Raising Young Entrepreneurs
“It is not what you do for your children, but what you have taught them to do for themselves that will make them successful human beings.”
Earlier this week, my son Julian, launched his new business. Driven by a long-standing passion for crafting coffee drinks, stemming from his time as a barista, he decided it was time to start his own venture. And thus, Good Juju Coffee was born! (If you’re wondering where the name came from, Julian is often referred to as Juju by friends and family.)
Julian and I at the Big Bear Lake Farmer’s Market
Rosa and I got a chance to go to the Big Bear Lake Farmer’s Market to see the debut of the business. The coffees were a hit! Before packing up for the day, Julian pretty much sold out of all the drinks they had made. As proud parents, we were so thrilled to see how successful he was on the first day he started selling coffee to the public.
On our drive up to Big Bear, Rosa and I were sharing stories about Julian as a young kid. In middle school, he figured out that he could buy a box of individual potato chip bags and sell them to his classmates for 4 times the cost. When he was in high school, he was selling drinks and snacks and making a bunch of extra spending money. While he was in college and working a part time job, he started to collect unique baseball hats that he would sell online for a major markup.
Proud mama and Julian
As an entrepreneur myself who decided to start working for myself when I was just 21 years old, I was delighted to see that Julian continued the entrepreneurial path at an early age. This path requires quickly learning diverse skills, navigating setbacks, and valuing initiative and risk. Young entrepreneurs offer valuable energy and fresh perspectives, disrupting norms and adapting to markets. The resilience and lessons learned build a strong foundation. Early entrepreneurship cultivates resourcefulness and determination, shaping a future driven by one's vision.
So, how do you ignite and cultivate your child's entrepreneurial spirit? As parents, we often marvel at their boundless creativity and energy. What if I told you that within these everyday observations lies the fertile ground for cultivating an entrepreneurial spirit?
When we hear "entrepreneurship," our minds often jump to business moguls and million-dollar ideas. But for kids, it's so much more. It’s about problem-solving, creativity, resilience, and a host of other invaluable life skills that will serve them well, no matter what path they choose.
Lets explore practical ways you can spark and nurture that entrepreneurial flame in your children, turning everyday moments into powerful learning opportunities.
Redefining "Entrepreneurship" for Kids
First, I want to clear up some common misconceptions. When we talk about encouraging entrepreneurship in children, we're not necessarily pushing them to start their own companies tomorrow.
It's Not Just About Money: True entrepreneurship, especially for kids, is about identifying needs, creating value, and finding innovative ways to solve problems. It's about developing a "can-do" attitude and understanding how their efforts can positively impact others.
Focus on Skills, Not Just Ventures: The real gold lies in the skills they develop. Think about critical thinking, communication, negotiation, resilience in the face of setbacks, and even basic financial literacy. These are universal competencies that will empower them in school, relationships, and future careers, whether they become a CEO or an artist.
Learning Through Play: The beauty of it is that these lessons don't need to be formal or rigid. Many of these concepts can be woven into their everyday play, conversations, and simple family activities.
Practical Strategies to Spark the Entrepreneurial Spirit
Ready to get started? Here are some actionable ways you can encourage your child's inner innovator:
Encourage Problem-Solving: Turn everyday frustrations into brainstorming sessions. "This game is messy, how could we organize it better?" or "We always run out of that snack, what's a system we could create?" Ask open-ended questions like: "What bothers you about X?" or "How could we make Y easier/better?" Help them identify needs, big or small, around the house or in their community.
Foster Creativity and Innovation: Provide materials that encourage open-ended creation: LEGOs, cardboard boxes, craft supplies, even recycled items. Let their imaginations run wild without strict instructions. Encourage storytelling, inventing new games, or imagining "what if" scenarios. Celebrate unique ideas, no matter how wild they seem. The process of generating ideas is key.
Embrace Failure as a Learning Opportunity: This might be the most crucial lesson. When something doesn't work out, resist the urge to fix it for them or express disappointment. Instead, ask: "What did you learn?" or "What could we try differently next time?" Share your own experiences with mistakes and how you learned from them. Shifting the language from "failure" to "learning," "experiment," or "iteration" is powerful.
Teach Basic Financial Literacy: Involve them in age-appropriate family budgeting conversations. "We have X amount for groceries this week, how can we make it work?" Introduce concepts of earning (through chores or helping out), saving for a goal, thoughtful spending, and even the idea of giving. A clear allowance or commission system can be a great tool for this.
Support Their Passions: Pay attention to what genuinely excites them. Do they love animals? Perhaps they could offer to walk a neighbor's dog for a small fee. Are they budding artists? Help them set up a "gallery" to sell their creations to family. Provide resources related to their interests – books, online tutorials, or even connections to people working in fields they admire.
Encourage "Mini-Ventures": Yes, the classic lemonade stand is a fantastic starting point! It teaches pricing, customer service, and basic transactions. Think about selling handmade cards, baked goods, offering car washing services, or even tutoring younger kids in a subject they excel at. Help them think through a simple plan: what they'll sell, who their customers might be, and how much to charge.
Model Entrepreneurial Behavior: Let your children see you tackle challenges, solve problems, and learn new things. Talk about your own work, the projects you're proud of, and even the difficulties you encounter and how you overcome them. If you have a side hustle or are working on a personal project, involve them in age-appropriate ways. They learn so much by watching you.
Cultivating the Right Mindset
Beyond specific activities, fostering the right mindset is key to long-term entrepreneurial thinking:
Growth Mindset: Help them understand that intelligence and abilities aren't fixed; they can be developed through effort, dedication, and learning from experience.
Empower, Don't Dictate: Guide them, offer suggestions, but ultimately, let them take the lead. Resist the urge to do everything for them or micro-manage their "ventures." Their autonomy is crucial for building confidence.
Celebrate Effort, Not Just Outcomes: Praise their initiative, their persistence when things get tough, their creative solutions, and their willingness to try new things. The financial success of a venture is secondary to the valuable lessons learned along the way.
Raising entrepreneurial kids isn't about pushing them into business; it's about equipping them with essential life skills. It’s about nurturing their innate curiosity, resilience, and problem-solving abilities. Start small, be patient, and most importantly, enjoy the incredible journey of watching your children grow into resourceful, innovative, and confident individuals ready to make their mark on the world.
What's one small step you can take this week to encourage your child's inner entrepreneur?
~Alex
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