Entrepreneurship for Kids: How to Encourage Business-Minded Children

One way to make the most of the pandemic is to introduce entrepreneurship for kids. Teaching them the necessary skills and inculcating the entrepreneurial mindset at an early age can yield positive effects and success in adulthood. Read on to find out how to kickstart your child's entrepreneur journey.

Nurture Their Innate Entrepreneur

Allow your children to brainstorm business ideas. No matter how impractical or out-of-this-world their ideas may be, this gets them thinking like an entrepreneur. Better yet, teach them how to make a business plan. Let them discover for themselves whether their ideas are probable or not, and why.

Teach Them Something New-Even If It Does Not Suit Them

A broad mind is essential for an entrepreneurial mindset. Children are natural learners and curious about a lot of things. Take advantage of this time to introduce them to learning something beyond their alphabet and phonetics.

Consider enrolling them into programs like The Lemonade Project to help foster their business-mindedness. Such programs teach kids how to adapt to changes in the workforce and introduce skills that assist in entrepreneurship. While at home, you can also get your kids to read the book Range, which discusses the many domains that push people to be at the top of their skill set, Entrepreneur revealed.

Teach Them to Take Risks

Some adults never grow-up to be an entrepreneur. Some never even consider it for fear of taking risks. Teach your children about managing risks, so they can be unafraid to take them. Teach them how failure can teach important lessons to make them better at business.

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Develop Entrepreneurial Skills While Young

It is wise to practice elements of work that entrepreneurs use. Children can learn how to negotiate, pitch, make decisions, and think creatively, among others. Teach them how to present an idea, guide someone struggling to decide, and handle objections.

Incorporate fun challenges that will teach these skills in everyday ways. It could be negotiating what they will have for dinner, putting them in charge of an event, or brainstorming together.

Introduce a Mentor to Them at a Young Age

Everyone needs a mentor to teach, encourage, and mold them. We need that strong leader who will push us when we are having second thoughts about making a business decision. We need that positive role model who we can observe-from their lifestyle to the tough decision they make. Introduce them to various people from different backgrounds--people who chose to be entrepreneurs, Forbes revealed.

Seeing someone do amazing things can open up children's eyes and minds. They can then have the confidence that they can take on this entrepreneur journey themselves.

Think about Robert Kiyosaki, author of "Rich Dad, Poor Dad," having his friend's dad as his role model while he was a young boy taught him not to work for money but to make money work for him. He realized he need not get angry for not getting paid for working at the store because he could make more money by starting a business.

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