Recent studies show that millennials and generation X have more interest and passion for entrepreneurship than previous generations. With the cost of college tuition on the rise, more and more people are looking at entrepreneurship has a pathway to avoid staggering student loans, while also fulfilling the dream of work-life balance and flexibility. With entrepreneurship on the rise, parents are starting to wonder what part they can play in their child’s development and how to support a child passionate about business at an early age.
Set an Example
Before launching into an in-depth business plan and program for your child to become an entrepreneur, start with yourself and ensure you are modeling the business behaviors you would want your child to learn. Even if you don’t own your own business, you can still demonstrate the skills and opportunities a child will need to succeed.
Hard Work: Whether it’s cleaning the garage on the weekend or washing the car, mundane tasks performed around the house can showcase the importance of hard work. While performing these responsibilities, look for teachable moments to explain the importance of hard work, even when no one is watching or can easily see the outcome. When you are making upgrades to your home, explain the benefit specific upgrades will have on the value of your home.
Problem Solving: One of the key skills in successful entrepreneurs is the ability to think critically and problem solve. Thankfully, this is the skill that can be developed and sharpened through repeated actions. Rather than simply solving each problem or issue your child brings to you, ask them to think through two potential solutions that they think would work. This helps develop the brain to immediately process a solution, rather than turning to someone else.
“Gritty people have a growth mindset; when bad things happen, they don’t give up”
- Angela Duckworth
Following a few simple tasks, you can help children develop grit and determination. One of the best places to start is to point out and recognize others for displaying grit and perseverance. These opportunities can be demonstrated when watching the news on TV, to observing others employees at a store going above and beyond on the job.