We often downplay children’s capability to understand things around them. Even in their infancy, kids can already understand what is happening around them. More so when they transition into toddlerhood and then eventually into their teens do they get a grasp of what they want in life. If you think kids are only limited to play to learn, you are wrong.

They are capable of understanding things. For example, you can encourage your child to have an entrepreneurial mindset while they are still young. Let them dream of having their own ice cream parlor franchise or any business of their own. It will help them understand the value of hard work and financial literacy.

Why start now?

Being a business owner is more than just earning a lot of money. It also teaches values that kids can bring along into adulthood. Making your own money is one way to be independent and to learn the importance of hard work. However, having an entrepreneurial spirit is another thing.

Instilling an entrepreneurial spirit is like giving them a toy but not telling them how it works. More often than not, kids will find a way to play with that toy in their creative style. This also applies when starting a business for the first time: it can be challenging to learn the ropes, but creativity and resourcefulness will save the day.

Parents play an important role in instilling an entrepreneurial mindset in their kids. However, schools also have a role in encouraging children to be independent and resourceful in their everyday life. After all, it takes a village to raise children with values.

You might have doubts as to whether kids can understand adult things such as financial education. However, there are a lot of kids who became entrepreneurs even before reaching their 20s. One example is the renowned Sir Richard Branson, owner of the Virgin Group, who began his entrepreneurial journey when he was 16.

If these individuals did it, then so can we, especially the next generations of youth. We might not expect kids to do well in business the first time, but it’s a great stepping stone for something more significant in their lives.

Encouraging an entrepreneurial mindset in kids

Here are some things you can do to help your child have an entrepreneurial spirit while they are still young:

• See your child’s strengths and weaknesses. Just because your child is not academically gifted does not mean he or she will not be better off in life. Your child can be better in other fields, which can turn into something potentially profitable in the future.
• Encourage them to mingle with other people. Better yet, encourage them to be with people who have an excellent entrepreneurial mindset. There are a lot of individuals who aspire to become who they want to be despite obstacles in their lives.
• Teach them how to set personal goals and to handle failures gracefully. Life is not always about winning. There will be some rejections and failures along the way. It’s a matter of how you teach your children to become resilient and go on with their dreams in life.