10 Ways To Bring Out The Entrepreneur In Your Child

Here is some useful advice for parents to help encourage their children to become entrepreneurs.

1. Take time to engage your children in serious conversation. You will be surprised how easy it is to link their world with yours and, at the same time, to build a relationship of open communication, shared knowledge and sound values.

2. Don't lecture them. Let your children provide as much input as possible. Let them talk. Listen. Be their business partner, not their boss. Let them develop their own business ideas - then act as the advisor to help them; understand the important real-life issues of running a successful business.

3. Explain what income, expenses and profit are - and then what to do with profit.

4. Start with a business that suits the child's budget. Build the business around something that the child enjoys doing; whether it is flying kites or working on computers.

5. Life can be unpredictable. Tell them to plan for the unexpected.

6. Let your children make mistakes. They need to discover that this is sometimes the way one learns.

7. Give your children pocket money. This is how they begin to learn the value of money. Help them to put some pocket money away for savings, giving and investing - but also to have some fun.

8. Encourage a policy of giving to others or organizations in need of funds. Our country needs people who care about each other.

9. Talk about costs in the home, purchases and reasons for their choice of products.

10. Help your children set individual attainable goals.

About the author:
Gregory Bunyard is the co-author and founder of the Ka-Ching! Business Parenting course, please visit http://www.ka-chingworld.com/. Bunyard studied for his BCom at Rhodes University, Grahamstown, South Africa where he majored in Business Administration and Industrial Psychology and thereafter obtained an MBA from the Edinburgh Business School in Scotland. He has worked in Johannesburg, London and in the USA and has traveled the world. He is very much an entrepreneur himself - currently consulting to business owners.