Innately inquisitive and creative, children are natural risk-takers with an insatiable appetite for learning why, all of which are all positive entrepreneurial qualities. While it is up for debate whether an entrepreneurial mindset is a product of nature or nurture, encouraging entrepreneurial qualities such as tenacity, perseverance, and the importance of planning and goal setting will benefit your child at every stage of life.
Instill Work Ethic
Impressing a sense of drive in your child teaches them that determination leads to results. By doing your best to instill a strong work ethic at an early age, you will encourage your child to recognize the value of hard work.
- Encourage goal setting – helping your children establish short and long term goals and help them devise a plan to achieve them. Let your children take the lead to instill a sense of initiative.
- Teach cause and effect – celebrate small milestones of success and show your children exactly what created that success, teaching them the power of persistence.
- Find teaching moments in failure – as parents, it’s natural to want to protect your child from pain. However, children who are allowed to experience the disappointment of failures are allowed to learn from their mistakes, which affects how they respond to their own failures in the future. Successful entrepreneurs view failures as learning experiences.
Teach Financial Responsibility
Encourage an entrepreneurial spirit by teaching your child the importance of financial responsibility. You can help your child learn the value of money by helping them budget a small allowance in exchange for age-appropriate household chores. Increasing their allowance when they complete extra work and creating an easy to follow a timeline of how long it will take them to save up for something they want is a great way to tangibly explain fiscal responsibility.
Encouraging responsibility and initiative in your child can help foster an entrepreneurial mindset. Studies have shown that, more so than IQ, personality traits such as self-discipline and perseverance directly affect personal success. Inspire initiative in your child by providing guidance but encouraging creative problem-solving.
- Ask open-ended questions – asking your child ways they could achieve their dreams and goals will not only inspire them to be forward-thinking but plays an important role in cognitive development.
- Ask for help – asking your child to help you figure out even the smallest tasks can encourage creative problem solving as well as encourages leadership, teamwork, and self-esteem.
- Embrace frustrations – your child’s frustration is an ample opportunity to foster initiative. When your child hits a roadblock, simply ask your child “Can this be solved?” and “How can we solve this?” Soon, your child will learn to view obstacles as challenges.
One of the best ways you can nurture an entrepreneurial spirit is to encourage your child to be creative. Children are naturally inventive; encourage conversations about a problem or need in the world and have your child lead the discussion on how that need could be addressed.
Entrepreneurial thinking encourages your child to be driven, focused, and solve problems creatively, which are skills that are imperative to a successful entrepreneur, as well as a skill set that will benefit your child in every aspect of life.