Train your kids to become budding entrepreneurs

Successful business owners wish similar entrepreneurial success for their children (whether they hope to pass them on the family business one day or see them creating their own venture). Here are some ideas to ‘training’ your kids to become budding entrepreneurs.
Goal setting. Ask your children to define and write down their top ten goals. Then choose the one goal that would make the biggest positive impact in their life. That goal should be their main focus. Write down the steps necessary to accomplish this goal and encourage them to start taking action on those steps immediately.
Recognizing opportunities. Teaching your kids to seek out opportunities and take action on them. This habit will allow them to create profitable ideas in their future businesses.   
Selling. This ability is applied to all types of businesses and careers. From selling products and services to customers, to raising capital from investors, this skill is vital to the success of any business. Encourage your kids to start with small projects like selling their old toys or selling handmade goods. Let them price their products, find customers and make sales.

Financial literacy. Teach children about money at an early age. Educate them about investing and how their money could be used to create more money in the future.

Creativity. Teaching kids about marketing is a way to prepare them to attract customers to their future business. Without customers, even the greatest business will fail. This is a very important skill to learn while young. Motivate your kids to start observing marketing materials like promotional banners in front of businesses, printed advertisements in magazines and tv/radio commercials. Ask them what catches their attention about the message and also quiz them on how to identify things like: the headline, sub-headline, etc. Encourage them to make their own marketing materials for their business ideas.

Failure is good. In school we were all taught that failure is bad. In the entrepreneurial world, failure can be a good thing if a positive lesson is learned. Allowing your kids to fail will force them to create new ways to accomplish their goals and learn from their mistakes. When your kids fail, discuss what factors lead to the failure and brainstorm ways to prevent it from happening again in the future. Encourage your children to never give up.

 
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