Raising Future Millionaires: Things You Can Do to Get Your Kids Thinking Like Entrepreneurs
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.
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
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
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.
More in business management
This Travel Expert Has a Secret Formula for Finding the Best Luxury Hotel for Your Next Holiday
These days, one can make a career out of literally anything. For one Philippe Kjellgren, traveling is a full-time job. He’s...January 7, 2020
These Money-Managing Apps Will Help You Save Up This Year
Saving and managing money has always been a struggle, it is that moment that you would realize how difficult it is...January 6, 2020
5 Things Every Self-Employed Worker Should Do to Secure His Future
According to statistics, more and more people are ditching the traditional 9-to-5 jobs to work for themselves. An estimated 4.8 million...January 6, 2020
Majority Of Americans Lack Financial Management Skills, Research Shows
The world over admires Americans for their self-confidence and infrastructural development. However, Americans are not perfect beings without flaws, and one...January 5, 2020
These Are The Newest Must-Have Gadgets You Need
If you are a fan of the latest devices which were introduced in the market you certainly will have a list...January 5, 2020
Experts Say Millennials Will Be The Richest Generation In History
Experts believe that the millennial generation is literally taking over the world, and they also think that they will be the...January 4, 2020
Students Are The Best People To Benefit From Amazon’s Textbook Rentals
The biggest online retail store in the history of the world has got to be Amazon, it is literally taking over...January 4, 2020
All the Details that You Need to Know About Steve Martin’s Beverly Hills Estate that He Listed for $2.149 Million
The award-winning banjo player Steve Martin is selling one of his beloved homes in Beverly Hills, California for $2.149 million. He...January 4, 2020
How Will Americans Be Affected By the Shutdown Of the Government?
Early on Saturday morning, the Congress failed to meet a deadline for funding a major portion of the federal government and...January 3, 2020