How To Prepare Your Children For Entrepreneurship

how to prepare your children for entrepreneurship

I got introduced to entrepreneurship early and this has shaped who I am today. I still remember trying my hand at selling nuts (of all sorts) and drinks. These experiences have helped me to build a great foundation. All these experiences taught me so much about responsibility and money. I also learned how to deal with people. I had to learn how to interact with all sorts of different personalities. So, if you have children, you need to learn how to prepare your children to entrepreneurship. Even if they will end up not starting a business, their lessons will be useful in their chosen career.

So, as you teach your children algebra, science etc., teach them also how to manage their own money. If you don’t know why you need to do this, watch this TED talk about the importance of teaching your children entrepreneurship. This will help you to acknowledge the value of entrepreneurship in our society and also encourage you to start teaching your children early.

So, how can you prepare your children for entrepreneurship?

In the TED talk I mentioned above, Herold tells the story about how his parents gave him two piggy banks: one for money he could spend on the things he wanted, and the second for savings. His parents taught him the basic skill of money management. For instance, every time he made $1, he would put 50 cents in one and 50 cents in the other.

These early habits are so important. Also, these habits are not that difficult to implement. As a parent, it is your responsibility to help hold your kid accountable. Instead of using piggy banks, you can open a chequing and savings bank accounts for your children. The key is ensuring they follow through on this.

READ ALSO: 14 BUSINESSES YOU CAN START WITH LITTLE OR NO CAPITAL

No matter how young your children are, you can start assigning some chores to them in the house. For some tasks that you think should not be for them, you can assign some form of rewards to them. This will teach them the meaning of responsibility. In addition, it will instill in them the concept of generating income.  From this, your children will learn how to earn for themselves and then reinvest those earnings into other things they may want.

Whenever you think of throwing away old stuffs in the house, use it as an opportunity to teach your children about selling.  As a parent, it is easy to just throw away old things but consider this as an opportunity to show your children the art of selling. Let your children how much you paid for the stuff and what it might be worth today based on wear and tear. You can go a step further by listing the item on Kijiji or Ebay. When you are able to sell the item, let your children keep whatever you get from selling the item. And remind them about the lesson in 1 above.

As a parent, you probably can attest to being frustrated on several occasions because you are not getting the service you paid for. Instead of simply showing your frustration, use the opportunity to explain to your children the value of good customer service. Also, when you receive great service, acknowledge it and explain to your children why that is important. Succeeding in business is largely dependent upon your ability to be accountable for doing what you say you’re going to do.

READ ALSO: TOP PODCASTS FOR BUSINESS OWNER

Aside all the ways I listed above about how to prepare your children for entrepreneurship, can you list other ways that come to mind?

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Featured post image credit: Udemy.

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About Emmanuel Oluwatosin

Co-founder & Publisher of AfricaX. He is interested in: Technology | Media | Startup | Business | Education. Emmanuel currently lives in Calgary, Canada with his family.

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