Developing Entreprenuerial Kids

Teaching your kids to be entrepreneurs may be one of those values that will foster healthy mental development in them for a lifetime. Parents who encourage their kids to start a small business will teach kids the importance of decision making, balance and self control. Small business knowledge creates independence in children and can take control of all their boredom issues. When children learn to think independently, it develops creativity in them. Many children today who are diagnosed with attention deficit disorders and some other forms of mental illnesses such as depression; may simply be suffering from a lack of a challenge in their lives.

  

Teach Them to Turn Their Interest into Enterprise

Kids today are mostly interested in video games, music videos, sports and text messaging. My son at eight years old wanted a droid. Of course you know what my answer was. However, their interest is constantly changing and kids are always looking for new things to get into. One way to get them interested in doing a small business is to encourage them to value your money. Don't just automatically buy things for them when they want it. Encourage them to make, or sell something in order to get the money they need. 

Understand The Value of  Their Dollar

One thing I learned is that kids don't like to spend their own money, my son in particular would run to put his money away in his Star Account,and then ask me to purchase something for him with my own money. One way that I discourage that is letting him know that, whatever I spend is coming out of his own money. So that usually teaches him the value of saving his own money, because the need for the item he wanted suddenly changes to, "Nah, I don't really want that item anymore, I can do without it!!"

Encourage Their Own Ideas Not Yours

Encourage them when they have an idea whether it is in selling cookies, lemonade, or even in having a garage sale. My son always wants to sell things from our house; unfortunately, our neighborhood does not allow garage sale or yard sales. I must say that I have been a slacker, because I should have already found another way for him to sell those items from our garage. It is not too late, so I will have to figure out what to do to get those items sold and put him in-charge of the pricing and selling.

Don't Micro-Manage Them too Much

Don't be afraid to let them fail, failure is a good teacher of determination. When we allow them to mess up they learn something valuable for the next venture idea they have. Give them the tools by asking them how they plan to get their business working, and then help them steer them in the right direction, but let them do it for themselves as much as possible.

Take Them Through the Process of Entrepreneurship

It's never too early to Teach Kids the benefits of doing a business plan and getting a license; or the difference between selling from the garage or operating  from a store front. Kids need to know that their is a right way to start a business, even though their venture may only be a fun activity for them in the beginning. It would be good for them to learn now; which, will make it easier for them when they grow older, and decide they need to start a business. This may be some of the best education your kids could learn from you, when you teach them to fish, rather than give them a fish!!