Perhaps because of their fresh way of seeing the world, children are able to come up with some excellent ideas. In fact, ideas for useful and fun things like ear muffs, the trampoline and the popsicle all came from kids. Even, investor extraordinaire and billionaire Warren Buffett began his business ventures as a small boy selling chewing gum door to door.
Though not every kid is bound to follow a path like Buffett’s, they would still benefit from developing an entrepreneurial attitude which can then teach them necessary life and financial skills. Parents are in an especially good position to facilitate this development in their own children.
Here are some things parents can do to help their kids get an entrepreneurial spirit and teach them the value of money.
Talk to or observe your child and be curious about the current thoughts and ideas they have
Now, this first step might be a breeze for some considering how the majority of children are already very creative thinkers. FIRST president Don Bossi even says that it’s something about growing up which just takes the creativity out of many people.
Kids are lucky to not be too constrained and limited by what they already know yet. Even better, they aren’t afraid of being wrong or get discouraged when other people call their ideas crazy.
Take advantage of this time in a kid’s life and help them nurture the great ideas they think of. And yes, that means doing so even if a parent might consider some of these too ‘whacky’. Lenox Advisors financial planner Thomas Henske says that once a parent begins stifling their kids’ ideas, they start to lose their confidence and succumb to ‘group-think’ like adults do.
The Brainstorming Process
Henske assures that are lots of cool opportunities for parents and kids to brainstorm. Moms and dads just have to be on the lookout for them
After one has gotten to know their kids’ ideas, they can then start brainstorming ways to turn these ideas into reality. For example, when a kid says they want to make the beds or just rake leaves, parents can then ask them if or how they can build a small business doing that.
Meanwhile, Henske suggests people to encourage starting the process of brainstorming through mind maps. These could be done using simple pen and paper or with helpful online tools like MindMeister.
Consider Finding a Mentor
Know your kid’s interests and think of people who can mentor them to further develop their knowledge in the field
At a certain point, kids get to an age where they no longer want to take advice from mom and dad. For people whose kids are already at this stage, don’t fret. Instead, you can find a mentor who can serve as a guide for them. This mentor can be anyone from a family friend in a specific line of work they might be interested in, an expert in the same field or even a local businessman.