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Every parent wants their child to be successful. It’s the dream of many to see their child not only do well, but to continue to do better – better even than the parents themselves.
Running a highly successful business is one way to reach this goal, yet what are the chances of this happening? Surely it’s only very few who really ever reach the heady heights of success?
The truth is, a parent can actually increase their kid’s chances of becoming a successful entrepreneur, realising the dream that they might have held for many years. And it doesn’t need to be done in a lecturing kind of way – it can be a fun process.
In fact, instilling entrepreneurial ideals in your child is something that can be done quietly, even though play, so that by the time they have to use those skills, they are ingrained in them – they can’t help but be successful.
Here are some ways to do it.
Push Them Further
The idea of pushing kids is anathema to some parents, and we know it’s not the best way to do things; children learn at their own pace, and there will always be some things they like more than others.
What we mean by pushing them further is that parents need to look out for what those favoured things are; what is it your kid can do that sets them apart?
Once you’ve found it, you can use their natural skills to show them how to set up a mini business. Spark that entrepreneurial spirit by working out a pricing structure for doing chores around the neighbourhood, tutoring other children, making art, selling sweets, or anything else they’re into.
Once they see they can start making money, they’ll want to keep going and they’ll start to push themselves.
Be Their Angel Investor
Sometimes your child might have an amazing idea and want to set up their own business themselves. It’s unlikely they’ll have the cash to do it though, which is where you can step in.
Be your child’s angel investor and give them the money to start their business. However, this is not going to be a gift (not if you want them to learn about business, anyway).
Work out a schedule for repayment, including interest; this is how the real business world works, so it should be how you do things too. Plus you’ll want to see a business plan at the start, and you’ll need to know where your money is going to be spent.
This will help your child focus their ideas, and it will ensure they research what they intend to do thoroughly.
Use Pocket Money
If your kids currently get pocket money, what do they get it for? Simply handing them money once a week or once a month isn’t teaching them anything, whereas giving them money for jobs well done is teaching them a lot.
Set out a list of chores that need to be done and the money they’ll get when each one is completed, and have them earn their pocket money – it’s important to understand the value of money in this way.
They can get bonus cash for going above and beyond, and if they choose to save their money rather than take it right away, you might even add interest to it.
SMART goals are something we should all pay more attention to. SMART stands for specific, measurable, agreed upon, realistic and time-based, and if you can teach your kids that every goal they want to achieve needs to fit into these categories, their entrepreneurial life will start off much better than if they are reaching for something that is too far away right now.
Having SMART goals means that they can plan their future business out in stages. They won’t get distracted or overwhelmed as each stage will work for them and build on the next.
Be The Example
If there is one thing all children are good at it’s mimicking their parents. Show them a good example of what it means to be proactive and entrepreneurial, and they will want to do the same.
Sit there and do nothing or work as little as possible, and again, that’s what your children will do.
It might be hard to do, especially if you’ve had financial issues in the past, but start as you mean to go on, and start as you want your children to go on too.
No matter what has happened in the past, you can move on and be successful. They key is never giving up. You can use Let Me Bank to set up a new bank account, for example, and remember to start small and build up gradually – this is a perfect example to set your kids.
Don’t Say No
Okay, not saying no to your kids is potentially a very bad idea – they will, of course, need boundaries, and they’ll need to understand they can’t have everything.
But what about their business plans? What about when they want to explore more about making money or trying something new?
In this case, the idea is not to say no straight away even if that’s your first reaction. Take the time to think about what they are suggesting, and talk things through with them.
Between you, you’ll work out whether the idea could be a good one or not, and then you’ll know what your final decision should be.
No one can truly work by themselves, and that is more true of successful entrepreneurs than perhaps anyone else; being able to work in a team and have good people around you is one of the cornerstones of business.
Teaching your children how to work in a team and explaining just why teamwork is so important – it utilises everyone’s particular skills to create a whole that does great work – is something that all parents can do, and it is hugely important.
You can do this through sports, extra-curricular activities, volunteering, and much more.
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