5 Proven Ways to Teach Your Child Entrepreneurship

today is a great day | Have you ever noticed how children are so free-spirited, uninhibited, fearless and creative?  Not only that, they’re like little sponges and the best part is, while they’re young, they do what we tell them.  It’s not until they’ve been polluted with our ways of thinking and our own fears that they begin to lose those priceless qualities.

I’ve had an entrepreneurial spirit since before I could walk.  No joke.  Ask anyone that knows me.  They’ll tell you I’m always starting a business or organizing something! LOL.  I don’t mind tooting my own horn because I’m good at what I do, so – Toot! Toot!

I’ve started countless businesses, some great big flops, some successful and many sitting on my mental shelf waiting to be cultivated.  I’m thankful most for all the flops because in those, I learned valuable lessons and shortcuts that led me to many successful endeavors.  I pass what I learn to my children and revel in delight as I watch them grow into successful entrepreneurs.  So here are 5 tips from the countless tips and experiences I’ve had in teaching my children about entrepreneurship.

Tip #1 – Condition your mind first, then condition your child’s mind.  If you don’t already have your own business, get one.  Pronto.  If entrepreneurship isn’t already your way of life, and you can’t really afford to quit your day job, start a side gig.  Talk about it all the time to your child.  Entrepreneurship must be something you believe in and practice before you can teach it to someone else.  Even if you’re not that great at it, your children will see you making that effort and practicing until you get it right, which is a skill you want them to have.  Remember, if you’re not practicing it, trying to teach it to your child would be a “do as I say, not as I do,” and we all know how that turns out.

Tip #2 – Turn their hobby into a business.  Cut out “couch potato” time and turn the television off.  Take away the video games too, unless they’re programming them.  Without these distractions, children are forced to create their own entertainment and tinker with projects.  During this time, observe your children to see what they like to do.  Notice what their hobbies are.  A hobby is the best business because it never feels like work, just fun.

For example, my daughters, Kayla and Mina, loved creating their own jewelry to wear with their outfits, especially Mina. What started out as a hobby, soon became a small profitable business, LaBellaMina.  I’m such a proud Mama!

I admit, they only decided to monetize their hobby after I said NO to buying them a PSP (some silly video game player).  But none-the-less, they have a business that is profitable and has been from day one.  I even took pics that first day (two years ago).  You can see how happy they were, having made so much money their first day of business ($55 in 2 hours).  Kayla even enlisted 1 employee that day! LOL

They have created beautiful pieces that are colorful and vibrant.  I’m amazed at their sense of style and so are others judging from their success at craft shows, neighborhood events and requests from their friends. Here’s a sampling…

I’m going to have them back online soon so be sure to check their jewelry website, http://www.LaBellaMina.com, soon :-).

Tip #3 – Let your child handle their own money. Some of you may be freaking out because I said that, for fear that they’ll somehow lose it. But it’s just that…YOUR fear.  Your fear that they’ll be broke and poor.  Let me break it down.  Being broke and being poor are two totally different circumstances.  Broke is a temporary or momentary lack of funds, in the financial sense.  But being poor is a state of mind on a poverty level.  As long as you are conditioning your child’s mind of abundance and prosperity, it’s okay for them to be broke at times.  They’ll naturally be resilient and pop up with even more money than they had before.

Furthermore, when children handle their own money, they become directly aware of profit, how to make it and how to keep it.  Now, as a child, is the best time for them to make mistakes and learn from them.  Also, let them see you handling your own finances (ie, billing clients, making deposits, paying household expenses, making investments, saving, etc.). Remember, monkey see, monkey do, your child will copy, off of you!

Tip #4 – Have your child repeat and write daily affirmations of success. This is so important because it helps them become mentally strong against other “would be negative teachers”.  I’m sure people mean well, but you have to be careful of school teachers, family members, and just others in general who believe in studying hard in school, to get a good job equates to success.

Don’t let these people “raise” your children with their pre-historic thinking. Jobs are for suckers.  (No pun intended if you have a job, slaving for someone else, making them rich off your hard work.  I’ll give you multiple reasons why no one in their right mind should aspire to get a job in another post. *smiles*)

Remember that movie Pretty Woman with Julia Roberts?  Loved it!  That scene where Roberts says, “I say WHO, I say WHEN, I say HOW MUCH!” is a perfect example of calling your own shots… well maybe it’s not an appropriate example but you get the point.  Here are some of the affirmations I have my children say everyday:

  • I attract prosperity with all of my ideas.
  • I AM success and I AM victorious.
  • I have the power within me.
  • It takes anywhere between 30-90 days to impress upon the unconscious or “reacting” mind all that you desire and dream. Then it becomes automatic behavior in the conscious or “acting” mind.  Affirmations are the same as doing any type of repetitive exercise to change or learn a new behavior. After you do it so many times, it becomes automatic.  After you say it so many times, you believe it.

    Tip #5 – Travel and explore different cultures with your children. The more your child is exposed to, the more cultural he/she becomes, and the bigger advantage he/she will have.  Plain and simple.

    Giving and passing that entrepreneurial spirit is the best financial gift you can give your child.  I think we forget that children have faith, not wavering faith like adults, for they have the ability to see the invisible and they believe in the incredible.  To them, anything is possible, unless you tell them it isn’t.

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    10 Responses

    1. Great job Lynn. You have always had a sense for money. Great that you teach it to your girls. I will keep checking in for advice.

    2. Thanks Cecelia!

    3. those are some cute pieces of kid’s jewelry!

    4. Go ‘head, Lynn!!
      I love your article, especially #3. We do impart our fears on our kids. I did not let go of that stuff until a short time ago. Love it!! Love it!! Love it!!

      • Thanks Nikki!!! So happy you love it! Please share with others. (It’s no fun blogging if lots of people aren’t reading :). Subscribe, not to miss a post. Visit frequently and all that good stuff. I have lots of “brain dumping” to do in my blog!!!

    5. Wow! This really is 1 of the most beneficial blogs I’ve ever occur across on this subject. Merely Amazing

    6. Awesome post…enjoyed reading it.

      Madison

    7. Thanks for this post. I incontestably agree with what you are saying. I have been talking about this subject a lot lately with my father so probably this will get him to see my point of view. Fingers crossed!

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