6 Tips For Turning Your Kid Into An Entrepreneur

AAA

6 Tips For Turning Your Kid Into A Entrepreneur

Many parents hope that one day their own child will enjoy the level of success that is attainable through entrepreneurship - not only the potential financial rewards, but also in terms of personal development and fulfillment. Here are six tips to help steer your child down the road to entrepreneurism.

Teach Kids about Money

By teaching your child about money, you help them discover the relationships between earning, spending and saving. In doing this, children also begin to understand the value of money. This financial literacy can begin at a young age with simple money concepts like counting coins and making change for purchases.

Teach Kids about Economics

Young children are able to grasp simple economic principles, and the older they get, the more they can understand. Very young children can learn by role playing: kids can set up a pretend store and adjust their "inventory" based on what people are buying.

Encourage Creativity and Tenacity

When you child excitedly says "I want to build a castle for my princess dolls!" help her do it. Instead of taking the easy route ("Sure, that would be fun but we don't have the right supplies…") help her figure out a way to make it work. The more your child practices taking an idea - even a completely harebrained one - and turning it into a reality, the more developed his or her skills will be in creativity, problem solving and persistence.

Act Upon Ideas (Before Someone Else Does)

If your child wants to earn money, ask them to write down several ideas and then help them act upon the best one. Does your teenager think he can make a little money doing yard work for the neighbors? Help him come up with a plan to make it happen. That way, when a really innovative idea is born, your child will have the skills to take the idea to the next step.

Let Kids Make Mistakes

If we step in and fix a problem before a child has a chance to, we rob them of the valuable opportunity to learn from his or her mistakes. You can tell that your daughter's design plan for building the princess castle is flawed, but, as long as she's not going to get hurt trying something, it is important to let her try her idea. Once she realizes it won't work, you can help guide her towards a better solution.

Teach Goal-Setting

Learning how to set a goal and outlining the steps necessary for its achievement is an important skill to have as an entrepreneur. It is simple for kids to wish for things (i.e., "I wish I had $500") but it's a different animal to set a specific goal and determine what needs to happen to reach that goal.

The Bottom Line

Kids inherently have many of the traits necessary to becoming entrepreneurs: they are creative, ambitious, natural negotiators ("I will eat extra vegetables if I can stay up late tonight...pleeeaaase"), and excited about learning new things. Nurturing all this creativity and energy, and showing kids how to do something with it, can help turn your child into an entrepreneur.
  1. No results found.
Related Articles
  1. Small Business

    Why Entrepreneurs Are Important for the Economy

    This article discusses the importance of entrepreneurs and their important value-add to the economy of a state.
  2. Small Business

    10 Characteristics of Successful Entrepreneurs

    Being a successful entrepreneurs requires more than just an idea or a lot of money. Here are ten things that set successful entrepreneurs apart.
  3. Small Business

    Entrepreneur Vs. Small Business Owner, Defined

    An entrepreneur is different from a small business owner, and requires a different temperament.
  4. Small Business

    How Entrepreneurs Benefit the Economy

    Why are entrepreneurs important for the economy?
  5. Taxes

    3 Summer Tax Benefits, Courtesy of Your Kids

    These three expenses could make your tax bill lighter next April.
  6. Personal Finance

    How An Allowance Helps Kids Get Money-Smart

    Discover which of these three reward techniques teaches the best lessons about money.
  7. Insights

    Make Your Kid A Millionaire

    So you want your kid to be a millionaire. Who doesn't? Here are a few tips to get your youngster on the road to riches.
  8. Small Business

    The 5 Skills Every Entrepreneur Needs

    Understand what an entrepreneur is and the type of risk an entrepreneur faces. Learn about the five skills necessary to become a successful entrepreneur.
Hot Definitions
  1. Quadruple Witching

    The expiration date of various stock index futures, stock index options, stock options and single stock futures. All stock ...
  2. Co-pay

    A type of insurance policy where the insured pays a specified amount of out-of-pocket expenses for health-care services such ...
  3. Protectionism

    Government actions and policies that restrict or restrain international trade, often done with the intent of protecting local ...
  4. Fiduciary

    A fiduciary is a person who acts on behalf of another person, or persons to manage assets.
  5. Demonetization

    Demonetization is the act of stripping a currency unit of its status as legal tender and is necessary whenever there is a ...
  6. Investment

    An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic ...
Trading Center