Five Strategies for Raising Kids with an Entrepreneurial Mindset

Entrepreneurs are lifelong learners. They learn not simply to retain the information, they learn with the purpose of putting what they learned into action. By encouraging children to learn about things they are most interested in, they seek to learn with the purpose of application instead of retaining information never to be applied which is the formula most used in formalized education systems.

Being entrepreneurial isn’t something you’re born with; it’s a mindset and a set of skills that can be taught and nurtured. As parents, our instinct is often to protect our children from hurt and disappointment, but if we want them to thrive, we must also equip them to think and act like entrepreneurs.

Whether they aspire to work for a company or build one, fostering an entrepreneurial spirit early on will empower them to challenge their own beliefs, step outside their comfort zones, take risks, learn from failure, and ultimately, unlock their full potential.

Here are five strategies for raising kids with an entrepreneurial mindset:

1. Don’t give them an allowance.

Allowances resemble a salary, teaching kids to expect money periodically for a set of agreed-upon chores. Instead, challenge them to start a business to earn their spending money. There’s no better lesson in the value of a dollar than earning it. Through this, they’ll also develop confidence, financial literacy, public speaking, and storytelling skills—all valuable in today’s world.

Examples of Business’

• Lawn Care/Gardening
• Craft Sales
• Pet Sitting/Dog Walking
• Lemonade Stand
• Babysitting
• Second-hand Seller
• YouTube Channel
• Kids Book Author

2. Make them pay for their wants.

Entrepreneurship is about personal responsibility and ownership. When individuals take charge of sourcing their own wants and are accountable for the outcomes of their work, they become remarkably resourceful and innovative. This can be taught as early as the age of four.

Daddy/Mommy Dollars

Mommy/Daddy Dollars can be earned by doing chores, demonstrating positive behavior, earning good grades, reading books, and more. The experience of working hard to earn the money needed to buy toys or enjoy desired activities or to achieve a desired outcome is a valuable life lesson that will stay with them forever.

3. Reduce their prosperity.

As parents, we naturally want to give our kids the experiences and things we didn’t have. However, it can be difficult to resist overindulging them, which can lead to self-centeredness and entitlement.

Frederick Douglass once said, “If you wish to make your son helpless, you need not cripple him with a bullet or bludgeon, but simply place him beyond the reach of necessity and surround him with ease and luxury.”

An entrepreneur’s hustle is often driven by a hunger for something more. If your child never wants for anything, what will motivate them to act? So, resist the urge to make everything comfortable for them. It’s when we’re uncomfortable that we discover what we’re truly capable of.

4. Let them indulge in their interests.

Entrepreneurs are lifelong learners. They learn not simply to retain the information, they learn with the purpose of putting what they learned into action. By encouraging children to learn about things they are most interested in, they seek to learn with the purpose of application instead of retaining information never to be applied which is the formula most used in formalized education systems.

5. Let them solve their own problems.

Entrepreneurs are problem solvers. As parents, our instinct is to step in and solve our child’s problems based on our own experiences and knowledge. By allowing children to solve their own problems, they will learn about themselves and their ability to find the answers on their own. They will also develop a level of discernment and learn that there is life after failure and they will learn their level of resilience.