5 Ways To Foster Your Mini Entrepreneur

Set the Stage for a Successful Career

Time is $$: This reads in 4 Mom Minutes.

Some kids are born with business on the brain, while others need a little more encouragement to elicit their inner Elon Musk.  Parents can take simple steps to help their kids explore different careers and strengthen their entrepreneurial skills for a successful future, no matter what career path they choose to take. 

First up!  Let’s make sure our kids know what an entrepreneur is.  An entrepreneur is a person who starts his/her own business, and in the process assumes the risks, responsibilities and rewards.  Henry Ford, Oprah Winfrey and Walt Disney are just some of the many well-known entrepreneurs who took great risks to build their businesses, and also changed the shape of American life in the process. 

How can parents encourage their children to build their business acumen from a young age? 

Here Are 5 Simple Steps to Teach Kids Entrepreneurial Skills

1.  Encourage problem solving. 

Parents can help kids flex their entrepreneurial muscles by showing them how to turn hurdles into opportunities.  By encouraging an optimistic outlook and out-of-the-box thinking, parents can help kids find the hidden opportunity in problems they face. Some of the best businesses are born when an entrepreneur identifies a problem and sets out to fix it, therefore solving the dilemma for generations to come.  McDonalds was opened to feed people quickly and at low cost.  Facebook was started as a way to help students connect.  Amazon was born to let readers seamlessly stock their bookshelves.  All of these billion-dollar companies met a need that everyday people faced, and made eye-popping profits in the process.  

2.  Help kids turn a hobby into a business. 

Parents can show kids how to use their strengths and talents to their financial advantage.  Mini chess masters can give lessons to younger kids, little artists can sell their mini masterpieces at a local art show, or budding basketball stars can organize a neighborhood clinic.  Young kids can learn early on the value of utilizing their skills to start a business venture, either big or small.  Moreover, the positive reinforcement that kids get from sharing their passions with others (all while earning a little money!), can kick start their blossoming business skills.  

3.  Start a family venture. 

Whether it’s a driveway lemonade stand, neighborhood garage sale or fledgling family t-shirt company, working together in a small business venture can help kids build valuable entrepreneurial skills.  Kids can strengthen their financial muscles by taking charge of collecting, counting, and sorting their profits.  They can also learn the importance of keeping startup costs low, as well as experience firsthand the value of good marketing.  

4.  Build resiliency in your kids. 

Parents instinctively want to protect their kids from any hardship that comes their way.  But in reality, life is full of unexpected twists and turns, and kids need resilience to weather the storm.  Parents can help their kids build resilience by emphasizing empathy, building confidence, developing strong relationships and fostering independence and personal responsibility.  All these tools will help kids cope with the ups and downs of their future career, and sharpen the skills needed for success. 

5.  Talk about entrepreneurs you admire. 

By bringing both small and well-known entrepreneurs into the dinner table conversation, families help kids understand the risk and resiliency it takes to start and grow a successful business.  Parents can highlight news segments on prominent entrepreneurs, or help kids find books that delve deep into their favorite business leaders (Team BT loves the Who Is Series!).  As parents, there are many ways to pique our kids interest in building a business and whet their appetite for entrepreneurship. 

These five simple steps can help kids build a business foundation that sets them up for success as they grow.  No matter what path our kids choose to take, these skills will bolster them at every step of the way.  

Penny For Their Thoughts

Ask your kids:

If you were to start your own business, what type of business would you build?

Can you think of a problem that could be solved (or a need that can be met) in your community by a new business venture?

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