So, you’re a parent who’s also an entrepreneur or intrapreneur; even if just a budding one. Thumbs up to you! Your kids are very fortunate to be around someone with your mindset: creative, resourceful, not scared to take a chance if the opportunity presents itself, not too set on formal business plans and processes, and of course driven by an insatiable curiosity.
Instilling these very same values in your kids could set them on a road of financial success if they follow you closely. Monkey see, monkey do.
The global playing field has changed exponentially, turning the way we do business on its head in many ways. Whiz kids abound and young billionaires are no longer an unusual phenomenon, with many of them starting with the bare essentials and usually from home.
So, what should then stop you from ‘growing’ your own financial prodigy!
Let me give you some pointers to set the scene.
#1 Just do it
If something grabs you, pursue it. Instill this mindset in your kids. Overthinking and overanalyzing can cause you to miss the boat if time is of the essence to make a certain business venture succeed.
By being too careful your kids might shun from taking a risk (ideally an educated one), which is what entrepreneurship is all about, after all. So what if their first school fundraising effort fails! They can simply try something else next time and learn a great deal about resilience and perseverance in the process! As long as they have your back as their investment mentor, they’ll survive, so don’t stop encouraging. Imagine the sense of achievement and increased confidence in their abilities if they succeed the next time!
#2 Give them space
So now that you’ve shown them the ropes and taught them the basics, stand back. Play a role as investor by offering a deal or financial arrangement and then they’re on their own. Of course, you’ll be waiting in the wings to nudge them along and catch them when they fall but that should be Plan B and only really serve to make them feel nurtured and by implication more confident.
#3 Be honest
Don’t encourage them to pursue ambitious projects without also mentioning the hard realities and possible pitfalls. Let it sink in that whatever one hopes to achieve in life takes effort and sometimes major sacrifice, and how things can go pear-shaped despite all one’s efforts. But that’s also okay!
If they start young with fun projects to grasp the value of money and finances, this will prepare them for the more grown-up stuff.
#4 Teach them sales savvy
Teach them the value of networking and of putting themselves out there to seize opportunities as they come along. Chatting to people and telling them about a proposed venture – or simply sharing their passions and ideals – will boost their confidence and their communication skills and at some stage they’re bound to bump into someone who can open a door of opportunity for them.
#5 Keep going
Failures can knock us, so what’s new. But it cannot keep us down unless we allow it to. Teaching our kids that it’s okay to fail and that these so-called failures are often opportunities in disguise is fundamental to their growth and development into well-rounded adults and will prevent them from shirking opportunities out of fear of failure.
It’s key, therefore, to use these incidents to teach them that by simply changing their mindset or approaching the issue from another angle or improving on their plan, they can switch things and be better prepared for the next venture.
#6 Let them be students for life
Life’s about learning and if we’re alive, we learn. Especially from each other and sometimes from the young ones in particular! And we learn to adapt to: changing environments, new trends, the marketplace…
Talk to your kids and don’t brush off their questions. Tell them about your day and ask about theirs, creating an environment conducive to the spontaneous sharing of thoughts and ideas. That’s how you learn from and about each other, and that’s how you build a foundation for the future – mostly theirs, but then you also stand to benefit from their exciting journey of growth and blossoming into budding entrepreneurs.
And one day they may just teach you a thing or two about successful entrepreneurship or intrapreneurship that may well catapult your career!
For more information on our online entrepreneurship course please visit this page: https://ka-ching.teachable.com/