Kids are natural entrepreneurs — they’re curious, ambitious, and enthusiastic. But they too often lose these attributes as they get older. Legions of lemonade stand CEOs have grown up and left behind the big dreams they had as kids in exchange for a nice, steady job.
Those steady jobs are becoming less common, though. Thirty-four percent of the U.S. workforce is part of the gig economy. That number is expected to increase to 43 percent by 2020 and grow further from there. With this evolution of the workforce, it’s more important than ever for kids to learn how to lead entrepreneurial lives.
An entrepreneurial life doesn’t require you to start, run, and sell a dozen successful companies. Instead, it’s about preserving that curiosity, ambition, and enthusiasm kids already have and helping them find ways to use their talents to help others and be happy.
As the father of two young daughters, this topic has been on my mind a lot lately (like, for the last five years). I want my kids to retain these entrepreneurial traits not only so they can survive in the changing economy, but so they can be smarter, stronger people and better leaders in whatever work life they build for themselves. Here’s how I plan to raise my daughters to be entrepreneurial:
1. Support their passions.
Ask kids what they want to be when they grow up, and you’ll probably hear very few mention “accountant” or “lawyer.” Most will give answers like “astronaut,” “ballerina,” or “professional basketball player.” These goals aren’t impossible to achieve, but unfortunately, as kids grow, many will leave those career goals behind.
It’s important for kids to feel like they can do anything. If we as parents can encourage them to chase those dreams, they’ll be much more inclined to pursue challenging goals in the future, even if they never become astronauts, ballerinas, or professional basketball players.
Take author and entrepreneur Cameron Herold, for example. One of his first entrepreneurial pursuits came during his teen years when he discovered an opportunity for comic book arbitrage. He was interested in comic books and used that passion to create a little business for himself. Opportunities like this exist everywhere. Our kids can find them only if we encourage them to pursue what they’re passionate about.
2. Encourage problem-solving and growth.
A lot of kids grow up with what I call a “check the box” mentality: They’ll do the bare minimum to complete a task without considering the quality of their work or what they could have done better.
My kids are still at the age where they’re learning that pushing all your toys under the bed isn’t the best way to clean your room. So, when my daughter does a chore and tells me she’s finished, I always ask: “How did you do it? Is there anything different you could have done to make it even better?” This encourages her to be thoughtful in how she approaches a task and challenges her to find the best, most efficient way to complete it.
Entrepreneurs need that skill. When faced with a challenge, entrepreneurs can’t just push it under the bed and call it solved. It’s important that they thoughtfully approach the issue, address it head on, and reflect on ways to improve in the future.
3. Talk about money.
Too many parents shy away from talking about money with their kids. Kids may not understand everything you have to say about money, but avoiding the topic altogether will make it hard for them to understand anything about it.
It’s not just talking about money that’s important, though. Kids have got to learn that earning it requires work. I can’t stand when parents step in to do something for their kids that they should be learning to do themselves.
As a kid, I sold cheese and sausage, popcorn, pizza, you name it, to my neighbors door to door. Now that I’m on the other side of that door, I’ll buy just about anything from a kid who’s learning and working to earn money. Nurture that entrepreneurial attitude of seeking out work and providing value to earn money by actually talking about it and encouraging your kids to do it themselves.
4. Challenge your child.
As much as we love them, the world does not revolve around our children. They can’t always be the best or the brightest. Good entrepreneurs surround themselves with people who are smarter, better, and more experienced in certain areas than they are — it helps them grow and build a supportive entrepreneurial community. If kids can’t cope with competition or accept not always being No. 1, they’ll struggle to handle the challenges of entrepreneurship.
Challenge your children now to prepare them for the challenges that are to come. Don’t let your kids win the game every time. Don’t place their orders for them at restaurants. Don’t protect them from the challenges that will help them learn. It seems simple, but those little challenges will help them grow into resilient entrepreneurs.
5. Set a good example.
Kids may want to grow up to be astronauts, ballerinas, or basketball players, but the fact is that those people usually aren’t their heroes. We are. Kids look up to and learn from their parents more than anyone else, so it’s important for us to be their best examples.
That’s why I always try to include my kids as much as possible when I’m working on a problem. Just the other day, I told my 4-year-old (a simplified version of) a challenge I was experiencing with my rental business.
Can she grasp the issue entirely and give me life-changing advice? Not yet. But involving her in this process and letting her watch me tackle difficult problems helps her understand real-world challenges, how to think through them, and what it takes to be an entrepreneur.
My kids will face a completely different world when it comes time for them to enter the workforce. Training them to embrace their natural entrepreneurial spirits now will prepare them for whatever might come their way. If my kids know how to follow their passions and solve hard problems, I know they’ll be successful. The business world may change, but the value of entrepreneurship never will.
