Encourage Your Child to Start Their Own Business

Start their own business? Shouldn't kids just have fun being kids? They'll learn about work and money soon enough...

We love our children. We encourage them to do their homework and to do well in school. If they're on any sports teams, we encourage and support their efforts. We arrange for violin or piano lessons, swimming lessons and dance lessons.

Start their own business? No, too young...

Of course, we want our children to succeed at creating wealth so they will be financially set. That's all part of the grand scheme of things when we encourage them to do their homework and work hard at school. All that hard work at school would mean getting into a good university or college, and finally landing an excellent paying job.

Start their own business?...
No, not yet. Too risky...

Not necessarily!

Have you ever thought that maybe that way of thinking could be hindering your child's future financial success, and independence?

By instilling our old-fashioned way of thinking about school, careers and money and not encouraging them to start their own business, we are missing the opportunity of teaching our children, early on, how to create wealth and financial success.

What were once long-term jobs and secure retirement packages are now being replaced with uncertain job security, downsizing, pensions being cut or not even offered.

Working conditions are harder as employers are getting their employees to do more work with less people, just to be competitive... The list goes on and on.

Our children's future is not secure, so our old-fashioned way of thinking about how to achieve financial success has to change.

Don't get me wrong. A university or college education opens up a world of knowledge, teaches you how to think and be open to all sorts of new ideas. It's also necessary if you want to be a doctor, engineer, architect, accountant, lawyer etc.,

But by no means is it a guarantee that you will succeed.

We need to encourage our children to start their own business, to think and learn about finances at an early age, even if university and college is in their future. How?

By encouraging them to make money doing something they are good at and love to do!

We as parents try to pass on a few life skills to our children when they are young, so they are not completely useless when they leave home...

We teach them how to start and use a washing machine. How to make macaroni and cheese and cook frozen pizza in the oven. We remind them it's garbage day and make sure they get it to the curb on time (this is a big one for when they're on their own).

So why not teach them some financial skills as well, before they leave home? It will help them start paving the way to creating wealth and a secure future. What a great skill to learn before moving out!

There's a real connection between young ones given the encouragement of having a small business, and making it in the real world as a successful entrepreneur.

He/she will learn business skills like marketing, approaching people one-on-one, pricing, getting referrals, handling criticism and learning how to schedule his/her time around school and homework.

Aren't these the skills we as adults use everyday? And think about it, your children will be learning all these skills at the age of ten, twelve or fourteen years of age!

Think about what makes your child tick, what they love to do.

Are they good with computers or love to play computer games? Do they love animals? Is their passion painting or drawing? Are they happiest in the kitchen, baking cookies and cakes? Maybe they like taking things apart and putting them back together again.

Just think about what gifts your children have that make them unique.

What businesses could they start, with your encouragement?

Maybe your own parents didn't encourage you to start a business at a young age and pursue your passion. They had every good intention when they wanted you to keep focused on your school work.

But the world is changing and we as parents need to change the way we look at our children.

Don't discourage them from working at goals that could lead them to something they will enjoy for the rest of their lives.

We need to learn how to encourage our children to go for their passion in life and, in the process, become their mentor. It's not easy, as parents, to get rid of our cautious and negative comments, but we have to.

Start them on the road to a satisfying and productive future. They will start to create wealth from an early age and will continue to do so as they look at their future life as an exciting adventure!