Starting and running a business is exciting, but it takes a certain skill set to maintain a successful business. New companies often struggle as entrepreneurs learn to efficiently run a business, but you can help your child get ahead of the learning curve by teaching these three skills from the start:
Organization is an imperative skill when starting and effectively managing a business. A business that is organized will run well, be productive, and create a cycle of wealth creation. Lack of organization can lead to the downfall of a business. You can implement good organizational skills into your child’s daily life. Begin, when they are very young, with an expectation that their personal space, such as a bedroom or toy area, be tidy. They will quickly learn the value of a space that is visually pleasing. Their play and learning time will be used more efficiently when they are not overwhelmed by disorganization. As children get older, they can learn to organize and make decisions regarding their time by analyzing school and extracurricular schedules. When they get a job or begin to earn allowance, they will learn to be organized with a budget. They will learn to value organization in every area of life.
Develop Work Ethic
Children need to learn the value of hard work. This does not necessarily mean they should engage in strenuous physical labor, but they can certainly be expected to put forth effort to see their personal goals met. The first area in which children can develop a good work ethic is with their personal belongings and achievements. Allow your toddler to struggle slightly as they try to climb the steps to your home or put on their own shoes. Stop yourself from automatically helping them. A small amount of frustration builds problem solving skills and teaches determination. When children get interested in a particular toy or activity, it is often our desire to buy that toy or fund that activity for them. One way to encourage a good work ethic is to encourage your child to do extra chores or work for a neighbor to fund 50% of the item they are wanting. This allows you, as the parent, to help your child achieve their goal, but they also understand the value of working toward that goal themselves.
Financial principles are something that can be taught from a very early age. It is as simple as reading the Bible to your children, because there are many financial principles found in the Bible. The most important financial principle a child can learn is that everything we have belongs to God. We are called to be good stewards of the things He gives us. Give your children a quarter to drop in the offering plate on Sunday to show them the importance of giving. Implement personal chores, such as cleaning their own room, that are responsibilities they should have anyway, then give them other opportunities to do family chores to earn extra money. Teach them how to save money and to budget. From the time children can write, they should be creating budgets and determining budget goals, whether their goal is paying for a movie ticket or saving for a Christmas gift for family members. Include your children in family budget meetings as you discuss the estimated cost of an upcoming family vacation and what budget changes will be made to fund that trip. Allow your children to exchange money with the cashier at the grocery story. Encourage them to use their talents to create something or provide a service to others for income. When your child becomes involved in financial decisions and is given the responsibility of managing his own finances from a young age, he will be better prepared to manage a multimillion dollar company when he is a wealthy business owner.
Organization, a good work ethic, and an understanding of finances are skills that do not come naturally. They are learned. Children may possess a basic knowledge or good math skills, but they need parents who are willing to immerse them in daily activities that build these skills. Imagine how successful your child could be if they learn these skills from toddlerhood. Imagine their potential success.