5 ways to teach your little ones to become entrepreneurs

Have you seen the passion in your child and realized that it is worth supporting? Maybe he started when he was six or seven years old and wanted to make his own lemonade stand in front of the block or house. By the time he was nine to ten years old, he was selling pencils, erasers, candy, and gum to his classmates during recess, and by thirteen, he created and monetized a YouTube channel to have spending money or invest what he had saved.

Whatever the reason, these children and teenagers exist and there are quite a few of them. Children of this generation have a natural entrepreneurial spirit that pushes them to recognize problems, find solutions and create opportunities to make them a reality.

There is much debate as to whether entrepreneurial traits are a gift we are born with or nurtured, but research shows that encouraging entrepreneurship in children will help them in their future as either entrepreneurs or employees. 

Here are some ways you can teach your little one to become an entrepreneur:

Teach your child to recognize opportunities

Entrepreneurship has always been about identifying problems and finding solutions. In cases where the problem is present but not recognized by society, entrepreneurs find ways to illustrate it and come up with its solution. In cases where the problem is known and the solution already exists, entrepreneurs find ways to improve it.

Whatever the case, it is this recognition of opportunity that drives entrepreneurs to create a product or service that people can become "addicted" to.

If the little one expresses dissatisfaction with something, he should be encouraged to think of ways to improve that thing. For example: to eat vegetables. If he hates the taste so much, but knows he can't leave the table until he finishes them (and also knows that yelling doesn't help), what can he do to make the vegetables tastier? Start looking for solutions together. If he comes up with ideas that already exist, you can congratulate him on that. Children must be taught to look for opportunities and act on them in order to have a future full of successful moments.

Teach your child to set goals

Goal setting is another important entrepreneurial skill that many successful business people, such as Richard Branson, Warren Buffett, and Elon Musk, use. They write down their goals and follow them as closely as possible. Notes on the phone, notes on the laptop, on paper with pen, voice notes, etc., whatever method they choose, smart business people insist on setting SMART goals - an English word whose letters mean:

S – specific

M – measurable

A – doable

R – realistic

T – opportune or time-based

Studies show that people are 42% more likely to achieve their goals that have been written down. And if these goals meet the SMART criteria, the likelihood also improves significantly.

For a child, entrepreneurship may seem like a complex and intimidating concept for which they are not ready. But goal setting is something simple, straightforward and easy to understand. It's something anyone can learn to do from a young age. To effectively teach children to become entrepreneurs, goal setting is a must.

It's essential to get your little one used to using a list of simple goals to check off daily or weekly, goals to cross off after they're done. This can be very satisfying and will give him the courage to continue. You can start by putting a sheet on the fridge for your little one and help them fill it in every day. 

The "to do" elements could be simple: to complete the math homework; to eat an apple for lunch, to finish the English essay. The idea is to form the habit of writing these goals down with the intention of doing them by the end of the day, so they can be crossed off after they are completed.

Teach your little one to be strong

In life, the child will always encounter more difficult situations, the effects of which can bring him down. As a parent, it's important to accept that eventually your child will have that moment of failure and will experience disappointment, frustration, and failure.

No matter how many times it happens, as a parent you need to teach your child as early as possible that it doesn't matter how many times they fall. What matters is that he gets up straight away and keeps going until he succeeds, and this can start as early as the little one's first steps. 

Every successful entrepreneur has experienced "falls" throughout their career, but turned those dozens of losses into wins by getting back up and trying again. Always encourage and support your little one until they succeed, whether it's a soccer match or a language competition. Thus he will choose to never give up. For both adults and children, entrepreneurship requires resilience.

Give him simple financial literacy lessons

Teaching your child about money from an early age will give him a solid financial foundation. A child is never too young to learn financial literacy, and entrepreneurship is a great way to introduce it. The little one can learn how to save money and invest it in things that matter. He must know that he will not receive money every time he needs it, but he will have to earn it on his own.

When he receives money as a gift (especially from grandparents or around the holidays), it would be ideal for him to learn that that money should not be spent, but saved. Whether he collects them in a piggy bank, or you keep them in another place for him and later open his own bank account, it is important that he knows the term "saving". 

Then explain to them how they can track their checking and savings accounts or how interest works. In addition to making him feel like an adult (which many children love), it will also help improve their sense of responsibility for their personal finances.

Leave him the freedom to solve his own problems

All parents want their little ones to reach their full potential, advance and mature. But how can they grow up when their parents are constantly making the important decisions for them?

Today, many parents do not allow their children to think for themselves, but even insist on making decisions, rushing to solve everything and protecting their children from everything they cannot do. It is the parents' duty to protect their children, but not to "suffocate" them. Finally, they have to make some decisions on their own, face problems on their own, and decide what they want to do in some situations.

Children who are not used to making decisions for themselves will feel lost at the first sign of adversity, and this can be detrimental to their development. The same paralyzing indecision can then be experienced in adult life, making it harder for them to face the challenges they begin to face.

Entrepreneurship for children requires people who are problem solvers and self-starters in some situations, and these skills are developed through experience. Giving your child the space to confront problems, gather information and then make an informed decision – both individually and in a group setting – is essential. Showing him the scientific approach of trial and error can help develop curiosity, creativity and self-confidence as the child learns to enjoy the process of exploration.

Regardless of whether the child chooses the path of entrepreneurship or not, the skills described above will help him succeed in any profession and in any field of activity.