As much as children are entitled to a fun-filled childhood, life-long ideals, value system and general behavior start to take shape at this stage.
Grooming your kids to value money and start up a business at a tender age will prepare them for a financially independent lifestyle in the future.
Without further ado, here is how to raise enterprising kids who would contribute their quota to the society through wealth creation;
Identify their passion
The first step in helping your child kick start his/her first business is to identify activities and tasks your child enjoys doing. Sometimes, it could be an interest in drawing, painting or writing. This will essentially guide you in designing the best business idea for your child.
Engage your children in conversations on likely business idea they should consider, bearing their passion in mind.
You can ask them to list out their favourite activities and suggest businesses they could try out. If your child loves to play piano, you can suggest he holds a piano class for other kids; you can also suggest launching a web series for a child who has great oratory skills and loves fashion. Just make sure your child is involved in the whole process.
Talk to them about money
Introducing your kids to some basic financial concepts early will keep them business-minded. Concepts like liabilities, debts, profits, loss, capital should be simplified using familiar anecdotes. Also, give room for questions and clarify grey areas to them as much as you can.
Another method is to get them to frequently use these concepts in practical situations.
Plan realistic goals
Executable goals are what would make your child’s dream business translate into reality. In some cases, your may have to enroll your child for additional training before the business launch. Plan the steps together with your child, avoid complexities and ensured they are feasible goals.
Support and maintain an exemplary attitude
One best way to motivate your kids is by example. Let your conduct proves that it is possible to succeed in the business space. You also have a responsibility to be your kids’ greatest fan supporting them all through their business journey.
Culled from lifestyle.