It has become increasingly important for children to hone their entrepreneurship skills, not just in the classroom, but especially at home.  It’s important for parents to encourage their children to succeed and by applying the following guidelines by Sue Scheff, author and parent advocate, it’s easier than you think!

  1. Kids earn an allowance for chores, not for existing: Instil a good work ethic in your children by requiring that they earn their allowance. Emptying the dishwasher, mowing the lawn, and washing the family dog are all ways that kids can learn how to earn money. Take it a step further by encouraging them to do similar tasks for neighbours as a way to earn additional money.
  2. Create a bank account for your child:  Lay the foundation for earning money by giving it a place to go. When your child earns money, have fun helping your kids do the math and figure out how much they’ve put away in the bank for all their hard work.
  3. Share opportunities for extra earning: Teach your children that going above and beyond leads to increased earning. Give them the opportunity to do more difficult chores that go above what they’re normally expected to do.
  4. Encourage good personal finance skills: Kids begging for items at the store might be annoying, but it’s a teachable moment. When your child asks for something that’s out of budget or not really necessary, make it a goal to earn enough money to buy it. Encourage your child to come up with ideas on how to buy it themselves.
  5. Encourage them to follow their ideas: Whether your kids want to start a blog or sell vegetables from your garden, give them your time and encouragement. Let them learn by doing, and find opportunities for lessons along the way. Ask them to consider how they’ll fund their start-up, where to get supplies, how much to charge, how to find their customers, and of course, what to do with the money they earn. You should of course set some limitations for time, legality, and safety, but be open to let your kids explore their own ideas. Allow them to fail, and turn failures into learning moments.
  6. Teach good teamwork: Rarely do entrepreneurs succeed completely independently. Even if they’re in business alone, they’re networking, getting others interested, and meeting with people that can help get their business off the ground. Learning how to work with others is essential for success, so be sure to encourage group work in school, in your home, and beyond.
  7. Encourage team sports: Team sports are a great way to teach kids to work with others, and they’re also great for learning business lessons. Chances are, they won’t win every game, but the setbacks and hard work that are a part of playing sports can teach kids how to work toward success.
  8. Be available: Every great entrepreneur needs a mentor, and for your kids, you are that person. Although you should encourage your child to operate independently, always be there to answer questions or offer helpful suggestions. If you don’t know how to solve a problem, learn how to do it together.
  9. Teach your kids to be self-starters: Doing what they’re told is easy for most kids. Asking them to complete certain chores is simple and straightforward. But if you want them to start thinking creatively, encourage their initiative. Ask them to come up with ideas for chores that need to be done, or encourage them to plan a meal and cook for the family once a week.
  10. Encourage adventure and observational skills: Some of the best entrepreneurs found success simply by filling a need that no one else even knew existed. The world is full of business opportunities, if only we could notice them. Parents can help their children learn to recognize these types of opportunities by developing observation and creativity. Walk around your neighbourhood with your kids and consider which needs are not being met. Do you have neighbours that need lawn care? Businesses that need a website? Teach kids to recognize and anticipate the needs of others.
  11. Teach problem-solving: Entrepreneurship can be a bumpy road full of obstacles and challenges to overcome, even for the best-laid plans. Show your children that problems are just solutions that have not been solved yet. Give them small challenges to overcome, and nudge them in the right direction to find a solution.
  12. Play business games: Many games exist to teach kids the basics of business. Make learning about entrepreneurship fun by engaging your children in these games.

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