How to Raise Your Child to Become an Entrepreneur

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

What a child will do for a living largely depends on the attitude inherent in childhood towards money and work.

As you know, children become like their parents. If you have a business, your child is more likely to become an entrepreneur when they grow up. But even if no one has their own business in your family, you can form in children the right attitude to money and the way they earn money, foster a creative approach to work and ensure a brilliant future.

What did your parents tell you about finances? Surely that money is given for the work done. Many people come up with a reward system for their children. For example, for the garbage taken out, cleaning the apartment and the five in the diary, the child receives some pocket money.

Remembering your rewards as a child, you will realize that you received monstrously little for work. It is clear that your parents fed, clothed you and spent much more than you can recoup with household chores, but it is in the early years of life that the attitude towards money and ways of earning it lays down.

Maybe it is worth revising the "payment system" for your child in order to form his correct attitude to work and finance?

Here are some good and bad lessons that illustrate the connection between parenting and later attitudes towards work.

Bad lessons

1. Get paid for time and tasks

Salaried workers sell their time to entrepreneurs to complete certain tasks. You come to the office, do what you have to, for 8-10 hours and get paid for it.

For the employee, the commodity he sells is time. The problem is, you can't make money if you don't have it (due to illness or injury). If companies are reluctant to buy your time because they don't have enough assignments, then you won't get a job regardless of your talents.

Entrepreneurs sell ideas and products. They are not paid for time and labor, but for the ideas they offer to solve people's problems and give them jobs. They create companies and systems that make money without the involvement of an entrepreneur.

By paying your child to do household chores, you are giving him a model that earnings can only be based on time and tasks, but this is not the case.

2. Make the minimum

As a child, everyone wants to get work done quickly so they can go play. The child is not proud of what he has done because he is paid for the time. Parents often scold children for poor quality of performance, but kids want to do everything faster, get rid of and forget.

This attitude to work is often carried over to adulthood: employees do not try to do the job well, because they are paid for the time, they are not interested in the result. Of course, not everyone does this, but many do.

Entrepreneurs, on the other hand, try to do the job as best they can. Their passion and quality of action is an investment in the future. The size of their income directly depends on how correctly they do everything.

3. Work first, then fun

If you get paid for completing tasks, life is divided into two halves. One is work, which is perceived as a necessary evil, and the other is entertainment.

When you pay your child to clean up and take out the trash, you are forming just that attitude. Everyone knows that for a person's happiness, work must bring joy. Wage-earners, on the other hand, all too often have this feature: to wait all week for the weekend as a holiday, and consider Monday the worst day of the week.

Entrepreneurs, at least the good ones, do not have this attitude. Real businessmen make their passion work and don't work just for the weekend. They live to solve problems and create opportunities.

So, here are three lessons to help you raise your child as a miserable person who is not passionate about his work and has been waiting for Friday all week. If you cultivate an entrepreneurial spirit in him, this picture can change.

Good lessons

1. Duties are not paid

Instead of paying the child for housework, you need to explain to him that these are just family responsibilities for which he is responsible. Parents do the necessary tasks too, so everything is fair.

The only joy a child will receive from housework is not monetary reward, but satisfaction from having done something well. He must understand that responsibility is a necessary part of life.

2. Money for solving problems

To teach your child to think wider and find ways to earn money, you can explain to him that you will only pay to solve a problem. Let him find outside of his duties that which can be somehow improved.

For example, if a child notices that your car is dirty and offers to wash it, you can agree to pay for his services. To clear the place on the balcony or in the closet from old things, to make some other upgrade at home - let your child look for problems that can be solved in order to make money on this.

Such an attitude will greatly help him in adulthood, because this is exactly what entrepreneurs do: they find difficulties or inconveniences, on the elimination of which you can earn money.

3. Big business requires a big plan

It is quite possible that a child, thinking about how to get money for solving a problem, will find a way to make money on something all the time. This can be regular help that is not part of his job, or even outside the home.

Your task will be to explain the basic laws of business to your child. All this can be done in the form of an entertaining game.

For example, you can tell your child about investing in a business, that is, explain that you need to purchase materials for your business. To have clients, he will need advertising, and you can think of a marketing concept together.

If you are in business, it will not be difficult for you to tell your child about all aspects of his little business. This will teach your kid about business planning.

4. Life is work and play at the same time

Children love to build: they are completely consumed by Lego and prefabs.

Using this example, the child can be explained that the implementation of their own projects is like an exciting game in which you can get money if you find interesting ideas.

Of course, every kid needs his own approach. The above thoughts are just directions for developing your reward system.

Note that such upbringing does not guarantee that your child will definitely open his own business. But a creative approach to the way of earning and the right attitude to work will certainly help him in adulthood.