The world is changing and so are the patterns in which people are raising their kids. Several decades ago, people used to provide their kids with education and manage their money matters. However, in the current era, where there are so many ways of getting knowledge, we have kids who know how to fetch something they want to know.
They are capable of operating gadgets and spend time looking at some educational programs that can teach them something in life. This makes them equipped with much more knowledge than we had when we were kids. For example, an average ten-year-old kid or may be of a lesser age group knows how to operate a smartphone or iPad or search engines efficiently.
This means that parents can start teaching kids about entrepreneurship and use their experience in business to train their kids as entrepreneurs at an early age. Kids should know about the positive and the negative aspects of life and work on their future. You can get your kids the best business education using the internet and use your Cable TV to get news about the business world. Keep yourself and your kids updated with the latest developments in the economy and the business world using RCN Channel Lineup.
You can start training your kids at the age of 9 to 12 years about things that they should know about business, and the resources they might need to start their business and develop a business idea from the scratch. Let’s get you acquainted with a few parenting tips to raise young entrepreneurs:
Introduce Your Kids to Money and Its Functions
Many kids of a very young age have no idea about money. They have no idea what it is, how it works, and what it does. As parents, you should help them understand by giving them real-world examples and explaining that one needs to work to earn money. This can be your first lesson to them that one has to pay for living in the house or apartment, getting food, paying utility bills, and so on. You can move further and teach them how to earn an allowance or make a profit for themselves.
This is where you will introduce them to the world of business and let them spend some money and save the rest. You can do so by asking them to buy a new toy with the money they have and they will start understanding things with time.
Teach Them How to Take Up Responsibilities
This can be as simple as allocating weekly chores and tasks to do that might include very simple things. You can ask them to do any or all of the following chores:
Feeding the dog
Taking out garbage
Babysitting their younger siblings
Finish homework before they play video games and so on.
This will help them understand how to be responsible and get things at home to earn an allowance. Also, this will teach them that their effort has a key role in their success. Learning to be responsible will also help them keep their commitments and know that they are rewarded when they fulfill them.
Identify and Nurture Your Kid’s Skills and Talents
One of the best things to do is to encourage your kids to let their imagination go wild. Let them get creative. If they like to sketch, let them draw things and study those drawings. Provide them with the required tools to fuel their hobby or interests. Let them play sports and involve in healthy group activities to develop team spirit and leadership.
If your kid has a passion or interest, you can help your kid develop that into business. One can excel in something that they love to do. This applies to business and other aspects of one’s career. For instance, if your kid loves to work with machines or uses smart devices, then a good approach will be to encourage them to make a career in robotics, information technology, and doing a business that works around gadgets.
Teach them Business Basics
Sometimes running a business can be a tough nut to crack. You have to make things easier for your kids through mentorship and coaching. You can start by giving your kids bite-sized lessons that they can easily grasp. Do not flood your kid’s minds with too many things, or they will lose interest in their ambition or they will think that running a business is difficult.
A good approach is to ask your kids to write down their business idea or ideas and know their plans. This will also help you get a better understanding of plans and their thoughts. Come up with a business name and a logo. It is a good thing to involve your kids in the process.
You can teach them how to create a startup’s budget in a simple way. For this, you can ask them to list down everything including the costs needed to start your business. Teach them about revenues, different expenses, and earning profit as these are important elements of the business.
Polish Their Planning and Decision-making Skills
Being a risk-taker, a problem-solver and a better decision-maker are some of the usual traits of entrepreneurs. They come across times when they have to use their best judgment and talent to carry out business activities. A better way is to involve your kids in making business decisions and help them prepare a single-page business plan.
This practice will help your child present their business idea/concept, identify target markets, list their competitors, show different ways they can promote the business and figure out the amount they will charge for their product or service, and so on.
Teach Kids to Recognize Opportunities
A successful entrepreneur sees opportunities in ways that others don’t. As their mentor, you can encourage kids to look for more opportunities and take initiative. This can be an opportunity to resell a product online, make money by counseling other kids or do chores for the neighbors and other tasks. Once they are aligned in the right direction, they will realize that there are opportunities almost everywhere and kids with entrepreneurial skills can spot them easily.
Always Encourage Kids to Help Others and Give Back
Being an entrepreneur does not solely mean that you are there to make money only. It is more about being a problem solver and someone who helps people. Encourage your kids to help people by offering them a fragment of your profit. This can be done by educating kids to offer a portion of their profit to charity or host a special sales event and donate the profits to a charity.
You can do this by telling your kids to downsize their toy collections and sell them off online and donate the money to support a cause. Tell them how doing so is going to make other kids happy. Kids love to see other kids happy and share toys and other things with them.
In the end, one can say that there are so many ways to help your kids to become valuable assets to society. You can provide them with the necessary assistance and coaching to start their business early. Be their life coach and business consultant until they get a grip over things and run things by themselves.