5 Essential Skills to Foster in Young Entrepreneurs to Cultivate Success

What we generally hear about entrepreneurship are serious business terms and heavy ideas in order to achieve a specific objective.

What many people don’t understand is that entrepreneurship is a journey and an entrepreneurial mindset is a way of life that needs to be inculcated at a very young age.

As a parent, would you not want your child to punch above his weight, get the best out of him by teaching him important life skills to lead a successful life? Well, I am guessing the answer is an obvious yes. 

In the modern age, where the challenges are innumerable and everything is fast-paced, there is a great need for children to develop an entrepreneurial mindset at a young age. Children can be quite troublesome to deal with at times, but it only takes a little bit of effort to bring in a perception change and mold their lifestyles. 

Imagine your child taking up all challenges as opportunities, would that not make you proud? That’s exactly what an entrepreneurial mindset does.

Children with an entrepreneurial background can create, innovate and bring forth their value to the world.

If we talk about schools, how many skills required in a present-day job are actually being taught in schools? What people do nowadays is run from pillar to post on the internet and other platforms to acquire certain technical skills to become relevant in today’s job market. You could say that some also adapt to their parents’ characteristics and behavior.

The truth is the entire education system contributes little, or, let’s say not enough, to who you are going to become in your life. Most of the teachers and educators simply do not emphasize enough on the important life and technical skills that are needed to succeed in life.

However, as a parent, you still have the opportunity to mold your child into an entrepreneurial role. It is easier to imbibe skills in children in their formative years. What they learn during these years stays with them throughout their lifetime. In fact, as compared to adults, children tend to have more clarity of thought and fewer mental barriers. Therefore, it is easier for them to pick up on and learn new skills.

Now, we are talking about gaining entrepreneurial skills to lead a prosperous and flourishing life. So, what are these skills and how do they actually bring value to a child’s life? Let’s highlight 5 essential skills required to succeed as a kid entrepreneur.

1. Self-Confidence

Self-confidence is an extremely necessary skill for a child to possess in order to lead a booming life. Some children just have it naturally, while others struggle. However, it’d be fair to say that it doesn’t take much to break down a child’s confidence. A wrong sequence of events can lead to a self-dubious nature.

Self-confidence is the capacity to place one’s faith in their own abilities, traits, decisions, qualities, and judgments. According to psychological studies, confidence is a by-product of our self-worth, so both internal and external sources. 

External sources highlight the need for validation, the seeking of others’ approval, and educational performance. Internal sources include the ability to stay true to your own self and follow certain moral standards. Those who do that are more likely to lead a calmer life and not indulge in harmful activities as adolescents.

It is quite similar to entrepreneurship, believing in one’s own ideas and ability to overcome all hurdles is important. It helps in building healthy relationships in business as well as in life. So, if you’re a parent reading this, support your child, be a good role model and allow them to express themselves. 

2. Resilience

Resilience leads to greatness. To have the ability to not give up even after major setbacks is one of the most essential life-skills as well as entrepreneurial skills. During tough times, you must be able to deal with the problems head-on. 

Failure and disappointments are a part of life, almost inevitable. It is hard to protect our children from them, but we can teach them how not to fear them. Learning about entrepreneurship means learning about failure. Tell your children that failure isn’t the end of the world, but the possibility of a new start. 

Showcase them the importance of resilient nature and taking on new challenges in life. It is very important to help children deal with their anxiety and doubtfulness. Therefore, encourage your child to share their feelings and create a healthy environment for them. Children need to acknowledge their emotions and deal with them in a healthy way.

3. Creativity and Innovation

To be creative and innovative is currently in demand. With the upsurge of technology, it is important for children to evolve creatively. Creative thinking is a way to expand the horizon of one’s own thinking and come up with new ideas to tackle problems.

Sitting together with your child and making time for creative outlets is a great way of nurturing their innovation skills. Questions often lead to inspiration, like: “Is there any other way I could do this to make it better?” or “Is it the only way to solve this problem or I am just not thinking hard enough?”

Ask questions together and come up with answers together. Encourage your child to come up with their own ideas and execute them. Make sure you communicate effectively. The rapid change in the world demands innovative abilities to stay ahead of the curve. 

As the need for innovation and creativity is understood by parents, children not only learn about futuristic technologies, which helps in bringing out their creative side, and entrepreneurial skills but also nurture their innovation skills.

4. Curiosity and Initiative

The greats of the game have one thing in common: curiosity. Entrepreneurial minds are always curious to find new things, get better alternatives and modify the existing systems. Encourage your children to explore new hobbies such as reading, writing, art, etc.

Entrepreneurs also have the ability to take the initiative. To look around and find an idea, and then go on with it with self-confidence and motivation to make it better isn’t everyone’s cup of tea, but entrepreneurs do that. 

A lot of children have the knack of sensing opportunities, but what’s required of them is to actually pursue those opportunities. Help your child in overcoming their hesitation and follow their instincts.   

5. Empathy

Goodness and kindness are contagious, it always rubs off on others. People are not very fond of those who are extremely self-absorbed and selfish. Being empathetic allows one to be a better leader, to be inclusive, and be a good listener.

In entrepreneurship, respecting the feelings and views of your colleagues gains you more respect and acknowledgment. Empathy isn’t a natural trait, it varies in gravity, but what’s important is that it can be taught to children as well as adults.

Treat your child with the same empathy you expect out of them. Talk to them about their feelings and emotions and make them feel heard.

This will help your child in understanding the importance of listening, being seen by others, and having effective communication with those around you. 

All of these things lead to healthier relationships in the workplace and creating an overall sustainable environment. Teach your child to make their own decisions, learn from their experiences and always try to look at the good side of the world.