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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 September 12, 2019

12 Things You Should Remember When Feeling Lost in Life

12 Things You Should Remember When Feeling Lost in Life

Even the most charismatic people you know, whether in person or celebrities of some sort, experience days where they feel lost in life and isolated from everyone else.

While it’s good to know we aren’t alone in this feeling, the question still remains:

What should we do when we feel lost and lonely?

Here are 12 things to remember:

1. Recognize That It’s Okay!

The truth is, there are times you need to be alone. If you’ve always been accustomed to being in contact with people, this may prove difficult.

However, learning how to be alone and comfortable in your own skin will give you confidence and a sense of self reliance.

We cheat ourselves out of the opportunity to become self reliant when we look for constant companionship.

Learn how to embrace your me time: What Your Fear of Being Alone Is Really About and How to Get over It

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2. Use Your Lost and Loneliness as a Self-Directing Guide

You’ve most likely heard the expression: “You have to know where you’ve been to know where you’re going.”

Loneliness also serves as a life signal to indicate you’re in search of something. It’s when we’re in the midst of solitude that answers come from true soul searching.

Remember, there is more to life than what you’re feeling.

3. Realize Loneliness Helps You Face the Truth

Being in the constant company of others, although comforting sometimes, can often serve as a distraction when we need to face the reality of a situation.

Solitude cuts straight to the chase and forces you to deal with the problem at hand. See it as a blessing that can serve as a catalyst to set things right!

4. Be Aware That You Have More Control Than You Think

Typically, when we see ourselves as being lost or lonely, it gives us an excuse to view everything we come in contact with in a negative light. It lends itself to putting ourselves in the victim mode, when the truth of the matter is that you choose your attitude in every situation.

No one can force a feeling upon you! It is YOU who has the ultimate say as to how you choose to react.

5. Embrace the Freedom That the Feeling of Being Alone Can Offer

Instead of wallowing in self pity, which many are prone to do because of loneliness, try looking at your circumstance as a new-found freedom.

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Most people are in constant need of approval of their viewpoints. Try enjoying the fact that  you don’t need everyone you care about to support your decisions.

6. Acknowledge the Person You Are Now

Perhaps you feel a sense of loneliness and confusion because your life circumstances have taken you away from the persona that others know to be you.

Perhaps the new you differs radically from the old. Realize that life is about change and how we react to that change. It’s okay that you’re not who you used to be.

Take a look at this article and learn to accept your imperfect self: Accept Yourself (Flaws and All): 7 Benefits of Being Vulnerable

7. Keep Striving to Do Your Best

Often those who are feeling isolated and unto themselves will develop a defeatist attitude. They’ll do substandard work because their self esteem is low and they don’t care.

Never let this feeling take away your sense of worth! Do your best always and when you come through this dark time, others will admire how you stayed determined in spite of the obstacles you had to overcome.

And to live your best life, you must do this ONE thing: step out of your comfort zone.

8. Don’t Forget That Time Is Precious

When we’re lost in a sea of loneliness and depression, it’s all too easy to reflect on regrets of past life events. This does nothing but feed negativity and perpetuate the situation.

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Instead of falling prey to this common pitfall, put one foot in front of the other and acknowledge every positive step you take. By doing this, you can celebrate the struggles you overcome at the end of the day.

9. Remember, Things Happen for a Reason

Every circumstance we encounter in our life is designed to teach us and that lesson is in turn passed on to others.

Sometimes we’re fortunate enough to figure out the lesson to be learned, while other times, we simply need to have faith that if the lesson wasn’t meant directly for us to learn from, how we handled it was observed by someone who needed to learn.

Your solitude and feeling of lost, in this instance, although painful possibly, may be teaching someone else.

10. Journal During This Time

Record your thoughts when you’re at the height of loneliness and feeling lost. You’ll be amazed when you reflect back at how you viewed things at the time and how far you’ve come later.

This time (if recorded) can give you a keen insight into who you are and what makes you feel the way you feel.

11. Remember You Aren’t the First to Feel This Way

It’s quite common to feel as if we’re alone and no one else has ever felt this way before. We think this because at the time of our distress, we’re silently observing others around us who are seemingly fine in every way.

The truth is, we can’t possibly know the struggles of those around us unless they elect to share them. We ALL have known this pain!

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Try confiding in someone you trust and ask them how they deal with these feelings when they experienced it. You may be surprised at what you learn.

12. Ask for Help If the Problem Persists

The feeling of being lost and lonely is common to everyone, but typically it will last for a relatively short period of time.

Most people will confess to, at one time or another, being in a “funk.” But if the problem persists longer than you feel it should, don’t ignore it.

When your ability to reason and consider things rationally becomes impaired, do not poo poo the problem away and think it isn’t worthy of attention. Seek medical help.

Afraid to ask for help? Here’s how to change your outlook to aim high!

Final Thoughts

Loneliness and a sense of feeling lost can in many ways be extremely painful and difficult to deal with at best. However, these feelings can also serve as a catalyst for change in our lives if we acknowledge them and act.

Above anything, cherish your mental well being and don’t underestimate its worth. Seek professional guidance if you’re unable to distinguish between a sense of freedom for yourself and a sense of despair.

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Featured photo credit: Andrew Neel via unsplash.com

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