Other than people with an entrepreneur mindset, the majority of the people around you seek stability and avoid any means of risk. It’s understandable and makes perfect sense if you’re looking for normalcy. You can complete your education, find a great job and retire soon enough and that’d be it.
There are others however, that can’t settle for what everyone else has. Wavemakers I call them. People who are born to achieve something important, make a stand and do something outside their safe zone. These are the type of people who can’t tolerate working for someone else, so they think bigger.
Starting your own business is one of the hardest things you can do, but it could’ve been easier. If everyone was taught right, at home or at school, they could have had a better understanding of the financial world and therefore would go through fewer difficulties when and if they decided to start a business.
Becoming an entrepreneur requires great belief in yourself and the cause that’s driving you. You can’t focus on the risk, and you shouldn’t be easily scared of failure, because it’s the mindset that determines whether you can pull it off successfully or not.
If you want to live according to your agenda, make sure to read this article so you can develop your mindset and help your kids discover their inner entrepreneurs as well.
Table of Contents
How is entrepreneurship defined?
Entrepreneurship refers to the magical process of creating and developing a new business and going through oceans of difficulties and tons of risks to make it work. Entrepreneurs embrace every challenge they face during the process and do whatever it takes to move towards a future of possibility and success.
Raising financially literate children can guarantee their future success. Financial skills are usually not taught throughout life and people themselves must go after them. One of the many important money-related skills you can teach your kids is to help them develop an entrepreneurial mindset.
There are hundreds of resources that can help you raise entrepreneurial kids, and here are some tips you can use to achieve it.
Nurture the mindset
There are 2 sides to imprinting the mindset of an entrepreneur, an inner side and an outer one. The inner side of the story focuses on an attitude that helps you recognise and develop your abilities, how you define success and failure and how you can approach different situations.
The outer mindset determines how you can effectively create something of value, how you view work and how it can be placed in the future.
The entrepreneurial eyes look at change and see opportunity. They look at simple facts and find out a way to add more value to them. In simpler terms, an entrepreneurial mindset is developed through believing in yourself and dreaming big about what your future can help.
Develop the skills
An entrepreneur develops skills that include every element of work that real-life entrepreneurs use at all times; such as negotiating, leadership, decision making, pitching, innovative thinking and customer service-related skills. Raising entrepreneurial kids means finding every possible way to fit in practices that can help them nurture these skills.
As your kids start showing enough interest in these matters, introducing different successful entrepreneurs can be a life-changing inspiration. When observing, how much practice can be applied to make the most out of the inspiration.
You can also encourage entrepreneurial skills by encouraging healthy forms of debate, setting age-appropriate tasks and challenges and eventually practising solving problems. Try teaching these skills through fun activities, games and chores. You can easily take advantage of money management systems that are designed for kids and can help them learn through practice.
Pocket Money Management Apps
YounGo Money app is one of the very few utterly free pocket money management systems that is loaded with amazing features to make it very easy to manage your kids’ money matters and create a clean atmosphere for you to work on their financial skills.
Some of the features include the following:
Set Spending Goals
A financial goal is any plans you have for your money. Without setting some well-optimised goals, you’ll probably keep feeling like all you’re doing is spinning your wheels without making any progress. As simple as it sounds, it is a valuable financial skill that your kids need to learn.
YounGo Money offers you the right tools, built-in within the environment of the app to set spending goals for your children so they can steer off of paths that could lead to financial loss.
Monitor Spending
Not only don’t kids know how to manage their finances, but also the majority of adults are also fighting to survive the financial world. So, it is more than necessary for parents to be able to monitor their kids’ spending until it is clear they are safe to go without it.
YounGo Money merges both you and your kids’ accounts into one management system where you can easily access everything from one app.
Set Spending Rules
Rules and regulations are what keep the world in one piece! With that explained to your kids, you can use YounGo Money to keep them checked to follow the correct trail.
Constantly seek opportunities
A great entrepreneur constantly looks for every possible opportunity to cultivate new ideas for products, services and businesses. You can inspire this way of thinking by introducing entrepreneurial opportunities.
Discuss businesses you see every day, talk about how they work, who their target niche is, and what problems they are more likely to face. Understanding the requirements, problems and solutions of different businesses around you helps think in that way.
You can even shift this one level higher by discussing how you can make the businesses around you achieve better success.
Bottom line
It’s definitely not possible to cover a subject as wide as entrepreneurship in one article. However, the steps above can give you a great understanding of how you can start investing in your kids’ financial literacy and work on their entrepreneurial mindset.
