How to Raise an Entrepreneur Child

The world is changing dramatically. Our society is more connected, contentious, and confusing than ever before. For past generations, the path to an upright and comfortable life seemed easy and straightforward. You had to work hard in school, go to college, and get a good job at a company that took care of you and your family for the long time. Of course, this is no longer the case. Parents can no longer assume that if you raise a decent child, he or she will be able to make their way in the world without too much trouble. In order to be successful in today’s very competitive and often chaotic environment, you need intelligence and a strong entrepreneurial spirit.

Kids have a fresh and unique mindset. When kids are growing up, they do things that they like and have the passion for. Cultivating these values in children from an early age will give them a strong advantage in years to come.

Here are a few ways parents can encourage their children to embrace an entrepreneurial mindset:

1. Set the Right Example

It is amazing how children pick up the behavior of their elder, I pick up a lot of qualities from my dad when I was younger and I still exhibit some of these characters today. It is important to note that you don’t have to be a startup founder or small business owner to set a good example for your children; after all, entrepreneurship is more than just an occupation, it is more of an attitude. Hard work, creativity, and drive are some of the key elements of the entrepreneurial spirit. Parents looking to instill these values in their children must exhibit them in their actions by seeking creative answers to problems, remaining positive in the face of failure, and being a self-starter.

2. Introduce the Idea of Risk and Reward to the Early

When seeking good results from hard work, you must understand the fundamentals of risk and reward. These days’ parents are often tempted to shield children from risk but still, offer up rewards. It is this style of parenting that is responsible and to blame for the sense of entitlement and lack of accountability seen in many young people.

Parents must learn to resist the urge to shelter, and be overprotective and instead help their children embrace a sense of realism. Being overprotective and shielding the kids will make it difficult for them to experience reality and these will hinder them from reaching their full potential. Eventually, when they get into the real world and get knocked down, it will be very difficult for them to get back on their feet.

Doing this can be very tricky; you will have to be careful and take your time. After all, there is a subtle yet important distinction between entrepreneurial risk and risky behavior. Let the kids make decisions. An entrepreneur’s confident decisions are established in early independence. When kids are toddlers, you might give them a choice with dinner, or allow them to choose their own outfits. Doing this exposes them to know what it feels like to make a decision and help them feel good for being able to do that.

3. Encourage Their Creativity

If you take the steps to build a solid entrepreneurial foundation for your child, they will start to come up with unique ideas of their own. More often than not, these ideas might be outlandish and ridiculous but do not discourage them; take their ideas seriously, no matter what. Today’s children have to be entrepreneurial if they want to succeed in the economy of the future. And while the facts of entrepreneurship can be taught in school, the entrepreneurial spirit must be forged in the beginning for it to take hold. Almost every entrepreneur I know was always passionate about something. Because they loved something and because they worked hard, they developed grit, perseverance, tenacity. Without them, you will never be an entrepreneur.

5. Help Kids Learn From Failure

Parents have the capacity to influence their child’s willingness to try, fail, learn, and try again an essential skill for entrepreneurs. To do this, use a bit of criticism as a learning opportunity therefore helping your child practice the skill or brainstorm what they would do differently next time. You can offer suggestions of improvement and help them with specific praise on either side, do it in a way that the kids does not feel bad and he or she will be able to take a positive message from it.

6. Boost Their Sense of Mastery

Entrepreneurs take huge risks, but being comfortable with unpredictability does not happen overnight. Kids need the space to test their boundaries and master their fears while they are still young. When your kids start facing risky situations, it’s advisable to help them at first, before stirring them towards independence. As you progress, you should make their tasks more difficult. This way, the child gets their sense of mastery and eventually empower them to be confident when taking risks.

7. Embrace Hardship

A lot of successful entrepreneurs have faced huge obstacles. Some grew up poor, struggled with learning issues. All parents try to shield their kids from adversity, but when they have to face it, they will grow stronger. Do not be afraid when bad things happen. It’s not going to kill them, it is only going to make them experience realism.

8. Give your Kids a Financial Education

When your kids are old enough, start teaching them about money. Let them know that as employees, they can pretty much expect the same paycheck month after month and occasionally with modest increases until they retire. But as an entrepreneur, you are in control of your own financial future. How hard and smart they work will directly affect their immediate income and their wealth. Teach your kids that there is profit and loss in business. Not every dollar you make should be spent. Some of the money needs to be invested back into your business, some goes to taxes, and some will go to your employee’s salaries. All these money lessons will serve them well over the years, even if they choose not to become entrepreneurs.

From my perspective and with the knowledge that I have, this is one of the best ways to raise an entrepreneur child.