Encouraging Entrepreneurship in Your Kid

Dear parents,

Being an entrepreneur takes a special ability to think for one’s self, to be willing to take calculated risks, and to go after big dreams with an unstoppable passion.

Leadership qualities are a must and they love a good challenge, and there are ways that you can encourage this for your kids!

1. Make playtime purposeful

This is a time when their imagination runs free, so teach them to use it to their advantage! Encourage your kids to use playtime to open up their own shops... what will they make? How much will they sell it for? Who will they help? It doesn't matter what it is, it gives a purpose and drive to their free time that didn’t exist before. This can start to plant the seed early that one day they too can create the life and career that they dream of if they mix those passions with a little hard work. Even better, let them start a business like a lemonade stand and walk them through the steps of making the product, what their cost was, and what to sell it for.

2. Hold them accountable

Maybe they want a new toy, give them some options for various ways they can earn that toy. Can they earn money from completing a new chore or project around the house? When children aren’t given everything they ask for and, instead, are encouraged to go out and work hard for what they want, this attribute is instilled into their character. This will set them up to become independent thinkers and can help improve low confidence levels and indecisiveness.

3. Teach them about stocks:

This is as simple as bringing it up in conversation. If they have a favorite toy, ask them if they think it would be worth it to invest in that company. Why or why not? Take it a step further, and invest half of what they earn from extra projects and chores they do. Allow that money to build over time.

Teaching them to do this now will make it automatic later.