Raising a Child with an Entrepreneurial Mindset

By Mommy Donna and Kib - September 08, 2021

These trying times, it's very important to teach our kids to find ways to earn. They need to learn to be self-reliant and not to depend on others especially when things get tough. In other words, we need to teach our children to be "madiskarte."

As a single mom, it is very important for me to teach Kib to be independent. I always tell Kib that I cannot give the whole world to him. He needs to learn to be creative and to solve problems on his own. There are still times that he makes immature and hasty decisions, but with my guidance, I know that soon, he will learn to be wiser and more practical in making choices in life.

One of the things that I wanted Kib to be when he grows up is that he has an entrepreneurial mindset. If he cannot be a full-time businessman or entrepreneur in the future, at least he knows of some ways he can earn decent money instead of begging for financial support.

Here are the basic things a parent can do to encourage your child to have an entrepreneurial mindset:

1. Encourage your child to sell, no matter how cheap the items are. It's okay to sell cheap items, especially if the child will sell to his/her fellow kids. It's easier to sell cheap items like small toys than to sell expensive items that the parents won't even buy for their kids on an impulse. Your kid may feel shy at first, but as soon as the potential customers get interested in the product, he/she may feel more confident in selling.

2. Sell items together! Do not let your kid be accompanied by a relative or a yaya in selling. The parent should be his/her kid's number one supporter. Let your kid feel special if the parent supports his passion.

3. Let your kid sell kid-friendly items. It's easier for your child to sell items that can also be bought and used by a child than to let your kid sell items that he/she cannot easily relate to. The child can confidently talk about toys than about household items.

4. Let your kid do all the talking. Sometimes, adults have the tendency to intervene when a child is trying to make a sale. Let your child explain to the potential customer, or if ever, tell your kid what to say instead of you saying it to the customer. Moreover, intervene on explaining ONLY if your child asked for help. 

5. Reward your child for a job well done. After he/she had sold items, let your child feel the fruits of his/her labor. Let your child buy something from his profit. Selling is not all about saving, but also all about being able to enjoy the earnings so that he/she will be encouraged to sell more in the future.

Life Skills Learned

Being an entrepreneur at a young age is not all about selling and earning money. It is all about learning important life skills and values that a child can bring with him/her when he/she grows up. It is very important that a child understands why he/she is doing it.

Image by Maria Shaburnikova from Pixabay 

Here are some of the values that a child can learn from being a young entrepreneur:

1. Customer Service. A child must learn how to provide good customer service. A child must understand that good customer service makes the customers be loyal and supportive of his/her business. 

2. Respect. A child will learn how to respect all kinds of people regardless of gender, cultural background, socio-economic background, fashion philosophy, religion, etc. A child will learn to treat people equally and with no biases.

3. Patience. A child will learn how to be patient in dealing with customers and to answer each inquiry no matter how trivial or basic are they. A child will learn to be tolerant even if the customer can sometimes be rude or irrational.

4. Determination. A child who is raised to have an entrepreneurial mindset will always be determined to find ways to earn. He/She will never give up to resort to begging or asking for help. He/She is determined to play the game of life fairly.

5. Confidence. A child will be confident in speaking in front of other people. He/she will be able to say what he/she wants to say and do.

6. Honesty. A child will learn that being honest and transparent to customers will make him credible. Honesty is a good value that children must have because it is a way to succeed. Cheating will not make him go far in his career.

Skills Learned

Your child can learn practical skills from doing business. Unconsciously, the parent is teaching his/her child the application of theories that are taught in schools. 

1. Accounting--in business, the child is taught how to make a basic spreadsheet, for him/her to know his/her inventory, profit recording, and order processing. The child learns to appreciate numbers more. The child also learns about pricing.

2. Marketing--the child learns different techniques in promoting his/her products. The child's creativity is challenged because he/she has to learn how to make his/her products attractive to his/her potential customers.

3. Business Development--the child learns to expand his/her business by thinking of ways of doing partnerships, collaborations, etc. The child learns to be a good boss of his/her company. 

Parents, don't be afraid to let your kid do business! If your child says that he/she wants to sell something, then support him/her at no cost! Give time, effort, and opportunity so that he/she will shine!

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