Always dreamed about your children becoming financially independent or even wealthy entrepreneurs? Well, with the proper techniques, it’ll become a reality sooner than you think! Even if a child elects not to become an entrepreneur, these skills will help them throughout their adult life. So, there’s nothing to lose! Read on to discover the most critical finical lessons to teach your children…
Support From Parents
This one seems obvious, we know. But support is the foundation of a child becoming a successful entrepreneur. From getting good grades to simply feeling confident in their own skin, parental words make a huge difference to children. Take some time to work with your kids and support them. Whether it’s showing them something new, or helping them with a project, take every opportunity to support them. A little help can not only make homework more manageable, but it reinforces great working habits!
Still, it’s important not to praise them for no reason. “It’s important that kids build confidence not on phony success but because they’ve actually mastered something. If they pursue an easy win, tell them you know they can do better,” Margot Machol Bisnow, a former chief of staff of the President’s Council of Economic Advisers, said.
Freedom To Try
Successful entrepreneurs’ minds work differently than most when it comes to failure. They often view failure as a way to get better, as opposed to a setback. So, let children work through tough situations, leaning to cope with their shortcomings, instead of shielding them from them. After making the same mistake ones or twice, they’ll understand that the method doesn’t work and try something new!
And although it might seem difficult, try and retain these feelings when it comes to grades as well. “Schools tend to reward behavior diametrically opposed to what it takes to be an entrepreneur – putting more emphasis on remediating weaknesses than on supporting strengths,” Bisnow said in her book Raising an Entrepreneur. Try and find a way to connect their schoolwork to their passions, so they’re not just working for the sake of it.
Tell The Truth
Many parents shield their children from family struggles. However, if you want to raise successful entrepreneurs, try something different! Teach your child what kind of problems there are, doesn’t matter if it’s poverty or sickness, and let them embrace it to move on. It will only make them stronger in the long run, especially compared to their peers. Not only that, they’ll understand how real-life intersects with the daily tasks we need to complete every day.
A Reason To Try
More important than anything else, children need a sense of purpose to become successful entrepreneurs. Many wealthy businesspeople share one common denominator: they came from families with strong morals that often imposed limitations on life. “One entrepreneur’s parents had him give 10 percent of anything he earned as a kid to charity. Almost all said this gave them a sense of purpose,” Bisnow said of one businessman she interviewed for her book.
Of course, before any of this, children will need to understand the value of money. For this, bring them to work with you or start a lemonade stand outside. With lots of love and the right purpose, children will succeed, regardless of their field.