As parents, it is our duty, our drive, to ensure our children grow up reaching their highest potential. We hope that with the right guidance, our children will build a career and obtain the necessary skills to achieve success from their hard earned education. So, what does entrepreneurship have to do with any of this? EVERYTHING. Entrepreneurship doesn’t necessarily involve starting your own business. In fact, many people who don’t work for themselves are recognized as entrepreneurs within their organizations. And you can bet that those individuals are seen as some pretty invaluable assets to the company. Why you ask? Well, let’s look at some skills of a typical entrepreneur:
- Risk Tolerance
- Leadership and Motivation
- Communication Skills
- Creative Thinking
- Problem Solving
- Opportunity Recognition
- Goal Setting
- Decision Making
As you may have intuitively determined, these are some pretty fundamental skills needed in any career path. We’ve selected 5 simple ways kids can be encouraged to think like an Entrepreneur, thus helping them to achieve their highest potential.
1.) Allow Kids to Think Outside of the Box
Allowing kids the freedom to brainstorm, encourages them to develop creativity and critical thinking skills. Some big-time innovations come from of the most unconventional concepts. Let your child’s imagination wonder before discounting an idea that ventures outside of the box.
2.) Set and Measure Goals
Help your child set goals and measure the success of those goals. If a goal is set but not achieved, being able to measure how close they were to achieving the goal is just as important as setting the goal itself. Goal setting helps build initiative, improves decision-making, and increases self-confidence in the ability to set future goals.
3.) Encourage Opportunity from Failure
From a child’s perspective, perceived failure has the potential to create self-doubt, and compromise optimism. Encouraging your child to instead see the opportunity that is created from each failure can lead to some pretty awesome results. After all, there is no such thing as failure, only lessons to lean from. Some of the greatest and most influential innovators began with many, many failures. Thomas Edison, for example, failed over 10,000 times before inventing the light bulb. He’s documented as stating, “Why would I feel like a failure? And why would I ever give up? I now know definitely over 9,000 ways an electric light bulb will not work. Success is almost in my grasp.” Recognizing the opportunities from failure also helps to build optimistic viewpoints, creativity, risk-tolerance, problem solving, and self-confidence.
4.) Introduce Them to Simple Business Practices
Although some might not see how introducing children to business practices at an early age could be beneficial, our core values are focused on undoing this misconception. Even at the most basic level, a child who understands business will be equipped with real-world knowledge to which can be applied to many of life’s endeavors. In writing a business plan with your child, critical thinking, creativity, problem solving and goal setting can be practiced. AccelerateKID has implemented a 4 week block of business education into all of our 501 and select 301 Digital Arts courses through a proprietary, kid-friendly business model canvas (also known as the lean-canvas).
5.) Expose Them to Financial Management
Some studies suggest that spending habits can be formed as early as age seven. Some countries have even begun considering the implementation of financial education in primary school curriculum. Introducing your child to the importance of financial management (understanding the difference between a luxury and a necessity) and the ability to plan ahead, can promote beneficial financial behavior.
Help your child accelerate by coaching them on these skills. With the understanding of business and equipped entrepreneurship skills, kids can do amazing things.
Looking for Some ‘Kid-spiration’?
Join us for our free Demo Day events where our current students showcase their unique projects and business ideas to successful entrepreneurs and investors. The event is held on May 15th & May 22nd, 2016 at our Wixom & Madison Heights locations. CLICK HERE for more information and/or register online here. The event is free and open to the public.