5 Ways to Encourage Young Entrepreneurs

Being an entrepreneur isn’t for everyone, but it can be a rewarding career path. You can enjoy time freedom, job satisfaction and some entrepreneurs earn more than the average worker.

If you know the value of being an entrepreneur, you may aim to pass this drive onto your children. Ultimately, you can’t control the career path of your children. But if you start early, you might spark their entrepreneur side. 

1. Set a good example

If you want your children to be entrepreneurs instead of workers, you have to set the example. Children typically imitate the habits of their parents — in all things. If you’re irresponsible with money, there’s a chance your children will mirror your actions. Furthermore, if you’re an entrepreneur running your own business, your children can learn and observe from an early age what it’s like to be the boss. This includes the good and the bad side of entrepreneurship. They’ll see the rewarding benefits, such as the ability to take time off, work from home and take control of their income. They’ll also learn how entrepreneurship isn’t a walk in the park, and how business owners deal with their fair share of stress. 

2. Have children help with the business

Involving children in the business is another way to spark their entrepreneur side. As soon as they’re old enough to work, give them a part time job helping in some aspect of the business, such as running errands, filing, answering phones, or another job that’s appropriate. If your children are younger, they can assist in other ways. For example, if you’re mailing invoices to clients, your children can help stuff envelopes. 

3. Encourage creative thinking at a young age

Children always ask their parents for money. Whether they want to buy clothes, toys or hang out with their friends, encourage children to brainstorm creative ways to earn more, even if they’re not old enough to work. There are several ways for them to earn extra money besides completing chores around the house. These include a lemonade stand, babysitting or raking leaves for neighbors. From this lesson children learn they have the power to generate cash and they don’t have to rely on an employer for a paycheck. 

4. Let your children take risks

As your child brainstorms possible ways to drum up cash, he may come up with an idea you feel won’t be profitable. Rather than jump in and rescue the day, let him take a chance. You never know, your child might succeed. And if the idea doesn’t work, this teaches a valuable lesson in being an entrepreneur. Sometimes, entrepreneurs dabble in different businesses before they find a winner. 

5. Give financial education

Make sure your children understand personal and business finances. As far as personal money, children should know the importance of saving money for a rainy day. You can teach budgeting, saving and credit management. With regard to entrepreneurship, children should know about tax planning, income fluctuations in business and planning for their own retirement. Even though some business owners hire accountants to handle the finances, it’s important for every entrepreneur to know how to manage his money.

Being an entrepreneur has its headaches, but it’s also extremely rewarding. The earlier you teach the value of being one’s own boss, the more likely your children will follow in your footsteps and create their own career path. 

photo credit:Self motivation