8 Tried and Tested Ways to Develop an Entrepreneurial Mindset in Your Child

8 Tried and Tested Ways to Develop an Entrepreneurial Mindset in Your Child

Your child is a genius! Children are small wonders who are waiting to be shaped and are capable of shaping a parent’s life. All it takes for a child to grow to be a mastermind in his later phase is the attitude.

As parents, we as a lot are very overprotective. We need to learn to let our kids move out of their cocoons and take risks outside. The spirit of risk-taking is a must for a future entrepreneur.

I remember as a kid I was super demanding, stubborn yet pampered kid. This saga of pampering went on till I started making demands of new toys and dresses every other day. At 6, father asked me to save money if I wanted a new cycle. He gave me a glass jar and asked me to put money in it for my cycle.

According to this story, my father couldn’t buy himself a cycle because he didn’t religiously put money in a jar. All I could think in my free time was of ways to fill up that jar with notes and coins. I asked my maid and my mother if they would give me money if I helped them in doing their chores. (That was a great learning for me and a big surprise for them).

There was this one time I had put the whole bundle of notes in my jar, which was apparently all the money required to run the family for a month. The household went crazy after that. I learned my lesson of not putting money in the jar that is not earned by me.

As a grown up I analyzed what lessons I took from that episode as a child:

• I understood the value of money early on in life.
• I had started thinking of ways to generate money.
• I understood how no work is bad if it is done with the right intention.
• I understood the importance of saving money.
• On a sunny note though, I learned not to take others money without asking.

Subsequently while growing up I had a good idea about my core strengths. I had understood that using these could help me generate enough money to maintain a more than average lifestyle while studying.

It helped me to be independent, confident and have a better approach towards rainy days that a student comes across. Popular surveys on child growth suggest that young entrepreneurs deal with pressure better than their peers.

Below are mentioned some very effective ways to harness your kid’s entrepreneurial skills at an early stage in life:

1. Teach Your Kid How to Solve Problems Early On

The Benefits of Online Learning for Kids

Leave aside your protective cape as a parent. Teach your child how to figure out how problems are temporary. Discuss how to solve a problem with her/ him.

Once the skill of problem-solving is harnessed in your kid, she/he can find out business ideas on the day to day activities. Let the child know that you are there to help them approach a problem. State out the pros and cons for the child and let her/him figure out the solution.

2. Let The Kid Learn from His Failure

The kid is like a clean slate; it takes everything it sees around her/him. You need to teach your child to try, to take risks.

It is important that kids understand that trying is the first step to a success story and failing is normal. The kid should have a positive approach to deal with failures. It was rightly said by someone,” Failure is success if we learn from it “.

3. Be Okay with Your Child Taking His Decisions

Kids are known for their abstract and unpredictable nature. So a kid taking a decision usually doesn’t go well with parents.

But parents need to realize how dependent a child becomes in this process later in life. Taking decisions tend to make kids responsible and take charge of their actions. It could be as simple as choosing what to eat for dinner or choices of dresses they want to wear. Limiting the number of options makes the decision-making process easier for them.

4. Allow Your Kid to Take Risks

discipline and freedom

A very important trait of an entrepreneur is his adaptability to unfavorable circumstances. This trait does not come overnight. Kids should be able to understand their boundaries and need to test them. T

his will help the kid to fight her/his fears early. Help your kid to navigate through when she/he is in a risky situation and let them take charge gradually. This process empowers your kid and makes them confident about taking risks.

5. Allow The Kid to Be Unconventional

The times are changing and so are the kids. The upbringing that worked for you might not work as effectively for your kid.

Kids are usually taught to follow the parents. Encourage them to asks questions constructively about different norms that you follow.

Ask them what they think about a certain practice and how they think could it be better. By doing this you are encouraging your child not to follow rules blindly without knowing the reasons.

6. Encourage Your Kid to Have Discussions with an Entrepreneur

It does not necessarily mean a very successful entrepreneur. Kids usually take a lot of inspiration from people around them.

Meeting a person who has already taken the path they want to take, motivates them to move forward consistently. This makes it easier for the kid to have a real life mentor she/he can look up to. Most importantly it helps the kid to bypass pitfalls and boosts up their success stories.

About The Author

Mary Jones is the co-founder & editor-in-chief of TopMyGrades. She also writes for AssignmnetEssayHelp and has authored blogs and many digital publications.

Here are some very effective ways to harness your kid’s entrepreneurial skills at an early stage in life:

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How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money

How This Family Guy Makes $10,000/Month Online Teaching Others How to Make, Save and Invest Money - Interview with R.J. Weiss from TheWaystoWealth.com

This is an interview-style post with R.J. Weiss from The Ways to Wealth.

Hey R.J. What’s your background and what do you do?

I blog about all things personal finance at The Ways to Wealth.

Before I went full-time into blogging, I spent ten years in the financial services industry. Specifically, helping families buy the right type of life insurance.

During my time with a full-time job, I’ve always had different side hustles going on. From freelance writing, Amazon FBA, conversion rate optimization, to website design — there were many projects I pursued outside of work.

How did you start your career in finance?

I got started in finance straight out of college working for my the family insurance business. As I love the financial planning side of things, I choose to specialize in life insurance planning. This led me down the path to obtaining the CFP® Certification.

What made you start blogging?

The Ways to Wealth, which I started in 2016, has been my 5th blog.

The others mostly fizzled out most due to a lack of interest. But, in 2009 I started a personal finance blog called GenYWealth.com (no longer around) that had some success.

The idea GenYwealth.com was to write about what I was learning about studying to take the CFP®. The blog was, by all means, a success. I was able to gain valuable knowledge, pass the CFP® exam, earn some extra money and build up a good community.

I then took this knowledge and started a business blog, which allowed the insurance agency I was working for to generate leads.

I started The Ways to Wealth because my passion is personal finance–from investing to travel hacking, I love the challenge of optimizing my finances.

How was The Ways to Wealth born?

I didn’t have much of a plan for starting The Ways to Wealth when I purchased the domain name.

I was actually thinking it would be a niche site, which was inspired by Pat Flynn’s niche site duel. Then, I came across the income reports of Michelle Schroeder-Gardner and wisely changed direction to a more traditional blog.

This change came about 6-months after starting to blog.  I did a timeline of the site in one of my income reports.

What worked best when trying to grow the site?

I had a decent knowledge of SEO. So at first, I started growing the site with email outreach. One of the first posts I had about best investing books of all time, had about 15 links to it.

This was nice to start with but was quite slow to build up, as it can take a while to earn Google’s trust.

The big turning point came when I started to understand Pinterest. I spent a few frustrating weeks on the platform, then it finally started paying dividends.

I went from about 100 sessions a day to 1,000, which was huge for me at the time.

How did you get to 3 million monthly viewers on Pinterest?

the ways to wealth pinterest 3 million monthly views

I lay out my Pinterest strategy here. But at the core the idea is to:

1) Write high-quality content that Pinners want to click through, read, and share.

2) Pin to my own and high-quality group boards, with a keyword-rich description.

3) Continue to Pin my best pins across my own boards/group boards, ruthlessly eliminating Pins that don’t perform well.

One thing to keep in mind is impressions don’t mean much on Pinterest. What counts are clicks to your website. So, you want to design not for impressions but clicks.

What aspects of the online business are you outsourcing or automating and how?

The first thing I outsourced was Pinterest design. I’ll design about 30-40 pins a month, so this was big time saver for me.

Of course, it took some work to get going. At first, I hired 5 or so people on Fiverr. I found one decent designer but the work quality deteriorated over time.

I then went to Upwork and posted a job for a  graphic designer. I found a great team down in Argentina, who I’m very happy with.

I’m currently experimenting with working with a ghostwriter. A few of my latest posts have been transcribed from my recording, with the ghostwriter making sense of it all.

I can compile about 3 posts in 90 minutes, then take another 90 or so minutes to prepare them. Saving me around 3-4 hours per post this way.

What’s your main income stream and why do you think it works for you?

My main source of income for the blog is affiliate revenue. It works because the partners I do have are high-quality businesses, who deliver value and solve real problems. This makes it easy to naturally link to such a partner.

When did you start making more than $10K/month and what was the turning point?

My first month over $10K was in January of 2018. In December of 2017, income was around $3,000 and in July of 2017 around $500. So, it was definitely a jump.

What happened then in January?

First, personal finance is at its peak interest in January.

Second, I had multiple Pins go viral.

Third, in November I started driving traffic via Facebook to the site. So, in January I could take campaigns I’d been fine-tuning for a few weeks and scale them.

How do you balance work and family life?

I have a routine I stick to Monday through Friday.

When inside of my designated working hours, I work. When outside of these hours, I’m not.

This is a lot easier said than done. But the thing important for me is not to take work everywhere I go. This means I don’t have any apps on my phone that are work-related (email, analytics, etc..)

What are you 3 best finance tips for newbies?

  • Focus on your savings rate. How much you save is the most important decision you’ll make.
  • Small incremental improvements add up over time. My favorite example is increasing your savings rate 1% every quarter, means you’ll be saving 20% of your income in just 5 years.
  • Study happiness. Become a student on how to increase your level of happiness. The natural result is you’ll want less overtime, making the game of personal finance a lot easier to win.

What books, blogs or podcasts help you stay motivated along the way of growing an online business?

I read a fair amount to keep fresh ideas in my head.

My favorite podcast is The Tim Ferriss Show.

Two blogs I enjoy reading are:

Farnam Street
Barking up the Wrong Tree

And as far as books. I try to read one a week. A few books I would recommend to online entrepreneurs would be:

Deep Work by Cal Newport
The Compound Effect by Darren Hardy
The Four Hour Work Week by Tim Ferriss

Pin this post if you enjoyed the interview.

Check out my interview with R.J. from TheWaystoWealth to see how he entered the finance niche, started making money blogging, began bringing traffic from Pinterest and monetizing it with affiliate marketing, and is now making $10,000/month from his online business. #blogger #interview #blogtraffic #incomeideas #income