4 Lessons Parents Can Teach Young Entrepreneurs

The working world is changing in ways that we couldn’t have predicted even just a few years ago. While grass-roots businesses like FUBU weren’t all that common back in the ‘80s and ‘90s, we live in a different age today. Thanks to the internet, almost anyone can start a successful business, as long as it’s filling a market need.

This changing business world is giving rise to a lot of changes in how we view work and careers, too. While having the entrepreneurial spirit today is a huge boon, it might actually be a full-on necessity for your kids. Fortunately, there are some simple and fun things you can do to teach your kids how to succeed in business and in life. If your children are showing interest in starting a business and being an entrepreneur, you can do more than just encourage them. You can teach them some valuable lessons that they’ll carry for their entire lives.

They Don’t Have to Wait

First of all, your young entrepreneurs are going to be told by countless adults that they need to wait until they get out of school and/or until they get a job to even think about starting a business. That’s just not true, but how are they going to know that if you don’t tell them? Teach your kids that it’s never too early, or too late, to develop an idea and start testing it in the market.

Daymond started FUBU when he wasn’t much more than a kid, and he definitely wasn’t even the youngest entrepreneur in the world! Whether your young entrepreneur is twelve or twenty, you can encourage him or her to follow through with an idea on a small scale. Once young entrepreneurs get started, they could surprise you with how quickly they take to it and how successful their project becomes.

It Doesn’t Have to Be Perfect – Failure Is Okay

In addition to teaching them that they have the power to start right now, you should also teach them that their ideas and projects don’t have to be perfect right from the start. This will help them learn to overcome the hesitancy that hurts so many entrepreneurs. If they know that it’s okay to fail, they won’t be nearly as scared to try!

Encourage Curiosity and Creativity

Curiosity and creativity are the two most important traits for any entrepreneur. If you foster and encourage these, then your children won’t ever grow out of the entrepreneurial spirit. They’ll always seek to find out how things work, and they’ll always look for creative and better ways to do things.

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Lead by Example

Finally, the best thing you can do for your young entrepreneurs is to show them the way — through your own actions. Have you been stuck in the same dead-end job for years because you’ve been afraid to take the leap? Show your children how rewarding it can be to let go of the “security” of a mediocre job and to take the risks necessary to make it on their own.

Plus, if you follow your own entrepreneurial dreams, you won’t just encourage them to follow theirs — you’ll be able to mentor them in the coming years as they grow into adulthood and start developing even better ideas and projects. You’ll have the experience necessary to help them learn from your mistakes, and you can bond over new projects together, too. Who knows? You might go into business together one day!

Entrepreneurial skills translate to every part of your life. Equipping your children with these skills will not only help them in their entrepreneurial endeavors now, it’ll give them the tools they need later on, too.

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