It wasn’t until a while ago that entrepreneurship gained popularity amongst the average Indian families. If you’re one of those parents who want their kids to emerge as successful entrepreneurs, this article is for you.
You might have noticed shoots of entrepreneurial qualities developing in your child at a very young age. For instance, an eagerness to set up their own juice stall, or active interest in buying things for cheaper tactfully or selling stationery, candies, etc. when they hit ten. For a more present day scenario, you might find your child interested in making videos or creating content of any niche.
A generation back, your parents might not have expressed pride in you if you did any of these entrepreneurial adventures as a kid. However, we’re certain that today, you’d be proud to encourage your kids to follow their dreams.
Entrepreneurial traits can be developed regardless of whether your child chooses to be an entrepreneur or not. As a strong characteristic, he or she is bound to reach heights with or without owning a company. If you see a passion in your child that’s undeniable, nurture it to help them become exceptionally good at it.
Even if your child isn’t intrinsically inclined towards entrepreneurship or anything else that they’re passionate about, it’s never too late to encourage them to practice entrepreneurial skills and mindset. By teaching them the right skills, you’re essentially encouraging them to capitalise on their creativity so that they can lead a life of freedom and attain success in their own way.
Having said that, here are 7 ways to teach your kids how to become entrepreneurs:
Teach them to recognise opportunities
Entrepreneurs are also known as problem solvers. One of the most essential skills of an entrepreneur is to identify the problem and think critically to find a solution. For such ability to identify problems that are often unacknowledged by society, individuals need to learn how to identify opportunities in order to emerge as successful entrepreneurs.
Encourage them to solve problems
As a parent, it is obvious for you to rescue your child out of every big and small crisis, especially when they’re young. In the long run, however, it isn’t possible for most parents to help their children resolve complexities of life. Thus, start nurturing a problem-solving attitude in your children by encouraging them to solve problems. Sure, guide them through the process when necessary or they absolutely need your help but do not be present with a solution every time your child is in a crisis. Let them solve the problem!
An entrepreneur fails not once but many times before they have one successful idea. Even while running a successful business, leaders are bound to come across failures. It is the resilience to keep going that counts. To help your children become entrepreneurs, it is necessary that you develop resilience in them. For doing so, you must accept that your child will fail at one time or the other but it’s your responsibility to change their mindset about failure. Reinforce the thought that failure is just another roadblock in the way of their success.
Help them experiment early in life
Children with intrinsic entrepreneurial qualities are often keen to experiment in life. Don’t discourage their urge to set up shop by ridiculing their idea. Let them figure out how to do it. Let them make mistakes, let them learn. You never know, maybe your child can actually build an enterprise with that eccentric idea.
Make your child financially literate
It is extremely important to encourage and help your child to become financially literate. Teaching kids about the importance of money, it’s capabilities and the wiser ways of making and growing money is one of the most valuable gifts that you can give them. Any company, regardless of how big or small it is, is bound to fail without the necessary financial know-how to scale. Whether it is business, or life in general, more emphasis cannot be laid on the importance of financial literacy.
Teach your child to set goals
The power of goal-setting is often underestimated. It is much more different than setting a resolution and not sticking to it. Goal-setting is a process that is practiced by successful leaders all over the world. To teach your child the right way to set goals, help them identify goals that are neither too challenging, nor too easy to achieve. Here’s a popular technique that can be adapted, known as the SMART goal setting technique. SMART stands for:
S – Specific
M – Measurable
A – Achievable
R – Realistic
T – Timely/ Time-restricted
This makes the goal setting process a lot more easier and practicable.
Teach them technology
Even though an active part of their technological education happens in schools, help your child keep up with the latest technologies that can benefit them in their entrepreneurial adventures. With the world embracing technology with open arms, it is more than necessary to keep up with the latest technological advancements to make the most out of the situations.