Four ways to teach your children about business

Raising future leaders

Whether your children will grow up to be entrepreneurs or work for someone else, teaching them about business while they are young helps them establish valuable skills that can serve them in both their professional and personal lives.

Among other things, learning about business can teach children problem-solving, time management, and the importance of planning. It can also help them understand the value of money and hard work, perseverance and risk-taking.

Raising problem-solvers: When teaching your kids about business, emphasise the planning process. Encourage your child to think ahead, troubleshoot and establish preventive systems.

Here are four ways to help set up your child for success – both in the workplace and in life.

1. Teach them financial literacy

The sooner you educate your children about money the sooner they’ll understand the importance of managing and investing their earnings. Talk to them about income and expenses, budgeting, and taxes, and show them how you handle household finances, pointing out the difference between “wants” and “needs.” Let them experience the consequences of their choices – for example, that buying a new video game today means it will take them longer to save up for a new phone.

2. Let them learn from their mistakes

It can be tempting to step in to help your children solve their problems, but eventually, they’ll need to be able to manage on their own. Allow them to make mistakes while they’re still in the safety of your home and the stakes are low. Help them explore the factors that contributed to the problem – this builds confidence and resilience whilst teaching them not to give up when things become difficult.

3. Take them to work with you

During half term or the summer holidays, bring your child to work with you to experience the working day. Talk about the jobs they see being done and how these fit into the broader business picture. Let them shadow you and your employees as you explain what you do each day and why. You could even give them simple tasks to complete – like filing, shredding, or using the photocopier – if you feel they’re ready.

4. Start their own business

Experience is the best teacher, so let your children be the CEO of their own business, whether it’s a short-term project or a long term endeavour. Help them identify their marketable skills and create a business plan, determining how much they’ll need to spend and what they can charge for their products or services. Whether it’s cutting grass, walking dogs or babysitting, running their own business helps children learn the importance of punctuality and professionalism, as well as marketing and customer service.

Nurturing these skills in your children today can help them become successful adults tomorrow.

Sources: Gohenry.com, Rampton, John. How to Teach Your Kids Entrepreneurship Early in Life, LinkedIn, Nationwide.com