Raising children and running a business lead to a simple equation – having some serious skills.  If you don’t already have some of these skills you will or are quickly learning many of them.  One could even argue you might need to step into the self-help section of your local Barnes & Noble, find a quiet corner and either read an informative book or sit in a fetal position.  Children and businesses are not easy & both will test your limits, usually picking your most likely worst days.  If we learned these skills earlier would it place entrepreneurs, or adults in general,  in a better position? 

Getting an early start by teaching children about entrepreneurship can be a valuable way to help them develop important life skills, such as decision making, self esteem, problem-solving, and financial literacy. Although we cannot promise the children will be excited, here are some useful tips to get make your parental attempts:

1. Encourage creativity, problem-solving & decision making:

Entrepreneurship is all about finding solutions to problems, and being able to make decisions. Encourage children to think outside the box, look at all possible sides of the issue, ask questions, think ahead and come up with creative solutions to challenges they encounter. You can also encourage them to use critical thinking and problem-solving skills to identify areas where they can make a difference and create value.  Sometimes it’s the different ideas that lead to light bulb moments.

2. Develop financial literacy:

Understanding the basics of money management is essential for any adult much less a budding entrepreneur. Finding ways to teach saving, budgeting, expenses, unexpected curve balls, marketing, investing, and tracking it all even at a rudimentary level will give such an appreciation for the planning & thinking that goes into being financially smart.  Possibly extending this lesson into delaying gratification on profit.  Learning the difference between a want or a need.

3. Foster a growth mindset: 

First and foremost – failure is normal.  Encouraging children to embrace the challenges that come their way and learn from them.  What are the choices, what path would each choice lead them down and road blocks could be present.  Mistakes will happen, but learn from them. Failure is a natural part of the entrepreneurial process and that it provides an opportunity to learn and grow by pivoting and adjusting.

4. Provide real-world experiences: 

What would be opportunities for buying and selling?  Lemonade stands, garage sales, creating their own crafts or providing services such as lawn mowing or car washes.  They can immediately learn about supply and demand, marketing, sales & transactions, tracking expenses, customer service and staying organized.  

5. Emphasize the value of hard work:

Entrepreneurship requires dedication, perseverance, resilience and hard work and some would argue – working smart. Encourage them to set goals, what consistent actions and hard work over time will result in a great chance of success.  Could there be some setbacks and how to process this emotionally and practically.  Success often comes from persistence and determination, nothing good is accomplished overnight. 

In the end, teaching children about entrepreneurship can help them develop important executive functioning life skills, create emotional intelligence, and foster a mindset that values creativity, problem-solving, and hard work all leading to a greater chance of success and strong self-esteem.  That mind set is worth its weight in gold.