Teenpreneur 101: Top Tips to Teach Teens Entrepreneurship
One of the things I love most about being a mompreneur is having my kids watch and be a part of my journey. They get to see the hard work that I pour into my business and the amazing things that happen as a result of my commitment. My eldest son especially, has watched the entire process from day one and has been along for the entire ride. Riding along on my entrepreneurial rollercoaster ride, he’s been quite inquisitive and has learned so much. It has even inspired him to speak of his own dreams of one day becoming an entrepreneur. I think it’s an amazing feeling to inspire your children to walk in your successful footsteps.
As entrepreneurs, we all know the struggle of getting a business off the floor. We would never in our wildest dreams wish this battle on our children while in their own pursuit of being an entrepreneur, but it’s pretty much the inevitable. What we can do is teach them from our own mistakes and prepare them with strength and knowledge. Since there is no step-by-step handbook on entrepreneurship, the best thing we can do is lead by example, teaching them the core foundation and building blocks of what it takes to become a success.
Here are a 9 ways to teach your children about entrepreneurship
1. Start Early
When teaching the rules of entrepreneurship, the earlier you start, the better it may be for your child to understand the many things that comes along with it. Introducing different aspects of life and business at an early age, may become easier as it becomes more of a habit over time. By the time they’re in their teenage years and early adulthood, they’ll have the advantage of being more advanced in business than most of their peers.
2. Promote Independence
Independence is definitely a great characteristic to have when being an entrepreneur. Learning this gem at an early age could be extremely beneficial in your child’s journey of life. Encouraging your child to think on their own, being proactive in their own ideas and actions, will be a major asset.
3. Create Chores
Nothing screams entrepreneurship more than knowing how to be a diligent and hard worker. Applying a routine and schedule of chores that must be done weekly, builds structure of being a responsible person. Providing allowance also adds value to knowing once they’ve successfully accomplished a task, they’ll be rewarded. It teaches that hard work pays off!
4. Open a Savings Account
I’ve personally had my own savings account since I was in middle school. That is then when I finally learned the value of money. Opening a savings account teaches the awareness of watching your money grow, budgeting and how cash flows. It’s a great way to teach the responsibility of saving a portion of their allowance made from accomplishing their chores.
5. Encourage Their Creativity
Children have the best imaginations with their optimistic look at life. Encourage them to tap into their creativity and dream big! Never discourage a thought or idea, no matter how strange it may sound to you. Teach them at an early age that anything is possible!
6. Open Communication
A great way to build up your child’s confidence of learning how to communicate is to talk! Have conversations asking of their perspective, and give feedback letting them know that their opinion matters. Once they realize that it’s okay to speak up and say exactly how they feel, the easier it will become when it’s time to voice their viewpoint in any situation.
7. Set Goals
Teaching your child how to set goals is the ultimate prize in parenting. It teaches them to have something to look forward to and accomplish. It also teaches them a very rewarding feeling of achievement. It can be something as small as learning how to ride a bike with no training wheels or setting the goal of getting an A on their next spelling test. It promotes optimism, accountability and hope!
8. Show Them The Ropes
If you’re an entrepreneur, it’s nothing better than teaching your children the ropes yourself. As parents, you should be the first to introduce them to business. Let them sit in on a business meeting. Show them the process of an idea from start to finish. Teach them the lessons of sacrifice. There are so many hands-on things that you can include them on. Give them an assignment of being your summer intern and let them get a good taste of what it’s really like to be an entrepreneur!
9. Start Their Own Business
Start a mini project to teach the entire structure of a business. It can be something as small as a lemonade stand. Instruct them on everything from how to formulate a business plan to how to execute it. You never know what their creative ideas may turn into, but let them know you are along for the ride to invest your time (and money) into their dreams!