According to Eric T. Wagner ‒ 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. These are some concerning stats which will certainly scare most of the parents, who will in return scare their kids away from starting businesses of their own. So, how can we stimulate our kids to become entrepreneurs in today’s society?
In this amazing Ted Talk ‒ “Raising Kids To Be Entrepreneurs”, Cameron Herold, one of the most sought after business minds in North America, remembers various businesses he had as a child. From dry cleaning to buying and reselling comic books ‒ he has done it all. Let’s not forget that some of today’s biggest entrepreneurs, like Mark Zuckerberg, Bill Gates, and Richard Branson, have started young and on their own.
Encouraging your children’s entrepreneurial mindset makes them more adaptable to change, open to new ideas, and not afraid to take risks. Still in doubt? Well then, here are some of the reasons why you should nurture the entrepreneurship mindset in your kids.
1. They’ll Become Better Adults
Teach your kids skills which will help them become successful adults.
Self-discipline ‒ Your child should learn about money, chores, homework, and time management. They should understand that there are negative consequences for misbehavior as well as positive ones for behaving well.
Social skills ‒ Be an example for your kid. Demonstrate how to use social skills effectively and praise them when they do.
Healthy decision making ‒ Kids need help making healthy decisions on their own, so work together on developing a healthy solution. The important thing is not making all their decisions for them, but guiding them instead.
Impulse control ‒ Teach your children how to control their behavior in several ways. Provide them with feedback on their actions and praise them for doing well.
Emotional balance ‒ Teach your kids healthy ways to deal with their emotions; emotional intelligence is as important as an IQ.
Confidence ‒ Consistent discipline, positive and negative consequences are great ways for your child to gain self-esteem and confidence which will teach them to learn from mistakes, accept criticism, and face fears head-on.
2. They’ll Learn How to Handle Future Life Problems
Teach your kids to evaluate problems. Ask them what they think and involve them in the entire process. Also, allow for natural consequences. Your child should make a choice and then face the possible negative consequences. This is how they will learn more about entrepreneurship.
As future business owners, problem-solving will be their daily activity. They won’t be able to just turn their heads away.
3. They’ll Learn How to Make Money, Not Just Ask for It
Teach your kids the difference between wanting money and wanting to earn money. Making money teaches them the value of money. They won’t feel the same spending money they’ve earned compared to the money that was given to them.
Every parent should encourage their kids to have a job.
4. They’ll Make More Secure Job Opportunities
Pulitzer Prize-winning author Thomas Friedman encourages young people to create secure job positions that will provide long-lasting employment. He’s a huge supporter of having students graduate high school “innovation ready”. This type of education is very beneficial because it teaches kids to think creatively, which nurtures their unconventional talents and skills.
Having them as future business owners will certainly boost the economy.
5. Tomorrow’s Business Leaders Are Today’s Young Kids
Nadia Goodman agrees that the future of successful business depends on young kids whose parents nurtured their entrepreneurial skills. “As a parent, you inspire entrepreneurship by fostering the emotional skills your child will need, such as comfort with risk, effective problem solving, and a positive attitude toward failure,” says Nadia.
It is important for parents to encourage their children by giving them the right tools which will later help them succeed in the real world.
Always lead by example. Seeing their parents act creatively and not within the standard norms will help your kids grow up with an entrepreneurship mindset but great people as well.