How to Raise Your Kids To Be Entrepreneurial

Parents are now realizing more than ever the importance of providing their kids with information about money and business at an early age. In today's economy, we need to raise our kids to be self-reliant. Getting a good job is no longer a guarantee of financial security that it was in the past. Employees, even highly skilled ones, face an uncertain future that is ultimately in the hands of their employer, their geographical area and their industry.

The key concepts that parents should convey ideas that reinforce independence, self-motivation and entrepreneurship. Imagine your child having the freedom to graduate from high school with a secure, passive income source already in place. This lifestyle is possible if you empower them with the necessary tools starting from a very young age.

Here are a few ideas to teach entrepreneurial thinking to your children:

1. Clearly explain basic money facts. The basic ideas about money are simple enough that young children can understand them. You should cover:

* What is money and why do we use it
* How money is earned
* How money should be spent
* The importance of saving money
* Renting versus buying a home
* Assets and Liabilities
* Good and bad debt
* Relevant mathematical concepts like percentages

2. Build good money habits. We all teach our kids habits. We teach them to brush their teeth, to clean up after themselves. We also teach them money habits. Good money habits include providing value in exchange for money, living within your income, saving, investing and managing risk.

3. Require your kids to save a portion of their own pocket money or allowance. Kids learn to save by doing it. If they develop the habit of saving their money and watching it grow while they are young, these skills will extend into their adult lives.

4. Encourage your child pursue activities that they enjoy and have a passion for. Although every child will inevitably have to perform work they do not always like, they should also have work that they are passionate about and consider fun. This will help them develop a strong work ethic and a commitment to their future careers.

5. Talk with your child about your work experiences on a regular basis. Explain to them what you do, how you earn money and the importance of developing a career. Share both the positive and negative aspects of work so that they have a realistic idea of what the professional world is like.

6. Encourage your child to start their own businesses as soon as possible. Lemonade stands, babysitting and lawn maintenance are all great entrepreneurial jobs that your child can start at a young age.

7. Embrace technology with your children. Teach them to use computers, software and the internet as soon as they can walk and talk. There are a wealth of opportunities that technology can offer and the sooner your child has an understanding of technology, the better they will be able to compete.

8. Build a can-do attitude. When you're child says "I Can't", get them to replace this phrase with "I need more practice". When your child is faced with a challenging task, do not complete it for them, even if they ultimately fail. Kids are very good at minimizing the effort the invest in projects, and if they realize that complaining will get somebody else to finish they work for them, they will take advantage of this.