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Every parent, more so business-minded ones, wants their kids to appreciate the value of money. Allowances and chores teach young children the concepts of earning, saving, and good spending habits.
As you know, today’s children are tomorrow’s business leaders and starters, so helping them develop business mindsets will let them better see possibilities while pursuing growth and opportunities for innovation.
Here’s how to educate your child to be business-minded like you.
Assess and Support Their Passions
Pushing your kids into doing what you want may backfire, so first, learn what your kids are interested in – sports, video games, socializing? Regardless of their interests, you can make use of their interests to help them develop a business mindset.
Allow your child to know and understand how companies make money from their own hobbies or interests. You may not get them to program code or sell equipment, but ensuring they’re aware of how money flows through an industry will let them see business opportunities.
Start Teaching Them Logic and Problem-Solving
Childhood is a stage full of challenges that need logical navigation the same as the business landscape. Allow your kids to learn how to solve problems logically by identifying issues, brainstorming possible solutions, weighing pros and cons, and picking the best option.
Refrain from resolving issues for them when you can, but do lay out their options to enable them to see the bigger picture. This is a vital skill in business, particularly in leadership positions.
Allow Them to Fail
As a parent, allowing failure is a difficult yet vital part of a child’s development. It’s an essential life skill to know how to deal with failure, and it’s particularly crucial in business.
Teach your child that to fail is to eliminate the wrong solution and take a step towards the right one. It’s not the end of their efforts, and teach them how to get back up and try again. Walk your child through the error they made, what they need to do differently next time, and take the failure as a positive learning experience. Mistakes are how we learn and grow.
The skills required in business are also skills your child will be able to apply in various areas of life as they grow. Knowing how to take risks, work hard, solve problems, and be focused will help them throughout their lives. Parents can help cultivate these skills in their children by taking advantage of their kids’ interests, allowing them chances for growth, and encouraging entrepreneurship.
Teach Them Money Management
Kids need to know how to manage their money whether they earn money from a job of their own or receive an allowance. Show your child the benefits of saving or investing and how to put their focus on long-term financial goals.
Would they want a car when they turn 16? Are they saving for a new video game? Do they want to start their own business? These are opportunities to save and spend their own money.
Enroll Them in the Right School
Starting them in the right place at a young age can make all the difference when they get older. For children aged 3 – 12, enrolling them in the IB Primary Years Programme (PYP) is a wise decision. The PYP CAMPAIGN, through its inquiry-led, multi-disciplinary framework, challenges students to think critically and take responsibility for their learning as they explore local and global issues and opportunities in real-life contexts – skills necessary as a foundation to develop a business-focused mindset.
The PYP is taught in over 109 countries around the world and is adaptable to state and national standards. Students expand their learning by conceptual understanding; strengthening their knowledge and skills across and beyond subject areas. You can learn more about the PYP campaign by visiting school websites.
That’s it. Remember, every kid is unique in their own way, including learning styles and attitudes, so adjust your teaching and set reachable expectations in order to educate your child to be business-minded like you.