Entrepreneurship is not just about starting a business or making money. It’s a mindset, a way of thinking and acting.
You may think that mega-successful entrepreneurs are born, but how they are raised makes a difference. Did you know that Elon Musk and his two siblings were brought up by a single mom who juggled multiple jobs? He may have inherited the entrepreneurial streak, but his upbringing is probably the game-changer.
While there’s no universal method to nurture an entrepreneurial mindset in a child, you can learn from others’ experiences. Let’s explore some effective strategies.
1. Build a Robust Foundation
A robust foundation is about ensuring that the child gets a head start with school education. Although there are numerous success stories of school dropouts becoming business tycoons, statistics show a different picture. In 2021, the rate of new American entrepreneurs with less than a high school education was only 0.66% each month.
To make the most of their entrepreneurial traits, we should provide our children with the right schooling from an early age. An educator with a doctorate in K12 education program can be the best mentor for young minds. They can foster a love for learning and teach with the right approach to strengthening the qualities to beat the challenges of the business world.
According to Rockhurst University, teaching professionals with Ed.D. in Education and Leadership can shape the future as education innovators. They have a hands-on understanding of education in the changing world, equipping them to give children a great start with learning at the K12 level.
2. Foster a Passion for Learning
Children are naturally curious. Tap into this innate quality and fuel their desire to learn. Encourage them to ask questions and explore various topics. This will help them become adaptable, a trait crucial for entrepreneurs navigating the changing landscapes of business.
- Encourage curiosity
- Promote problem-solving
- Incorporate real-world learning
- Instill persistency
3. Encourage Goal Setting
According to surveys, seven in ten Americans are likely to set goals in 2023. Goal setting is an actionable step for launching and running a successful business. Every educator should encourage goal setting for our children, starting with small ones such as completing their daily assignments, scoring specific grades, or saving a certain amount of money from their monthly allowance.
Mastering the art of goal setting at a young age can help our child during their entrepreneurial journey. Do focus to teach them to set realistic ones that don’t stress them out. At the same time, ensure they can deal with failure because not all goals can be achieved, even with the best planning and execution.
4. Encourage Creativity and Innovation
Entrepreneurs are inventors at heart. They are always looking for ways to solve problems innovatively. Encourage our child to think outside the box. Inspire creativity by providing resources and opportunities for imaginative play.
Encouraging children to question the status quo and explore various solutions to a problem. Let them ask questions and explore different solutions. Encourage them to be curious and to seek answers to their questions. This could be as simple as letting them figure out how a new toy works without immediately showing them.
5. Teach Financial Literacy
A sound understanding of finance is fundamental to entrepreneurship. Start teaching the young minds about money and its value.
Explain concepts like income and expenses and help them create and manage a monthly account. Budding entrepreneurs should also be educated on investment because that’s how they can make their money grow. At this stage, it is crucial to highlight the concept of risk and growth.
- Teach them about Income – explaining how money is earned and the difference between income sources such as salary, business income, and passive income.
- Teach them about expenses – explaining fixed costs such as rent or mortgage, and variable costs like groceries or entertainment. Encourage them to think about wants vs. needs.
- Open a bank account – give them a real-life experience managing money. Monitor their spending and guide them in making sound financial decisions.
6. Provide Unconditional Support
A study suggests that children with strong support have a greater chance of succeeding in business. Providing our children with a supportive environment should be a priority as a parent or educator, even more, when you have a budding entrepreneur in the making.
Give them the freedom to try and have their back if they fail.
- Encourage experimentation – Allow them to have hands-on experiences.
- Provide them with Tools – Equip them with the tools they need to explore their interests.
- Support their failures – When they makes mistakes, use these moments as teaching opportunities.
“Failure is not the opposite of success. It’s part of success.” – Arianna Huffington
You may not understand how children’s mind works, but unconditional support lets them embark on their journey fearlessly. Embrace failures and encourage them to start again. Set an example of resilience, courage, and patience for the child to emulate.
As an educator or parent, when you identify a child with exceptional abilities, it undoubtedly fills you with pride. Nevertheless, teaching such child isn’t about taking shortcuts, regardless of their innate brightness and strength. In fact, you may need to dedicate additional time and effort to help them fully realise their potential and attain success in the long run. Spotting an entrepreneurial spark early on and fostering it would set them on a path towards success.