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I have been thinking about my financial future and that of my daughter’s. I’m in the process of revamping my strategy for working from home full time, and I want my daughter to actually have a life, not just live from paycheck to paycheck. Just as I’m seeking viable ways to afford to stay home with my daughter, I want her to have the option of doing the same when she becomes a mom. In light of this reflection, I want to write about how we as parents can raise the next generation of entrepreneurs.
Know Your Kids’ Interests
This takes studying and spending lots of time with your children. I found out that my daughter loves music, and she is heavily into acting out the characters she sees on her favorite videos. She is also highly active and energetic. She likes makeup and she is also tech-savvy at three years old. I know her interests might change as she gets older, but if she expresses a desire to use a certain skill to earn income for herself, I’ll do what I can to support her goals.
Let’s Teach Them Life Skills
Too often we think that in order to become a successful entrepreneur, we need the academic skills or an understanding of technical jargon. But often it’s the real-world skills that often help kids in discovering their entrepreneurial talents. These skills include hairstyling, being handy with household items, sewing, woodworking, organization skills, the ability to speak well in public, proper etiquette, fashion sense, and housekeeping skills. With these skills, our kids can easily run their own businesses with little startup costs.
Help Them Set Realistic Goals
If your kids are teens, this is the time when you want to help them set realistic goals for themselves. If your son says that he aspires to have his own graphic design company, then work on a list of steps that he needs to take in order to reach the main goal. These steps might include enrolling in graphic design courses, getting internships, working at a local design firm, and creating a solid business plan. Goal setting is an important skill in entrepreneurship.
Talk to Them About Hard Work and Money
Entrepreneurship is not for the half-hearted. If we are going to inspire our kids to become entrepreneurs, then we need to teach them the importance of hard work. Start by assigning them chores at an early age, and this teaches them responsibility. You should also have discussions with them about money. Stress the importance of saving their income and spending less than they earn. Your kids should learn about how to use credit responsibly and having long-term financial goals. Don’t always give in to your kids’ demands for things whenever you go places with them. Honestly discuss why you can’t afford certain items and offer to buy them at another time.
Give Them Plenty of Opportunities
Help your kids by exposing them to as many opportunities as possible. Organize a garage sale with the kids and let them pick out the items they want to sell. Teach the kids how to price items properly and how to negotiate with buyers. Have them enter contests where they can showcase their skills for cash prizes. This could inspire the kids to build on their new ideas and start new ventures.
Share Inspiring Stories About Entrepreneurs
It also helps to talk to your kids about entrepreneurs who had innovative ideas that changed society. These include Ray Kroc of McDonald’s, Jeff Bezos of Amazon, Madame CJ Walker, Cathy Hughes of Radio One and TV One, Sean Combs, Russell Simmons, Etsy founder Rob Kalin, Essence Magazine founder Susan Taylor, and Lisa Price of Carol’s Daughter. When the kids hear these stories, it inspires them to think of their own future innovations.
In conclusion, when you raise your kids with the right mindset and instill confidence in them, they could become financially stable long-term.