Are you a natural entrepreneur? These are some ways to get your child started on their entrepreneurial journey.
Are entrepreneurs born or bred? It was more natural than nurturing for me. I was not raised in a family of entrepreneurs. My grandfather was a custodian. My mother cleaned houses. This could have been considered her own business. My parents didn’t do traditional startup things like discussing financial issues at dinner or reading income statements.
Entrepreneurs look for solutions and see the problems.
The problem-solving mentality of natural entrepreneurs is a crucial characteristic. They see the problems around them and come up with solutions.
As a child, I attended baseball practice. The long line at the snack hut was something I noticed. The majority of the kids were talking and eating with their friends. In my head, I wondered if there was a better way. Although the pizza was not great, the location was excellent. They had children spending $6 per slice every two minutes. I did the math. This was the moment that I knew I wanted to become an entrepreneur.
My grandparents took me to Costco once more. Juicy Fruit gum was sold in packages with 25 cents printed on them. You could buy them in bulk for only 12 cents per package. It was an easy decision for me. To make nearly a 50% profit, I didn’t even need to mark up the 25cs. This is just how my brain works.
The environment can influence a naturally entrepreneurial mindset.
My path to entrepreneurship was not without some nurture. My environment was a significant factor in my natural instinct. There wasn’t much extra money. I would have had to wait until Christmas to get significant gifts like a bike. If I wanted that bike sooner, I would have to work for the money.
It was a combination between need and mindset for me. This was the foundation for my entrepreneurial journey.
Entrepreneurial families can nurture future entrepreneurs.
Some people were born into entrepreneurial families. They can see the hard work that their parents have put in. Some may be involved in the family’s business at an early age. They learn to be independent. They can see the financial ups and downs early in the business. These experiences can negatively or positively impact their decision to start their own business. You need to be an entrepreneur to take advantage of what you have learned from your parents’ entrepreneurial journey.
Troy Hoffman, my colleague and fellow entrepreneur, was more entrepreneurial. He remembers having an Entrepreneur magazine stack in his classroom. He was enthusiastic about starting a company. Hoffman was also inspired and motivated by his parents and a friend from school who opened a successful surf shop. Hoffman was inspired by his parents’ success in opening his own business.
Even if your child is not already an entrepreneur, you can still encourage them to be entrepreneurs.
You can think outside the box.
Recognize creativity and think outside the box. Our school system generally teaches us to follow the same rules as before. Encourage your children to think of unique solutions for real-world problems. Help your children create a solution if there isn’t one.
Failure is an opportunity to learn — there’s no risk and no reward.
My company has a zero-blame culture. This allows people to be creative and not fear making mistakes. Entrepreneurs understand that mistakes are part and parcel of learning. Your children need to understand that mistakes are part of learning and growth. Entrepreneurs must be willing to take risks. Even if you aren’t an entrepreneur, the skill of calculating the risk-reward ratio is something that can be useful in every situation.
Practice your elevator pitch
Tell your children you will consider granting them a request if they have a solid business plan and a pitch. Even if they are asking for a puppy, it is a good idea to ask. Let them work through the steps: Analyze their options, calculate the cost, and determine the best financing method. Dr Jay Feldman solve complex problems and convince others to believe in them.
Do you think your child is naturally entrepreneurial? If so, let them explore this side of you. This is the ultimate lemonade stand scene.
You can help them start their entrepreneurial journey using the tools I have listed. Even if they don’t end up founding unicorn startups, they can use their learned skills to succeed in any other endeavours.