The Happiness of Raising a Young Entrepreneur

Here is how parents can foster their kid’s talents, desires, and cultivate their inner entrepreneur. Fostering an entrepreneurial state of mind helps kids concentrate on solutions, as opposed to the problem. Parents should nurture their kid’s inner entrepreneur, if they realize their kid has great ideas or talents that may generate money. The best starting point is to move the child from a consumerism attitude and get them becoming a producer. The entrepreneurial state of mind is an approach, along with a skill set and behaviors, that young adults need to succeed academically, individually, and appropriately. Included in these are initiative and self direction, risk taking, flexibility, versatility, resourcefulness, innovation, critical thinking, and problem solving, in compliance with the Network for Teaching Entrepreneurship, a global non-profit organization that delivers entrepreneurship training and instruction programs.

If your child has an idea for a business, let him or her give it a go. If the child succeeds, then great. If he or she fails, even better. Indeed, teaching a child to not fear failure is one of the best ways for parents to prepare their kids for success in life.

Since 1987, NFTE has worked with greater than 700, 000 young people from low income communities in applications across the U.S. And around the globe. Currently, NFTE work our successful curriculum in 23 places in 10 countries and carries on to enlarge, sharing and distributing the transformative power of entrepreneurship. Previous nominees and winners of Black Enterprise yearly Teenpreneur of the Year Award, presented in the Entrepreneurs Summit, have now been individuals in NFTE National Entrepreneurship Challenge or Elevator Pitch Contests. In Elevating an Entrepreneur: 10 Rules for cultivating Risk Takers, Problem Solvers, and Change Makers, writer Margot Machol Bisnow, the mom of two profitable entrepreneurs, recognizes the Rules she used while parenting her youngsters, to increase innovative, confident, resilient, and unafraid youngsters that grow up to lead satisfied, happy life and change the world. Bisnow questioned 60 entrepreneurs and their mothers, including the creators of TOMS Shoes, Under Armour, Geek Squad, Method products, WordPress, 23andMe, Kiva, charity: water, and Pencils of Promise. She also spoke with young stars in non-profits and the arts actors, composers, and activists. The group diverse questioned cut to the other side of gender, racial, religious, and socio economic backgrounds, as well as all kinds of family from throughout the country.

For many young people, college might provide the path to a satisfying life. But for those, who are already moving forward with their careers, it’s not obvious that four years of dorm life, term papers and multiple-choice exams are in their best interest.

In the same four years, an entrepreneurial young person could be earning money, gaining valuable life experience and building his or her network. When you consider the costs, it would be a disservice to today’s youth to not consider if skipping college might be a better investment.

If you’re genuinely concerned about educating your kids, nurture their entrepreneurial side. Help them find an idea that ignites their imagination and let them find a way to turn that idea into a business. Give them the tools and emotional support they need but don’t hold their hand. And be ready to let them fail. It’s the best preparation for success.