What You Can Do to Help Your Children Be Successful Entrepreneurs
The latest survey projects that teens remain open to becoming an entrepreneur & establishing a business irrespective of the impact of COVID-19 worldwide:
- 2/3rd- 66.0% of teens between the age group of 13 - 17 years mentioned they would “probably” consider starting a business or becoming an entrepreneur as an adult.
- An identical survey conducted in - 2017 reflected that almost the same percentage of teens – 69.0% were inclined to begin a business then.
- It's noteworthy that nearly 30% of teens admitted that their biggest concern about establishing a business is the “risk involved”.
Other highlights of another similar survey include:
- 1/4th– 24.0% don't consider there's "Enough Money in it."
- 18.0% said it didn't "Fit My Personality".
- 52.0% admitted they required "Someone To Invest" in their business to ponder being an entrepreneur.
- 51.0% stated they would demand "More Information on what it takes to be successful".
- 47.0% mentioned they would require "Support from Parents & Family."
- 1/3rd of teens – 38.0% would seek "Friends with Similar Interest" to collaborate with them.
- 34.0% would require "A Role Model who is a Business Holder."
How to Encourage Your Child's Entrepreneurial Spirit:
There are numerous examples of entrepreneurs who got the “itch” for entrepreneurship at a very young age. Even if your children do not establish a business tomorrow that makes them affluent, nurturing your child's entrepreneurial spirit is probable to offer multitudinous benefits, like so:
Identifying the right project:
Parents need to be perspicacious about when to ask their children to view a project through to completion and when to confess that a change of interests commands a change in projects.
Only figure on projects that honestly interest your children. If you identify that match, your children will begin the entrepreneurial journey with enhanced zest.
Empower a Discoverer's Expeditions:
Discoverers love the word "Why?" They ask the question a million times a day, trying to figure out what makes the world tick. As visionaries, Discoverers have a hunger for knowledge and require to fulfill their oddities.
Promoting Discoverers can be as smooth as signing them up for events that replete their quest for factoids while catering to an intellectual purpose.
Channelize a Computer’s Zeal:
Competitors tend to be distinguished achievers who give much more than 100% without fail. While that drive may push them to go beyond where other children fear to toil, it might also affect them to view everything from a win-loss perspective.
To refrain children from burning out or spotting everyone else as a potential rival, get them acquainted with the concept of competing against their highs while thriving on a team.
Aid an Organizer to communicate his or her viewpoint.
Organizer children are nothing if not conscientious about the literal & figurative configuration of everything. Having the instinctive ability to make order out of would-be turmoil can be a welcome quality, especially when your children get into the workplace. Though not all organizers can communicate why their plan appears sensible or rally others to their ways of perception.
For this reason, you should insist on working with your Organizer children on reinforcing their communication abilities.
Most Effective Ways to Help Your Children to Become Successful Entrepreneurs:
Cultivate the frame of mind – The Mindset
Rooting an entrepreneurial frame of mind embraces looking both inward and outward. “Inward”- indicates the frame of mind someone evolves towards how they view their capabilities, how they take success & failure, and, the level of confidence they possess to approach new situations.
“Outward”- the conviction that they can positively impact change or form something of value, or how they see work & what it might behold in their future.
Allow Them to Solve Problems:
In today’s world of helicopter parenting, many parents do not permit their children to think for themselves.
Being parents, it’s our prime concern to protect our children, not stifle them. We should set them free& let them confront adversity head-on & then choose, for themselves, how they want to tackle it.
Being parents, we must accept that children are, in the due course, going to topple. They are going to fail. They are going to witness disappointments, exasperation, and failures.
Guide them, the earlier the better, that it’s not important how many times they fall. What counts is that they get straight back.
Every affluent entrepreneur has been knocked down at least more than a dozen times in their life. They will thrive at everything they opt to do because they are determined to never give up.
Support Them Initiate Enterprises Early in Life:
Irrespective of if it has been done a hundred times before. Irrespective of if their undertaking does not yield as much as other ventures.
These simple steps will educate your children on valuable skills that they can show and apply anywhere:
- How to sell
- How to tackle rejection
- How to subdue frustrations
It will also make them comprehend the true worth of making money through rigorous work. This will, in addition, make them respect their financial resources at large.
Implant Financial Literacy:
Educating children about money when they are young will aid them with a firm financial foundation that is mostly unnoted in school.
Your children are never too young to comprehend financial literacy. Children require to learn how to save their money & seat into essential things. They also need to absorb that they can’t just anticipate money, they have to “garner” it.
Instruct Technology Skills:
Coding for children entails a multitudinous of skills that are essential and, once fully acquired, will prove propitious to them in the long run. It enhances skills in math, logic & innovation. It instills problem-solving & circumstantial analysis.
Abilities absorbed through coding for children will in the due course flourish & become priceless life skills.
Meet mentors and role models:
The conclusive part embraces introducing them to a mix of people, from different backgrounds, who have opted to be entrepreneurs. This also embraces you, as their potential entrepreneurial mentor.
Observing someone who is doing commendable things opens up the eyes and minds of your children to what they can accomplish themselves. It aids them to observe the behaviors and approaches that generate confidence, ownership &triumph.
At the end of the day, it is a parent's accountability to teach their children about the significance of entrepreneurship. It is never too early to commence educating them on how they can be successful in this domain and with these tips, your children will have an excellent kick start. Parents are effectively positioned to support their children not only fleck their strengths but also to absorb how to shape them for future entrepreneurial success.