Home Business Insights & Advice How to teach your child business management and entrepreneurship

How to teach your child business management and entrepreneurship

by Sponsored Content
22nd Mar 22 3:15 pm

We all want to prepare our children for adulthood, but we’re also afraid of taking their childhood away from them. Striking a balance between real-world lessons and play can be difficult. However, there are plenty of things parents can do to give their children the best of both worlds.

Six ways to foster the entrepreneurial spirit in your child

Whether you own a business yourself or you want to set your child up for entrepreneurial excellence late in life, here are six things you can do to make business management fun.

1. Teach them the basics of effective goal setting

Learning how to effectively set goals is hard for adults, let alone children. 92% of people who set goals for themselves never achieve them, but it’s not because we aren’t motivated. We’re not taught how to set achievable goals, but you can help set up this valuable, life-changing habit.

First, let your child choose their first big goal, then ask why they want to reach it. If they want to be an astronaut, ask them what baby steps they can take to become one. Finally, brainstorm obstacles that may prevent them from this goal so they can learn to navigate disappointment.

2. Surround their play area with skill-based games

Children often dislike school because they don’t make learning a joyful experience. Math and science class is often seen as boring to children because there’s only “one” answer to a problem. You can help your children enjoy learning by introducing them to skill-based games.

For example, you could buy supplies for schools from Springboard Supplies that support the entrepreneurial mindset. Coding and computer skills will be needed to run a business in the near future, so purchasing coding products for their school can encourage tech interest.

3. Start teaching financial literacy right away

Money makes the world go around. They shouldn’t reach adulthood without any financial skills, especially in our competitive, high-inflation world. Schools don’t teach concepts like the difference between want and need, delayed gratification, and that debt can be scary.

To teach these concepts, give your child an allowance. Explain to them that the money they receive can buy them one toy, but if they wait another month, they can buy two. Allow your children to make money mistakes, and impulse buys to teach them these lessons.

4. Get children involved in the community

Successful, happy people give back to their community. Business owners who give their time or money to others are seen as more favourable and often make more money. However, no one likes to see businesses fake reciprocity, so teach your children the value of altruism.

Altruism not only releases endorphins in our brain, but it also helps you find your passions. By taking your children to an animal shelter or soup kitchen, you’re introducing them to strengths and skills they never thought they had. Plus, volunteering offers networking opportunities.

5. Inspire creativity in your children

Creativity is an essential entrepreneurial trait. It’s what separates a good business owner from a great one. It’s crucial that you never discourage brainstorming or their clever ideas, no matter how big or out of reach they may be, as the best business owners need that kind of spirit.

Let your children know that your home is a safe space where they can make mistakes, explore possibilities, and develop solutions. Ask them to write their ideas down in a notebook.

6. Be a positive business-minded influence

Parents play a big role in their child’s work ethic. If you’re a confident go-getting, your child will likely follow in your footsteps. Children soak up their environment and the things you say. Try your best to be a good influence on them by being conscious of your messaging.

Parental conversations between parent and child also shape academic socialization. If your children see that you’re meeting your goals, they’ll do their best to meet theirs.

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