Teaching the next generation the skills they need to become business leaders and innovators is more important than ever
Imparting entrepreneurship skills to the next generation is very important today. Whether they are students or children in the family, the big question remains – how can we teach them to build successful businesses? Noticeably, there are also a host of skills that successful business leaders use that they can adopt.
There are foundational skills that will prepare students to be entrepreneur-ready and these skills should be developed among children starting early. Some skills they can develop are: persistence, evidence-based reasoning, tolerance of ambiguity, calculated risk-taking, and self-direction.
Entrepreneurs are adept at taking ideas from different sectors and combining them in new ways that nobody has thought of before. By teaching students the skills they will grow to become effective leaders and innovators.
Encouraging social entrepreneurship
In school and college, projects in which students develop initiatives that can change the world can be a fun, effective, and deeply meaningful way for them to learn entrepreneurial skills.
Online platforms like Kickstarter, Etsy, Shapeways, and Indiegogo are getting easier to use. It’s so simple to start a business these days, that we read of teenagers and even children do it. When students launch their own businesses, they learn valuable real-life skills in (subjects like) math and communication.
Students who publish and sell their writing (content), music, 3D sculptures and art find a real-world audience that is very motivational. Even by selling their work online, students learn self-promotional skills such as how to communicate about themselves and how to market themselves on social media.
Six life skills you can teach your children
Entrepreneurs are resourceful, creative and intellectually curious by nature and sharing entrepreneurship’s unique set of principles with your children can help them succeed in the new economy. What are some values entrepreneurial parents can teach their children?
Many successful entrepreneurs start quite young. With entrepreneurship growing it happens that the next generation will start even earlier. So, instilling your entrepreneurial values in them now will give the next generation a real competitive advantage.
Creating an entrepreneurial legacy
Children get influenced by their parents’ careers. And, if you are an entrepreneur, the tone of your conversations at home will naturally be different. The next generation will organically absorb your entrepreneurial ethos just by seeing how you live and work.
Additionally, if you want to drive home lessons on what you’ve learned along your entrepreneurial journey, here are six factors that you can blend into your children’s daily lives.
- Be “action-oriented”. Most entrepreneurs take action on an idea, preferring to see where it leads and adjust in real time. Letting the children take action on ideas will give them confidence. As your child becomes more of a self-starter and develops intrinsic motivation, that can carry him or her far on the road to entrepreneurship, and even through rough patches.
- A sense of autonomy. Entrepreneurs know they can’t be micromanaged and still expect to be accountable for their own outcomes; that’s why they value independence. Give your kids the freedom to figure out how to make things work. They will learn to solve their own problems and be less dependent on parents.
- Financial literacy. Don’t keep the tough reality of starting and running a business away from your kids. They need to understand that it takes responsibility and sacrifice; nothing happens through magic.If you start explaining the basics early on in fun ways, they can move steadily into more complex ideas. The benefits of growing a financially literate child is really a great achievement.
- Sales acumen. Entrepreneurs keenly understand the importance of building meaningful relationships: you can’t wait for opportunities to drop in your lap, but you have to grab them! If they get down to selling home-made paintings or refreshing drinks, they’ll learn how to speak up and come to understand the unique power of offering desirable solutions. By putting themselves out there, your children will find more opportunities in life.
- A ‘growth’ mindset. Kids learn in school that failing is bad, but successful entrepreneurs understand that failure is an essential part of success. In the words of businessman Robert Allen, “There is no failure, only feedback.”
Use failure to teach your kids to foster continuous improvement. Turning failures into learning opportunities is important. Encourage them to innovate by accepting a “growth” mindset. What could they learn from it? What would they change tomorrow? If they learn it’s all right to fail, they’ll not be scared to take chances; and they will learn to think outside the box and try new things!!
- A love of lifelong learning. Successful entrepreneurs are always striving to improve themselves and their businesses. They know that the only constant is change. Reaching excellence does not always mean perfection; it means creating healthy, productive habits through practice and discipline.
By cultivating continuous improvement, the next generation will gain confidence to push outside their comfort zones. They will also pick up the self-awareness to recognize their own limitations!! So, passing on your entrepreneurial values to your kids will give them advantages in life, for sure.