9 Ways To Teach Entrepreneurship To Your Children

Photo Courtesy D Sharon PruittThis world as it is now is the result of great entrepreneurship by world leaders and global business leaders. We owe our present level of development to these visionaries. As such, it is our duty to teach our children the immense value of entrepreneurship, in order that they may carry on the legacy. Here are several ways to inspire entrepreneurial thinking in your kids.

1.    Encourage Them To Brainstorm

Whenever your kids have issues, encourage them to bring those issues to the ‘family boardroom’. Here the child can present the issue, and work with the other kids and the family elders to find a solution. Brainstorming and picking other people’s brains for workable ideas that can be sculpted into possible solutions is a major aspect of entrepreneur thinking.

2.    Encourage Them To Make Money

Offer your kids limited pocket money. Your kids will have to manage their expenses within the given allowance, or come up with ideas on how they can make extra money. Let your kids bring their ideas to you; encourage your kids to find positive, legal and possible solutions to their money problems. For example, they can hold a garage sale of their old toys and earn that way. Or, they could offer to mow lawns in the neighborhood, babysit, run errands, set up a lemonade stand and so on.

3.    Find Your Child’s Passion

Not all children will find it easy to learn how to market their strategies, interface with other people and successfully execute a home entrepreneurship endeavor. So it’s important to find your child’s passion and encourage him or her to be entrepreneurial using their given skills, talents and passion. If your child has a green thumb, teach the child how to grow herbs and sell them for money. If your child has a creative bent of mind, encourage the child to make caricatures of friends and sell them, or create artistic and useful objects for money.

4.    Get Your Kids Involved In Your Business

If you have a business, the best way to teach your kids entrepreneurship will be to take them to work with you. Let them observe your day to day decisions, interactions with various stakeholders, vendors and customers. Hold a question and answer session at the end of each day; resolve doubts and provide clarifications as needed. This live observation will help them hone their existing skills and learn the ropes.

5.    Provoke Business Thinking In Them

Ask your children leading questions such as, “Why do you think diet sodas are more popular than the sweet ones?” Let your child come up with interesting answers; is it the price? Is it the low calorie, no-sugar added advantage that appeals to health conscious people? Hone your child’s thinking to the way an entrepreneur would think.

6.    Ask Them To Come Up With Alternative Ideas

Point out a failing business, such as a hot dog stand that doesn’t see many customers or a shop whose customers are moving to distant malls. Ask your kids exactly why these businesses are losing out? Is the hot dog stand guy making some elemental mistakes he should rectify? Should be position himself closer to the school at closing time, perhaps? Is the shop losing business because it’s not stocking goods based on consumer study?

7.    Teach Them The Value Of Branding

Buy a pack of branded, popular cereal and a pack of the same cereal of a cheaper, unbranded variety. Ask your kids to pick one for breakfast. They will most likely pick the branded, colorful and appealing cereal. Once they’re done, ask them why they didn’t pick the other cereal. Soon your kids will realize that the cost and popularity of an item has more to do with the way it’s branded and marketed and not because of its quality in particular.

8.    Teach Them Why Clever, Consumer-oriented Marketing Is Essential

Allow them to watch commercials on TV and get back to you with a report on their observations. Why were they impressed with certain products? Why were they not happy with some? Was it because of the way the product was presented? Did they feel that some marketing strategies were actually reading their minds and literally fulfilling their needs? Soon your children will learn to recognize good marketing from bad.

9.    Help Them Start Their Own Little Business

Bring all the lessons you’ve imparted till now by helping them set up their own business. They can start with a simple lemonade stand on a hot summer’s day. They will learn how to judge demand, keep the supply ready, how to advertise their product, how to market their service, how to price their product per quantity and where to set up the stand. It’s all about the location.

This article was written by Marina , a freelance writer and owner of specialty products sites like matryoshka dolls, wall clock , etageres , faux flowers and lot more.

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