportunity is what leads an entrepreneur to create a service or product that answers the needs of the people. All the best products and services in the market answer common problems, which is why they are sought after by customers. Teach your child to develop innovative thinking.
Application:
If your child expresses dissatisfaction or distaste for something, encourage them to brainstorm ways to make their problem better. For example, if they’re not big fans of the taste of vegetables but they can’t leave the table until they finish it, how can they make the veggies more appetizing?
If they offer ideas that already exist, congratulate them still. Teaching your kids to find better ways of doing something or taking action will contribute to their future success.
Let Them Solve the Problem
Parents tend to hold their children back, especially when the latter is faced with a problem. Parents want their kids to reach their full potential and grow up independents. But how can they advance and mature when the adults are always making the big decisions for them.
The helicopter style of parenting keeps kids from thinking for themselves. Parents who practice this parenting style make the calls, always rushing to fix things for their kids because they think the children can’t handle it.
As the parents, it is your responsibility to protect the kids – not suffocate them. You have to let them face the problem head-on and call the shots. Ask them what they want to do about their problems. If not, your child will feel lost at the first sign of a problem, which can cripple their decision-making skills.
Application
Allow your kids to face problems, gather information and let them make an informed decision. You can always offer your input but let them make the final call. Teach them the trial and error approach to build creativity, confidence and curiosity. When they succeed in solving a problem, reward them! Take them out for ice cream!
Teach Them Resilience
Life has plenty of storms and hurricanes that knock people off their feet. As difficult as it may be, you have to accept that your children will, eventually, fail. They’re going to experience frustration and disappointment somewhere along the way.
As early as possible, let them know that failure is a part of life. No matter how many times they fall, they can still get back up and move forward.
Remember: every successful entrepreneur had their share of failures. Instead of giving up, they got back up and tried again. Inspire your kids to do the same because, for both kids and adults, entrepreneurship requires resilience.
Application
If your child is having a difficult time understanding school lesson. Instead of reprimanding them (which can damage their self-esteem), encourage them to look for another solution. Ask them why they think it’s difficult and work with them in finding a solution. For instance, they failed a test. Work with your child to find out why it happened and how you can prevent it from happening again.
Children are the hope of the future. If you have an entrepreneur-in-the-making at home, nurture their gift by teaching them important entrepreneurship skills. If your child isn’t business-savvy, that’s OK. The same skills can help them still succeed in life.
