We live in a time where the entrepreneur can really shine. More and more people are going into business for themselves, freelancing, inventing, investing and otherwise becoming their own boss. You can encourage the entrepreneur spirit in your child and help him get a head start on a productive life.
Here are some tips to encourage your young entrepreneur:
- Encourage your child to think outside the box. Don’t stifle his creativity when he talks about a new way to do things that have never been done before. Encourage him to believe in the impossible.
- Allow your child to join in serious conversations. This will help build communication and shared values but also allows your child to connect with and understand the real world.
- Listen and don’t lecture. Lectures get you nowhere and will stifle the creativity of your child. Allow him to talk and make suggestions. Discuss why these suggestions may or may not work.
- Explain income, expenses and profit. Help your child understand how businesses make money and how they must spend money.
- Allow your child to earn the value of a dollar. Through allowance, “family bucks” and other methods you can help your child learn about saving and spending in a healthy way.
- Plan for the unexpected. Life is unpredictable and the natural entrepreneur knows how to go with the flow and pick up the pieces when things don’t go his way. You can teach your child to have a back-up plan and to plan for the unexpected.
- Allow mistakes. Children learn through growth and making mistakes. When you don’t allow him the independence to make his own mistakes, he can never learn from them. It’s difficult to sit back and watch when you know he’s doing the wrong thing but sometimes you need to let it happen.
- Share the knowledge of living expenses with your child. Talk about how much things cost in the home and discuss purchases that are made and the reasoning for those purchases.
- Encourage giving to others. Allow your child to help with donations or volunteer of service to organizations or people in need.
- Help your child set goals. Always start with small and attainable goals to avoid discouraging your child.
With these tips, you can encourage the entrepreneurial spirit in your child. No matter what he grows up to be, he will do it with the best of his ability. He will always seek new things and ask “what if?” This is one of the greatest starts you can give a child on life.