Entrepreneurship was the topic of discussion at a meeting I just attended. One question was – “Do you want your child to follow in your entrepreneurial footsteps?” All 8 people at my table said yes (7 women and one man). I was surprised that so many others feel the same way as I do, given our current economy. Not only do I think that entrepreneurship is a great path to follow but I also think that instilling entrepreneurial values in children is a worthy goal, regardless of what they decide to do with their lives.
You can partner with your children to lay a foundation for your them to have prosperous lives, even if they ultimately decide that entrepreneurship isn’t for them. A few of the valuable entrepreneurial principles that they can learn from you are:
Goal setting – In many ways, children are hard-wired as natural goal-setters. The problem is, they usually fail to follow through with concrete action. You can teach them how to reach a goal by breaking it down into a series of easily reachable mini-goals. For example, if they want to buy a new video game that costs $20 and they can save $5 per week, help them make a chart that will track their progress. Every week when they save $5, let them color in the next portion of the chart that shows their progress. You’ll be teaching them the importance of following through on goals with clearly defined steps. Celebrate with them when they buy the video game.
Motivation – Keeping children motivated requires plenty of encouragement and positive reinforcement. For example, if you’re teaching your child the importance of saving money for a rainy day and they want to tap into the piggy bank, praise them for how much they have saved already. Also remind them that being patient now will pay huge dividends later. Consider paying a small amount of interest on their savings, so they can experience how the real world of investing works.
Responsibility – You may not be able to teach responsibility but seeing how you are responsible for the success of your business and do not blame others for your mistakes will encourage your children to act responsibly. They will see you considering options and making choices that may be difficult at times. As an entrepreneur you take action and if something doesn’t work you do something else. You do not depend on others to bail you out. Seeing this in you will encourage your children to be self-reliant and responsible for their own actions and choices.
Teaching your kids these principles of entrepreneurship will, of course, come in handy if they ultimately decide to follow in your footsteps. However, self-reliant, motivated people who reach their goals are in relatively short supply. By instilling these values in your children you can help to ensure a lifetime of prosperity for them. And you’ll be doing your part to help create another generation of success-minded entrepreneurs who can ultimately change the world for the better!
