You Can Raise Your Kids to Become Successful Entrepreneurs, Here’s How
Business, when handled correctly, is a doorway to wealth, don’t you agree? And that’s why we have to make sure our kids discover the entrepreneur in them.
Truth be told, children often come up with amazing ideas. Proof to support this exists in the fact that children invented the popsicle, trampoline, and earmuffs. Those who may not invent stuff aren’t left out either, as Warren Buffett’s story confirms.
The billionaire started making money while he was still a kid, going door to door selling gum. Had his parents discouraged his hustling mindset, do you think he’d be as far as he is today?
It’s Up to You as a Parent
And while not all kids may take up the initiative to sell stuff door to door, financial experts advise that you have to instill the entrepreneurial mindset in them as a parent.
Some of them may never end up being entrepreneurs, but the mindset equips them with certain life skills that will help them through whichever niche they create for themselves.
According to Thomas Henske, a financial planner with Lenox Advisors, the modern-day parent should take this chance to teach their child about money, with entrepreneurship being the first item on the agenda. Other financial lessons will also come in handy, but that business mindset should top the list, Henske says.
You can even take it a notch higher by being practical about it, say something like having them set up a lemonade stand in the neighborhood. This way, the kid will have a hands-on experience with investing, spending, saving, and budgeting.
According to Henske, such experiences make kids value money and they get to understand that it’s difficult to make, and it keeping it once you have it is not easy either. Isn’t it funny how expenses mushroom as soon as you’ve got some cash?
Don Bossi, a STEM expert also holds the same opinion as Henske, going on to say that in having kids do things like this, they get to grow a tough skin. As we all know, failure is part of life, and what we do after it comes is what matters most.
Something may go wrong in your kid’s mini-project, but it’ll be a blessing in disguise. With the failure will come a lesson on perseverance, along with the prompt to think critically on how to solve the issue at hand.
Handle It the Best Way You Can
However, how they deal will all this will be subject to how you also handle it as a parent. Instead of allowing your kid to walk away after their first failure, sit them down and convince them otherwise. Probe them on what they think could have caused the problem, then have him think of solutions with your guidance.
With all this, you’ll foster creativity in the kid, and you better believe that it’ll come in handy later in life. If you can, find the child a mentor.
You know how sometimes (or always) kids think that their parents know nothing? The mentor will come in to bridge that gap, and you’ll all be moving in the right direction.
Henske also says that you should slowly wean them into reading entrepreneurial books but don’t push them too hard. Whatever you do, just make sure they are making good progress on that front.
More in Business
-
`
Brad Pitt’s ‘Semi-Retirement’ Plans
Brad Pitt, known worldwide for his Academy Award-winning acting and top-notch production skills, is not just a Hollywood sensation; he’s a...
December 9, 2023 -
`
Streaming Giant Netflix Faces Yet Another Challenge
In the ever-evolving landscape of streaming entertainment, Netflix, once the unchallenged king of digital content, now faces a complex puzzle beyond...
December 1, 2023 -
`
Signs You Should Quit Your Current Job & Move On
You Don’t Feel Comfortable at Work Imagine spending the majority of your waking hours in a place where you feel uneasy,...
November 20, 2023 -
`
How to Adjust and Renew Your Portfolio
Investing in the financial world is like navigating an ever-changing landscape—constantly evolving, always shifting. The key to staying on track? Regularly...
November 18, 2023 -
`
Dr. Dre’s Divorce With Nicole Young: A Closer Look
When the beats of old-school hip-hop start bumping, Dr. Dre’s name reverberates in fans’ minds worldwide. Born as Andre Young, this...
November 12, 2023 -
`
Why Branded Content Is the Best Way to Connect With Your Audience
Have you ever found yourself deep in a compelling article or engrossed in a video series, only to later discover that...
November 5, 2023 -
`
Why the Gender Pay Gap Could Be Getting Worse | New Research Findings
At a time when women are making significant strides in various professional arenas, a new report throws light on a trend...
October 28, 2023 -
`
What Is a Bull Market and How Can Investors Benefit From One?
In finance, the term “bull market” is frequently used to describe a period of optimism, rising asset prices, and investor confidence....
October 19, 2023 -
`
A-List Power Couples Where the Women Make More Money
In an era of shifting gender roles and evolving definitions of success, it’s increasingly common to find celebrity couples where the...
October 15, 2023
You must be logged in to post a comment Login