How To Encourage Entrepreneurship In Your Kids

“The world belongs to those who think and act with it, those who keep a finger on its pulse.”

Creativity, empowerment and individuality are traits that are very highly valued. We are imbuing these traits to our young ones more and more because in a world where everything changes so quickly, having a one track mind and expecting answers to fall from the sky won’t be a way to ensure survivability or success. Encouraging entrepreneurship in your kids will not only develop a more acute sense for critical thinking but also a deeper understanding of a subject which many parents are struggling to explain – boundaries. The sooner your children learn about some basic economic models – like the concept of money – the sooner they will come to terms with all those limits you will eventually have to place upon them.

  1. Goal Setting
    Setting goals gives you long term vision and short term motivation. To build entrepreneurship in your kids, ask your children to write down their top 10 goals and which one is the easiest to achieve or most important to them right now. Next, break down that goal into achievable steps and encourage them to start on those steps immediately.Encourage Entrepreneurship In Your Kids
  2. Recognise opportunities
    Encourage entrepreneurship in your kids by teaching them to recognise opportunity. As a famous saying goes, if opportunity doesn’t knock, build a door. Go through common problems faced in life with your child like a long queue in the school canteen or a rainy day dampening a family day out, then brainstorm creative solutions for these problems instead. This will cause your children to look at the solutions, not the problems.
  3. Financial literacy
    Teaching your kids the importance of saving, how to save, and the difference between needs and wants. Educate them about investing and how their money could be used to create more money in the future.  It can be made easier with an app OCBC created for financial literacy.
  4. Effective communication
    Nowadays, children’s communication skills aren’t as fluent what with the rise of social media, emojis, Successful businesses require that people actually speak to one another. Teaching your children to communicate effectively will provide them with the winning edge in business and in their personal relationships. Practice maintaining eye contact when speaking in person. When using the telephone, teach your children to speak slowly and clearly. A bonus activity would be to practice communicating to your children with e-mails. Do not allow them to abbreviate words and phrases, but instead, write grammatically correct sentences that flow together and convey a complete message.
  5. Encourage adventure and observational skills
    Some of the best entrepreneurs found success simply by filling a need that no one else even knew existed. The world is full of business opportunities, if only we could notice them. Parents can help their children learn to recognize these types of opportunities by developing observation and creativity. Walk around your neighborhood with your kids and consider which needs are not being met. Do you have neighbors that need some service? Businesses that need a website? Teach kids to recognize and anticipate the needs of others.

    Encouraging entrepreneurship in your kids might not be the easiest or most natural thing to do, and even if your kids don’t make it to the Forbes’ 30 under 30 list, these are traits and skills you want developed in them.