Entrepreneur in Kids
Build Entrepreneurship in your child
The term entrepreneur refers to an individual that identifies a need and produces an innovative business idea in order to resolve the issue. Entrepreneurs are inclined to take on many risks in order to execute their ideas, and often take on a role as a leader in their own companies. A modern-day interpretation may associate being an entrepreneur with innovative and creative ideas for online use. Frequently, entrepreneurs are divergent in their thinking leading to numerous possibilities for their own betterment in the business world; they follow their passions and interests and build something from the ground up that may become very profitable. For this reason, the possibility of children acquiring the knowledge to do so is very important.
When a child is exposed to the ideas of entrepreneurial ship at a young age, it is easier for them to develop businesslike ideas and allow their creativity to expand upon their ideas when they are older. They will already have begun developing their knowledge on the subject and will continue to expand on the knowledge if they enter into the world of business later on in life. There are already children in the business world that have taken the first step and established their own businesses. For example, Gabby Goodwin, co-founder of the company, “gaBBY Bows,” was only seven years old when her business launched with her entrepreneurial mother. Now, the company has sold hair bows in all fifty states and eight different countries.
According to the experts at Kidpreneurs, there are five key ways to engage your child in entrepreneurial thinking. First, allow your child to brainstorm. The more your child is able to navigate through their brain with varying patterns of thought, the more likely they are to come up with more ideas. In this stage, children should be thinking divergently. There is no one correct answer to the problem, so allow them to fully expand upon their own ideas. Next, teach them how to set goals. Show them how to map their objectives in order to optimize success. Goal setting allows children to learn responsibility.
Following the previous step, celebrate their successes; however, also aim to redirect their failures and guide them toward success once more. It is important that children see failure as an opportunity and not a loss; failure has the ability to create success still. Next, show them a business plan and help them to write one. This step does not need to be planned out with extreme detail; however, a simple outline will help to teach them structure and allow them to truly immerse themselves into a business-like culture. Lastly, invest in your children. At this point, you should be helping to make your child's entrepreneurial dream come true. Do not just give them the money, but make them work for it. Starting children young in the business world fully allows them to understand their options as adults.