By: Krystle Crossman
We all want our children to be successful and one of the ways that we can ensure that for them is to start teaching them at a young age about business and being self-sufficient. Teaching your child about entrepreneurship is a great way to give them a head start. Blogger Penelope Trunk has five ways that you can teach your children about entrepreneurship and make it fun for them.
1. Children need to learn how to bounce back from failure. Adult entrepreneurs fail many times in their lives but most bounce right back and keep trying to achieve their goals. This is what you should teach your children as well. Let them set a goal for their small business, say a bake sale, and don’t try to give them extra help towards reaching that goal. They may get frustrated if they fail but this gives you the opportunity to teach them how to get back up and try again.
2. Show your kids that this can be an experiment. Come up with different ways to tackle their goal. At the end you can sit with them and go over what worked and what didn’t work and help them to figure out how to revise it for the next time that they try.
3. Teach your kids how to work well with others. Be a co-founder of a start up company with your kids. Even if it is something small like raking leaves or house cleaning for your neighbors, the kids can get involved and handle most of the business but also learn to have another person at their side to help them.
4. Get away from the video games and televisions and get some real marketing tools. Get some business cards or signs for the business. It will make it feel more real to your child and will give them a sense of what a physical aspect of the business is. Try to have a business that will keep an inventory as well so they learn about keeping track of physical items.
5. Finally make sure that your children known that hard labor is going to be involved in entrepreneurship. If for instance your business is raking leaves for neighbors help your child to figure out pricing when they factor in the hard labor, the time it takes, and the materials that are used.