Parents want to see their children succeed. In the digital era, there are a number of ways that today’s technology can help and sometimes hinder a child’s future. While traditionally, the path to a successful life was receiving a good education and finding a lucrative career, things are changing. Many young people are opting for entrepreneurship instead of the typical 9-5.
Entrepreneurship is founded on unique characteristics. These traits include determination, perseverance, innovation, and open-mindedness. So how can parents help their children build entrepreneurial habits that will help them reach their full potential?
Create a bank account for your child while they’re young.
It is important that parents help children understand the importance of financial literacy. By creating a bank account while your child is young you can lay a foundation for earning money. When your child earns money you can make putting it in the bank account a fun and rewarding experience. Help them understand the math and decide how much they should save and good ideas for spending a bit of what they earned from their hard work.
Give Children Chores to Do
Parents should instill a strong worth ethic in their children. Instead of creating an allowance for merely existing, require your children to do chores around the house. Things as simple as mowing the lawn, walking the dog, or emptying the dishwasher can help young kids learn the importance of earning their own money. As they get older, encourage them to do similar tasks for neighbors or family friends as a way to earn additional money. Things such as raking leaves or shoveling snow for someone down the street can be a great way to teach them the meaning of work and the value of a dollar.
Take the time to listen and encourage your children. Foster their creativity and watch them grow as young people. Many children learn by doing so find ways to create opportunities for them that allow for lessons to be learned in the process. Ideas such as selling lemonade or growing a garden should be heard and encouraged. Don’t just listen, but ask them questions such as what they’re hoping to learn or gain, where they’ll get supplies, who their costumes will be etcetera. Make sure that you’re setting necessary expectations and limitations based on safety, legality, and time. However, it is imperative that we allow our children to explore, fail, and then learn from those failures. After all, successful entrepreneurs are those who are not discouraged when things go wrong.