I’m watching a team of four kids make a model car. They just glued the axle to the bottom of the car. If that axle is glued, it can’t move and the car won’t go anywhere. It’s an obvious mistake, but it will take them a full minute to discover it. They put their car onto the test ramp, release it, and watch it go nowhere.
It has been said before. You can't be a successful entrepreneur who has never experienced failure. Take a look at five of the faces, both past and present, who represent success in our culture today and how they have persevered.
Having an entrepreneurial mindset is beneficial in both a person's personal and work life. This is why Entrepreneur Pathways strongly believes in the mission of fostering entrepreneurial behaviors. And there’s no better time to start learning the traits and skills that come with entrepreneurship than when one is a child.
There are many reasons why entrepreneurship should be taught in school. However, that option might not be available for your kids. But that doesn’t mean you can’t encourage your kid’s entrepreneurial spirit in small ways everyday, overall leading them toward a better, more successful future.
Support their small businesses
Kids show interest in business ideas all the time, but you may not look at it that way. Elementary school kids love to run lemonade stands, selling drinks for 25 cents a cup. Lots of teenagers want to pursue different clients for babysitting, therefore having an easy way to make cash on the weekends.
Supporting these business ventures in any way possible is a great way to turn their business ideas into a reality, whether it means motivating them to take action or talking to them about the importance of networking. You can even network for them yourself by reaching out to friends who need babysitters or who would do the favor of stopping by for lemonade.
While your kids are still in school, you play a huge part in connecting them to the world outside. If you use your connections for their benefit, something great can come out of it.
Inspire them to create
Many arguments today say that kids lack creative hobbies, whether they’re sitting in front of a TV or on their phone. While we won’t take a stance on that debate here, it makes complete sense that kids who are inspired to be creative will take those skills and apply them to their lives as adults.
Cleverism discusses how creativity is a critical skill for successful entrepreneurs, as creativity is the backbone of experimenting with new ideas, formulating new niches, and receiving feedback. Whether your child dances, colors, or invents new games, they will develop and use these skills for years to come.
Teach them about money
Truth be told, it’s never too early to start teaching your kids about money. The financial examples and lessons parents show their kids will become habits that follow them into college and adulthood.
If your kid is running a business, whether a lemonade stand or babysitting service, they will get the chance to know what it means to earn, save, and spend money. Asking them about whether they’d like to save and increase from compound interest, or work their way toward buying something is a great first step.
Direct them toward failure
I know you might be thinking, "Did I read this right?” Yes, letting your kids fail is good for them in the long term.
The more we experience failure, the less afraid of it we become. This is good, because there is nothing worse than being afraid of failure. If you avoid failure, it means you never even try.
Help your kid out when they fail by empathizing with them, talking about resiliency, and encouraging them to try again. These experiences and support will give your kid the confidence to take big chances and find success as an adult.
Excite them about giving back
Successful entrepreneurs are not money-hungry scammers trying to pull a fast one. They are integrity-filled leaders who truly care about others. The best entrepreneurs today give back to society by creating products and services that help others, and by donating time and goods to organizations and people in need.
Talk to your kids about how their business ideas and spirit could help the community around them. Teach them that it is the circle of life to give to others as they receive. If kids learn about this mindset at an early age, it’s a step to a long, successful life as a caring individual in society.