How To Help Your Kids Develop An Entrepreneurial Mind
Because they believe, as we do, that it’s possible to help nourish kids in developing an overall leadership attitude and skillset.
- Teach Them About Money Early On
- Encourage A Leadership Attitude
- Inspire Creative Thinking
- Help Them Develop Excellence
- More Ways Kids Can Make Money
At school, we hardly get any financial education at all. Sure, we’re taught maths – but there’s no real insight into how percentages (interest rates) and sums (budgeting) really impact our lives outside of the classroom.
Teaching your children about money early in their development doesn’t mean giving them lectures, either! You could start by demonstrating the importance of saving, by giving pocket money each week. For older children, what about showing them how bills work – raise their pocket money allowance, but take some back to pay ‘bills’ (you can sneak it into a savings account for them, if you like!).
Another way to encourage children to think about money is to include them in financial activities. When you go grocery shopping, for example, take a calculator. Tell them your total budget and ask them to monitor whether you’re sticking to it. Or, if you go to a restaurant, give them a budget to spend on their meal and see what they can get with it from the menu.
When they understand how money makes the world go round, it’s much easier to encourage them to consider how they want to make their own money. You can, for example, exchange a few pounds for chores they complete around the house. For older children, encourage them to take on a part-time job – that could be making and selling crafts, taking on a paper round (they still exist!), or helping older neighbours with their shopping or gardening.
When your child understands how money works, it’s a good time to start encouraging their entrepreneurial mindset. This starts with a leadership attitude!
Teiyu is a great resource for children who want to get ahead. It’s a storytelling strategy about a lizard called Teiyu, who helps children solve problems in the land of Teguria. It’s a positive, encouraging experience that helps children embrace problem-solving strategies on their own.
Other ways to encourage a leadership attitude is to volunteer with community groups, or attend other groups such as Scouts or an after-school sports team. This helps develop important skills like communication, teamwork, and delegation – as well as helping your child identify their own strengths along the way.
Another key attribute to help your kid make millions in the future is to encourage creativity. Abstract problem-solving is a perfect way to help your child identify unique ways to reach a solution. You can do this through techniques such as the Teiyu stories, as well as showing them real-world problems that need a solution.
For example, let’s say you have an arts and crafts afternoon ahead of you. Let your children build a castle from a shoebox and cardboard – but tell them it has to do certain things! Does the drawbridge go up and down? Is there a secret entrance? Things like this will help your child take instruction but think creatively to reach the solution.
Creative thinking when it comes to money is another step towards an entrepreneurial mindset. For older children, you could ask what they want to buy with their pocket money. You can work out with them how long it will take to save up for it – and get them to find ways they could make more money to save faster. This might be, for example, selling some of their old clothes and toys that they’ve grown out of at a car boot sale. When they see how much faster they can get the thing they want to buy, if they make money as well as save it, you’re encouraging creative thoughts around money from a young age.
Being brilliant at something is the most notable attribute of all entrepreneurs. For some, it might be technological savvy. For others, they could be great with social skills. Help your child find their passion – and the skills they’re great at – and nurture them.
This will help them to develop excellence in these habits, skills, or hobbies over time. As they become confident in these areas, it’s easier for them to identify their strengths and how they might be able to use them to make money through an entrepreneurial mindset. One great example of this is the 12-year-old investor we spoke to on the MoneyMagpie podcast! He realised very quickly that understanding the stock market was a great skill, and he nurtured it, and is already a leading example to other children about how to invest wealth!
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There are lots of ways to include your children from an early age when it comes to understanding (and making) money. Here are a few more ideas: