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10 Effective Ways To Teach Your Kids About Entrepreneurship

10 Effective Ways To Teach Your Kids About Entrepreneurship

Who doesn’t want their children to be independent and successful?

The truth is that the traditional model of getting a university degree followed by a stable job and a steady progression up the career ladder doesn’t always happen these days. Population increase, economic crises, globalization, decreased earning power, dynamic employment markets mean today’s generation really has a daunting task in the job market and the future doesn’t seem too rosy as well.

Students are graduating from top universities and struggling for months (or even years) to find a decent job. Unpaid internships are common worldwide and often yield nothing even after the six-month sacrifice. How can we help young people cope in this harsh environment? The answer is to teach kids about entrepreneurship early on so that they can create their own opportunities when the time comes.

Entrepreneurship turns children into leaders. It transforms them into employers rather than employees and helps them create successful, independent lives through purposeful enterprise. It gives children viable options to earn a decent living in a crowded, harsh world.

There are crucial attributes every entrepreneur needs to succeed, and it is your responsibility as a parent to help your kids develop them. Here’re some of those attributes—and how you can foster them in your kids.

1. Inculcate financial literacy from the get-go.

Financial literacy is something that all children need to have today. Unfortunately, schools often don’t give enough attention to this area in your child’s education. Don’t leave this area to chance. Teach your kids about money from an early age to give them a solid grounding in finance.

Educate your children about saving and investing and show them how money can be used to make more money. If you see them throwing away coins, tell them to pick them up. Kids need to understand that every coin counts. When discussing with your partner or with yourself about how to spend your money, how much to save for a particular thing, say vacation, and things like that, let your kids in on it.

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For example, ask your kids for advice on what you should save for. Giving them this level of trust and responsibility helps them develop good money sense and nurtures their entrepreneurial mind.

2. Inform a keen sense of observation and self-drive.

Help your kids recognize that the world around them is full of business opportunities, and finding them just requires some careful observation, self-drive and creativity. They really don’t have to be employed. So the next time your children ask for money to buy a favorite gadget, ask them to look around and brainstorm ways to create the money through entrepreneurship.

Cameron Herold, in his inspiring TedTalk about how he was raised as an entrepreneur as a child, and does the same for his children, reveals he tells his kids to find things that need to be done around the house and tell him. After which, they negotiate how much doing that chore should cost.

You can also encourage entrepreneurship by asking your kids to start small projects like a lemonade stand or sell their old toys online through sites like Craigslist. That will teach them how to fix prices, market well, spot scammers etc., which will bring your kids in the fray of the real world.

3. Encourage an attitude of exploration and inquisitiveness.

In addition to urging your kids to explore their environment, urge them to develop an inquisitive mind and constantly ask questions. Don’t let them get too comfortable with the same solutions for problems. They should study a lot of things and be open to new ideas and new ways of doing things. Pierre Omidyar, founder of eBay Inc., agrees that exploration and inquiry are crucial lessons. “Our kids seem to thrive in situations that engage their curiosity and allow them to explore and discover the world around them on their own terms,” Mr. Omidyar says.

In his own childhood, Omidyar was immersed in both Persian and French culture thanks to his parents’ backgrounds. “Being exposed to and learning about these cultures taught me early on that there are different ways to think about any single situation, and that you don’t always have to do things the way they’ve always been done,” he says.

Let your kids walk around their community and engage with people from all walks of life within obvious considerations and safety precautions. You never know what opportunities they might find out there.

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4. Teach goal setting and planning.

Goal setting and planning are an integral part to entrepreneurial success. These are positive habits that will come in handy when ingrained in your child’s psychic. The sooner your child learns how to plan, set realistic goals and follow laid down procedures to completion, the better.

Teach kids to set S.M.A.R.T (Specific, Measurable, Achievable, Realistic and Timely) goals and accomplish those goals. Ask them to define and write down their top five goals or objectives. Studies show that written goals are over 80% more likely to be achieved.

Next ask them to consider carefully and write down five actions necessary to accomplish these goals. Encourage and support them throughout to reach their defined goals. This will enhance your child’s self-worth, self-drive and overall feeling of personal accomplishment.

5. Urge team work.

No one is completely self-sufficient. We all need help sometimes to reach our goals. The most successful entrepreneurs outsource heavy workloads and team up with others whose opinions they value to stay on track and succeed. Your child also needs to learn how to play well with others in order to reach common goals.

One of the best ways to promote team work from an early age is to urge your kids to participate in sports. Sports can be a great classroom for entrepreneurial principles and values. Arthur Blank, co-founder of Home Depot Inc. and owner of the National Football League’s Atlanta Falcons, agrees and says, “Sports teach how important teamwork is.”

Arthur’s six children, who have all played a variety of sports, have had to learn how to deal with setbacks and how to move past losses. One of his sons, Joshua, is captain of his eighth-grade soccer team—a role Blank says will help the boy learn about leadership and inspiring others, as well as playing his own position. “Not winning every game and teamwork—these are all good lessons for entrepreneurship,” he explains.

6. Reward personal initiative and high quality work.

Insist that your kids take personal initiative and deliver high quality work each time, whether it is on homework, house chores or extracurricular activities. Giving their best in everything they do means kids are responsible and dependable and it contributes to their overall success.

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Even exemplary solitary pursuits or passions like hiking for older kids can help them become self-driven and dependable without needing supervision. Jim Koch, founder of Boston Beer Co., says he found climbing mountains a good building block in becoming an entrepreneur.

“Climbers are a lot like entrepreneurs,” he says. “They are willing to put themselves in a risky situation then once there they become careful and cautious and try to reduce and eliminate the risk.” Reward your kids with monetary incentives or small treats for taking initiative to encourage good work.

7. Impress on kids to learn when failing.

In school, children learn that failure is bad. But, in the entrepreneurial arena, failure can be good if a positive lesson is learned. It was Napoleon Hill, author of Think And Grow Rich who said that, “Every failure carries with it a seed of equal or greater benefit.”

Instead of scolding or punishing your kids for failing at something, try discussing with them the factors that lead to the failure and brainstorm ways to prevent it from happening again in the future. Tell them failure is not entirely bad because it provides an opportunity to learn from mistakes and create new ways to accomplish goals.

Insist that they NEVER just give up, but to always find a lesson in every adverse situation. This way they will not dread failure or wallowing in self-pity and defeat when things don’t work out. People who have achieved have also failed at something. Patience and persistence is key for success.

8. Bolster effective communication skills.

This is a very important skill that every young person needs to learn. Communicating effectively allows kids to articulate their ideas and speak their mind in a way that what they say is clearly understood. This gives them a winning edge in their personal and professional lives.

Instruct your kids to be polite and respectful always. Tell them to speak boldly and support their points convincingly. Most importantly, show them how to maintain eye contact when speaking in person. And when speaking on the telephone, teach them to speak slowly, clearly and confidently.

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When it comes to written communication, encourage your kids to write grammatically correct sentences that flow logically, and to avoid abbreviated words and phrases that might cause misunderstandings. These will be extremely useful in the future as adults and business owners.

9. Support giving back to society.

The most successful and happy people on earth give back to society. Why start a business if it doesn’t support a greater cause? Teach your kids the value of helping others. Life is not always about you, your needs and your comfort. Life is also about leaving the world a better place than you found it.

Remind your kids constantly that successful businesses provide benefits to more than just their owners. Tell them people who contribute to the success of others contribute to their own success and live a happy, more fulfilled life.

Ask them to choose a charity or special cause to support with a portion of the income they generate. And support them wholeheartedly when they find volunteer activities to participate in society. This way your kids will lead a contented life—full of meaning and service to humanity.

10. Lead by example.

In the end, many entrepreneurs say the most important thing that inspired and motivated them to achieve entrepreneurial success is the influence they had from their parents. They learned most of what they know from their parents who led by example. For Mr. Blank, for example, his parents were his biggest influence on his becoming an entrepreneur.

“I saw living examples of entrepreneurs,” he says. “My dad was 39 years old when he started a pharmacy wholesale business. He passed away at 44 when I was 15. My mother, who was 37 at the time, had no business experience but was a risk taker in her own way. She grew the business and later sold it to a larger pharmaceutical firm.”

Lead by example and always practice what you preach. Your kids are looking up to you. When you tell your kids to work hard and learn from their mistakes, show them that you also work hard and learn from your mistakes. When you tell them to be patient and respectful, be patient and respectful yourself. You are your children’s biggest role model and will likely remain so their whole lives.

Featured photo credit: Brad Flickinger via flickr.com

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David K. William

David is a publisher and entrepreneur who tries to help professionals grow their business and careers, and gives advice for entrepreneurs.

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Last Updated on November 5, 2019

12 Powerful Habits of a Lifelong Learner

12 Powerful Habits of a Lifelong Learner

Formal education is something everyone has to go through to a certain degree, and the knowledge it offers isn’t always that practical in real life. Life long learning is how you improve as a person, bit by bit and day by day.

Life long learners recognize the importance and joy of growth so they never settle for what they currently know and always seek for improvement.

Here are 12 habits of people who value lifelong learning have in common – see how many of them you recognize in yourself.

1. They Read on a Daily Basis

Whatever problem or dilemma you currently face, there’s definitely at least one decent book that discusses it and presents a variety of solutions.

Reading is a great way to open up new horizons, train your brain and revolutionize your life. I can’t even count how many times books completely transformed the way I view the world, and it’s always a change for the better. Through reading, you can connect with successful people and learn from the lessons they share.

Life long learners love to get lost in books and do it regularly. Bill Gates knows that reading matters a lot; on his personal blog, he reviews plenty of game-changing books.

Due to technology, you can access a bookshelf of the wealthiest entrepreneur on this planet.

2. They Attend Various Courses

Whether it’s online or offline, there are countless courses you can participate in without spending a dime on it. These are great opportunities to connect with clever and like-minded people and learn from them.

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Because of the advanced technology, you can now gain knowledge from online programs, starting from coding through self-improvement to programs from top universities.

There are literally endless ways to thrive. What life long learners have in common is squeezing as much as possible out of these opportunities.

3. They Actively Seek Opportunities to Grow

Instead of spending your free time laying on the couch and watching TV, you prefer doing something creative and practical. You know every wasted minute is gone forever.

That’s why you’d rather practice your language skills with a native-speaker you’ve met, engage in local meet up or attend a class that teaches something you always wanted to learn.

Life long learners stay up-to-date with growth opportunities in their areas and participate in them frequently.

4. They Take Care of Their Bodies

“Physical fitness is not only one of the most important keys to a healthy body, it is the basis of dynamic and creative intellectual activity.” — John F. Kennedy

A clever mind combined with a body in a great condition is the best asset you can have. Our bodies were designed to run, walk, jump, swim, lift and much more. Leading a sedentary lifestyle harms both your physical and mental sphere.

Life long learners know the body is your temple. In order to make it flourish for as long as possible, they train regularly, move a lot and eat healthy.

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5. They Have Diverse Passions

Among Steve Jobs’ wise quotes, there’s one I like especially. It’s about connecting the dots:

“You can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future.” — Steve Jobs

Each dot is some event or skill in your life, and it’s only when you go through these elements that you know how to combine them into something great.

Having a variety of passions indicates that you love to progress. By practicing different skills, you give yourself an advantage over the rest of the people. During hard times, you are more likely to to act intelligently and solve your problems with less effort.

6. They Love Making Progress

If behind the efforts, there is passion and a deep desire to grow, your chances of success are way higher, compared to when you are forced to learn.

Life long learners love to experience the constant growth and improvement. The breakthrough moments help them to notice the impressive change that took place because of the learning process. Any milestone serves as a driving force for further headway.

7. They Challenge Themselves with Specific Goals

In order to keep growing, you clearly define your goals. Smart goal setting is one of the tools to ensure constant growth.

Since you love challenges, a difficult goal doesn’t scare you. Quite the opposite, it keeps you motivated and engaged.

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Research showed that precise and ambitious goals increase the performance of an individual. As we already agreed, life long learners are people who care about their performance, hence they never stop improving.

8. They Embrace Change

A complete change can lead to incredible results. This is especially visible on the example of successful companies.

Oftentimes, it’s that transformation which created space for their so-called overnight success. Twitter was originally created as an internal service to serve Odeo employees. Currently, it has over 300 million monthly active users and is considered the second biggest social network.

As a life long learner, you know a change can lead to extraordinary results so you welcome it and stay open minded about making a shift.

9. They Believe It’s Never Too Late to Start Something

Some people tend to think after a certain age, they are no longer allowed to start something and become successful. The truth is, it’s just a lame excuse not to leave the comfort zone.

Opposite to common misconceptions, there’s no wrong age to begin something. Henry Ford was 45 when he invented the Ford Model T car, which is considered as the first affordable automobile.

Sure, for some domains like becoming a professional athlete, starting early is required. However, to learn and improve for its own sake, you are never too old.

10. Their Attitude to Getting Better Is Contagious

“We now accept the fact that learning is a life long process of keeping abreast of change. And the most pressing task is to teach people how to learn.” — Peter Drucker

There’s nothing better than to see your surroundings getting involved in what you actively participate in. Oftentimes, the best way to achieve that is to inspire them and be the example. As Gandhi would say, you need to be the change you want to see in the world.

As a life long learner, you are extremely passionate about the constant growth and people around you can sense that positive attitude. As a result, they start acting similarly.

11. They Leave Their Comfort Zone

Is it really better to step out of your comfort zone? The answer is always yes.

You always embrace discomfort as you know the path to success leads through hardship and countless obstacles. Instead of being afraid of facing them, you challenge yourself to overcome more and more difficult handicaps.

Every time you get out of your comfort zone, regardless whether you win or fail, you learn something new. That’s the part you love the most!

12. They Never Settle Down

“Knowledge is exploding, so you need to commit yourself to a plan for life long learning.” — Don Tapscott

A sense of being clever enough is something you don’t experience. Without a doubt, you appreciate what you already know, but that’s never a reason to stop. You just know once you stop learning, you lose the amazing privilege humans have, namely an ability to a never-ending intellectual development.

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Featured photo credit: Christin Hume via unsplash.com

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