4 Simple Ways To Spark Your Child's Entrepreneurial Spirit
A great reason to save for children is to create a financial buffer, allowing them to take risks and do what makes them happy in life. Through being able to follow a path they have passion for, they are more likely to succeed. At Snowball, we refer to this mindset as ‘entrepreneurial spirit’. Children with entrepreneurial spirit live life in line with their passions and embrace critical questioning, innovation, service and continuous improvement in all areas of life. In order to be successful in a future that looks uncertain, competitive and possibly chaotic, we believe that children with the grit, drive and creativity associated with an entrepreneurial spirit will excel.
As parents, we can encourage entrepreneurial spirit in our children through:
Following their passion - Watch to see what activities a child enjoys and actively encourage them. They may come up with a new idea for a game or want to learn everything they can about camper vans (this is a real life case study from our morning walk to school today!), whatever it is, encourage their curiosity and zest for all the wonderful and crazy areas of life and our world!
Embracing the idea that there is no right way - Allow children to explore and don’t insist on a ‘right way’ to do things. Perhaps they want to paint with the ‘wrong’ end of the paintbrush, however in the process may create a beautiful spotty pattern! By allowing children to make their own choices during play, it allows them to be creative. It also shows that we trust their abilities, which in turn enhances confidence.
Introducing them to financial concepts - If you are selling old toys, involve your child in the process. Pricing, advertising, taking the money and then buying something with the money earnt - it’s a powerful lesson. Also, you can engage them in the idea of stock markets by explaining the red and green arrows going up and down on financial websites - green is good, red, not so good! A conversation on what companies they like and can see doing well in the future is also interesting (my daughter believes that any companies selling walkie talkies at Christmas this year are a must to invest in)!
Encouraging creation of value - Often children complete tasks and we congratulate them on a job ‘well done’, however we should also encourage them to look for ways to make people happy and improve the world around us by seeking a ‘thank you’ instead of ‘well done’. This could include thinking creatively of ways to make a grandparent feel more comfortable after a recent trip to hospital or how we can give Mummy a really nice day on Saturday by tidying the house (wishful thinking!) This mindset shift can encourage entrepreneurial thinking and a better world for us all!
By encouraging children in these areas, alongside having a savings pot (whatever size it is) to give a leg up into the adult world, we hope that the adults of the future will be well equipped to follow their passions and do great things.