Deep down, nearly every one of us wants to be an entrepreneur. However, forgoing your weekly paycheck to follow your true passion takes lots of self-confidence. Many of us lack that confidence. Therefore, a great portion of our lives may be spent working to build someone else’s wealth.
If that confidence was instilled within us at a younger age, we might all have the courage to open up a business. Give your children the opportunity to truly be in charge of their lives by encouraging a sense of entrepreneurship in their youth.
Encouraging entrepreneurship within your children can teach them to be:
- Self-sufficient
- An effective leader
- A strong decision maker
- Confident in their ideas and ability to succeed
Raising an entrepreneur is more than telling your child to make money; it’s about telling them to go against the crowd and follow their own intuition. Since many parents have instilled this sense of confidence in their children, the sight of self-made wealthy teens is becoming more and more common.
When encouraging entrepreneurship within your children, the only thing you have to fear is the embarrassment of declaring that your 15-year-old son earns a higher yearly income than you!
The Story of Ashley Qualls
Ashley started Whatever Life, a website that provides MySpace layouts, when she was just 15 years old. Soon after beginning her venture, the website took off. And Ashley was declining buyout offers from savvy investors. Four short years later, Ashley’s net worth was over $4,000,000 and growing each year.
The only startup cash necessary was $15 to register her website and a small monthly fee (typically less than $10) to host her website.
Raising a Young Entrepreneur
Teaching your children about entrepreneurship need not require a fat pocket. In fact, the basis of an entrepreneurial mindset is self-sufficiency. Therefore, children can come up with the money to start the business through their own efforts.
If your children are old enough, they can get an after school job or help around the house in exchange for an allowance. Many business ideas can be funded for less than $100.
Once your child has invested time, effort, and their own money into their business startup, they are more likely to see it through and become successful business owners.
They’ll learn each step of the way and tweak their business until it becomes profitable. When your child embraces failure as a learning experience rather than a collapse, you’ll begin to see a flourishing entrepreneur growing before your eyes.
You can encourage entrepreneurship within your kids by teaching them that:
- Any idea is a valid business idea
- Failure is okay as long as you keep improving
- Profitable business requires continuous learning and tweaking
- Creativity is what counts
- Being innovative makes you stand out from your competitors
Some of your child’s business ideas will lead to great success, while others provide little more than a tremendous learning experience. Some ventures will prove to be highly profitable, while others may only produce a few dollars. The key is to teach your children to be resilient and keep moving forward toward their dreams.
If your child’s business ideas succeed, continue to encourage them to seek greater levels of success. Along the way, continue to promote self-sufficiency, independent thinking, and confidence within your kids. With these three traits, success is theirs for the taking!
For singles, creating a budget is relatively easy. They tend to already have a good handle on how much money they have coming in, and when tracking expenses, they only have their own to think about. But creating a family budget is a whole new ball game and one that can be fraught with anxiety. Most parents simply don’t want their children to have to do without anything at all, and while this is certainly understandable, it is actually not the smartest or healthiest way to raise children. Children need to learn how to earn, respect and save money while they are young in order to be financially savvy adults.
Americans have gone restaurant crazy. According to the U.S. Census Bureau, 42 percent of the typical American family’s food budget is now spent on food prepared outside the home—in other words, eating out.
