The times we live in today are vastly different from those we saw in our growing up years. In today’s age, children are looking for ways to change the world. To make a difference to the lives of others, and let’s admit it – some big bucks, too!
Children of today have a hunger to discover the world around them, without limitations. A couple of major benefits young entrepreneurs have are the lack of financial obligations, and plenty of time to stoke the embers of their vision.
Nurturing entrepreneurship in kids is key to ensuring that the dreams that are burning bright in the minds of our children, are well-equipped with the possibility of seeing the light of day.
So, what is an entrepreneur?
Decoding the Term: Entrepreneur
Simply put, an entrepreneur is someone who develops an enterprise around innovation. Managing the business that they start, they assume the risk for its success.
That being said, the answer to the question ‘What is an entrepreneur?’, isn’t set in stone. However, they can be defined by the risk that they take on in pursuit of a new business or innovation.
Again, there’s a bit of debate here. Some think that an entrepreneur is anyone who simply works for themselves. Yet others have a narrower viewpoint, stating that apart from working independently for their business, an entrepreneur’s role must also involve innovation and leadership.
The Importance of being an Entrepreneur
The benefits of entrepreneurship extend well beyond the mere business that entrepreneurs establish. Firstly, these businesses improve the lives of individuals and communities, as well as the overall economy.
Moreover, entrepreneurs the world over have been key in spurring social change. The importance of being an entrepreneur also lies in the fact that entrepreneurs set a high standard of living for people. They do this by creating jobs and making products more functional and less expensive.
Here are some ways that you can help your children become the entrepreneurs of tomorrow.
Let them Solve Problems on their own
In today’s world of helicopter parenting, it’s common to see parents hold their kids back, and step in to solve their problems. If anything, that will kill any entrepreneurial streak your children might already have.
To do: Allow your kids the space to encounter problems and make their own decisions to tackle those problems.
Teach them about Hard Work
When it comes to success of any kind, there is no sweeter formula than good old Hard Work!
To do: You have to teach your kids that in order to be successful, they will have to do a lot of hard work. A successful entrepreneur is one that was not afraid to put in tons of hard work, to see their business take off. Help your children understand that behind all that outward glamour of entrepreneurship, is a continual striving for results.
Inspire Resilience in them
Children must learn that there are many mountains of failure they will have to scale over the course of their lives. Mountains both large and small.
To do: Tell your children early on, that no matter how good it gets, Resilience in kids is vital as they will find themselves failing time and again. That the only thing that matters, is that they get right back on their feet, and scale those mountains that tower above them. After all, there’s no entrepreneur out there, who hasn’t been knocked down several times over, in the course of their journey..
Channel the Speaker in them
One of the classic entrepreneur habits is their talking to lots of people that they don’t know. They keep doing this, because one day those presentations about their business to people that are literal strangers, might just bear fruit.
To do: Let your children stand up and talk in front of an audience, even if it is your family or perhaps even the neighbours. The sooner your kids get confident with the idea of public speaking, the more confident they will become. A confidence that will aid them greatly in their pursuit of becoming entrepreneurs.
Get them to Start Enterprises early on
Entrepreneurship is all about the creation of enterprises, right? Why not get your children to create small businesses at an early age?
To do: Get your child to set up a lemonade stand, or have them offer dog walking services to people who have canine pets but no time to take them out. It doesn’t matter how small the enterprise might seem, and if it has been done a million times before. Apart from teaching children the importance of hard work, it will help them to value their financial resources even more.
Support their Passions
It’s easy for parents to support their child’s dreams of becoming a ‘cricketer’ or an ‘actor’ early on, but how long will this support last?
To do: Continually encourage your child to follow their dreams, no matter how impossible they may seem. Even if they don’t grow up to become cricketers or actors, your continual belief in them will set them up well to achieve challenging goals in the future.
Teach them Financial Literacy
Your children are never too young to be financially literate!
To do: You have to teach your kids, ways to save their money and invest it in things that matter. Tip: When they get gift money from grandparents, teach them that the money needn’t be ‘spent’ – that it can be ‘saved’!
Encourage their Curiosity
Being curious is one of those entrepreneur habits that we must nurture in our children.
To do: Encourage them to be as curious as they possibly can. Apart from encouraging them to ask you more questions, you want to ask them interesting questions, too. Like, ‘Why can we only see the ocean till the horizon?’
At EuroKids, we believe that fostering an entrepreneurial mindset in children is crucial in the fast-paced world we live in. By providing children with the mindset to think creatively, we can empower them to navigate an ever-changing world with confidence.