Listen up parents!
We have an opportunity to help mold our kids to be the world’s next business leaders.
A recent article in USA Today says that the United States is falling behind the rest of the world in creating wealthy entrepreneurs.
The paper cites a report from financial firm Barclays and Ledbury Research.
In the U.S., only 21 percent of millionaires credited a business sale and/or profit as their source of wealth.
The Asia-Pacific region reported 57 percent of millionaires and South Africa came in at 68 percent.
Europe, Latin America and the Middle East were also higher than the U.S.
Is your child ready to take care of business?
Here are some tips for teaching kids about entrepreneurship.
1. No idea is a bad idea: As Henri Matisse once said, “Drawing is putting a line round an idea.” Our kids are little artists using their creativity to constantly come up with ideas. Encourage them to express their thoughts and what they believe will make them successful. Anything our kids play with stemmed from an idea, from an iPad to an I-Spy game. If we make that clear, it might help them realize they too can possibly take an idea and watch it grow. It may not lead to entrepreneurial stardom right away, but it will encourage them to think, ask questions and take chances.
2. What’s a business? We may not realize it, but our kids have a learning curve when it comes to concepts we as grown-ups typically find simple to understand. First things first – let’s define a business. In the case of entrepreneurship, it’s what someone does or creates to eventually make money. Many entrepreneurs will spend years working on something they believe will make a difference. They understand it could take time to grow and that they may not see that first dollar for a while. However, they are passionate and that is very important in business. People ultimately choose to work in a business or form a business based on what they are good at or like. A successful business will certainly keep someone busy, prosperous and happy. What does your child like to do?
3. So, you want to be the boss? It takes more than just creativity to start a business. Entrepreneurs aim to impress and therefore develop certain traits which people admire. Encourage kids to be comfortable speaking in public and listen when they speak so they begin to build confidence in their ideas. Also, ask them who some of the people are they admire and why. Chances are they admire someone with a solid reputation; a good person. Your child can also become that good person. It just takes a little guidance. Nobody likes an unpleasant kid and nobody likes a mean or dishonest business person. Finally, unless our kids develop a sense of responsibility, they will most likely find it difficult to advance their ideas as they get older. Start assigning small acts of responsibility now which will ultimately lead to big success down the road.
Email me at firstname.lastname@example.org.