﻿Table of Contents
Nature vs Nurture in terms of entrepreneurial acumen     
            
1.   Money does not grow on trees                                                                    
2.         You are responsible for you                                                                               
3.         The taste of selling                                                                                           
4.         Nuts and Bolts of business                                                                             
5.         A keen eye for opportunities                                                                         
6.         At the crossroads, not on the fence                                                             
7.         A Productive leisure time                                                                                   
8.         The E company                                                                                                 
9.         The most important lesson                                                                            


Final thoughts                                                                                                              
 
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Entrepreneurship for Kids
The global market has integrated to an unprecedented extent. As a result, prospects and opportunities for entrepreneurs have increased a hundredfold. Today, products are not confined to the region they are made in, owing to global connectivity. Entrepreneurs like Jeff Bezos and Jack Ma have become successful by cashing in on it.
People are following suit. People quitting their monotonous 9-5 jobs to start their own business has become a trend. Resultantly, the market has become more competitive. Today, it is not as easy to become an entrepreneur as it was 100 years back. But, YOU cannot allow this to shatter your dream of seeing your children as entrepreneurs, can you? Well, of course not.
So, you must foster entrepreneurial acumen in your children. For that purpose, you need to provide a conducive environment. Sounds elusive? Well, not anymore. This book will highlight the nitty-gritty of how you can teach the art of business to your children. But before we dive into that it is important to debunk a common myth.  
 
Nature vs Nurture in terms of entrepreneurial acumen
“Successful entrepreneurs are born and not made.” You might have had this statement jackhammered into your brain by many. But research shows that it is not entirely true. Some attributes are inherited. Open-mindedness, competitive spirit, and above all wealth are a few examples.
But other attributes have no connection with genetics whatsoever. Skills like creativity, astuteness, and courage are nurtured. Albert Bandura – an eminent sociologist – is the father of social learning theory. He asserts that children imitate their siblings, friends, parents, and any famous figures whom they look up to. And, this imitation influences the behavior of children.
In simple words, if a kid looks up to Elon Musk, for example, he is likely to imitate his actions. That would lead him to become more interested in what Elon does. And, as a parent, that is exactly where you want your kid to be engrossed, don’t you?
On the other hand, Bandura sees those having only inherited attributes as rough diamonds. Rough diamonds are not valuable, are they? To cut the long story short, it is how you nurture your kid that matters rather than the attributes he inherited. So, next time someone utters such a clichéd opinion, turn a deaf ear.
Now, since you have empirical evidence that proves you can nurture your kids into successful entrepreneurs, it is time to dive right into the ‘how?’         
   
1.     Money does not grow on trees
You need to start with the fundamentals. The most crucial thing to teach your children in this regard is the value of money. Tell them how money is a necessity to live a happy life. Explain to them that you work to earn money. That money is used to pay bills, put food on the table, buy toys and clothes for them, pay for their school, etc.
Tell them how hard life can be without money. For example, tell them that they would not be able to play video games or enjoy recreational trips without money. You can also fix pocket money for your children. You can allow them to spend that money as they choose. But make it clear to them that the money will not be replenished till the start of next month.
At the start, they might spend it extravagantly. But as time passes, they will start to realize that they would have to be more frugal in their approach. Activities like these will make the kids understand that money is hard-earned and that it should be used wisely.
You may think that such little activities do not pay dividends. But these are the most important tasks that will serve as stepping stones.
The results may not be tangible in the short run. But you need to persevere with it since it is the very foundation on which you will construct the building of an entrepreneur. Thus, it needs to be robust.
 
2.     You are responsible for you
To shape your children into successful entrepreneurs, you will have to teach them how to be responsible. As easy as it may sound, it requires effort and no small amount of attention. You can give your kid weekly chores like watering plants, tidying up the room, feeding pets, etc.
Their playtime should be subject to how well he performs those duties. If they perform those duties with a full effort they should be rewarded with extra playtime or a new toy. If they exhibit irresponsible behavior, then there should be a penalty like reduced playtime or no outing on the weekend.
The activity aims to teach children that only a responsible person can ever be successful. It is to make them realize that they have a role to play in their success. 
Generic so far? Not for much longer.
 






3.         The taste of selling
Once your children have realized the value of money, it is time to make them taste the addictive dish of selling. But remember, following the order is the key. This exercise will prove futile if the prerequisites are not met.
You can start by paying your kid a small amount of money for keeping their room clean. The whole aim of this exercise is to make the kid realize that they can earn money by providing services to others. Allow your kid to buy video games or toys – or whatever they like – from the money they earned.
This will result in them wanting to make more money so they can buy more of those video games. You must cash in on this desire of thiers. Explain to them how they could earn more money by starting their own business, like setting up a juice corner. 
Let’s say they have agreed to set up a juice corner. Extend all the support you can. You can help them come up with a name for the corner. You can have them make a logo for the corner. You can assist them in setting up the corner. You can market it around the neighborhood. You can make an event on Facebook for the activity.
Such Little acts can go a long way in boosting his confidence. As a parent, you must leave no stone unturned to ensure that all the requirements are met. You can ask your friends or neighbors to buy juice from the corner.
Go with them to the road where they can gain more attention. Ask them to wave to every car and bicycle that is passing. Under your supervision, allow them to market their product to strangers. This activity carries enormous significance. This will teach your children not only the way how money is earned but also the feeling of financial independence.
They can use that money to buy things they love without asking their parents for money. This financial independence is addictive. 


Make sure you support them if they want to carry out such an activity again.
 
4.         Nuts and Bolts of business
Once your kid becomes an eager beaver who wants to earn money, teach them the basics of business. It is pertinent to mention here that you are not teaching an adult how to run a business. Rather, you are teaching a kid the very basics of business. So, make it fun. Bite-sized lessons should do fine.
Ask them to write down business ideas they have in mind. Discuss one by one evaluating the potential each of the ideas carry. Tell them the reasons why a particular idea might not be lucrative. This will help them understand the ‘don’ts’ of a business.
Adopt the exclusion method ruling out options that are not viable until you are left with only one idea. That idea should be the least non-viable one. Make sure you clear any doubts they may have about the selection criteria.
Once an idea has been shortlisted, ask them to make a list of things he thinks they would need for the business to operate. As they start making the list, keep asking them for what they need for a particular item. This will help clear their doubts. Ask them to write how much they think the cost of the item would be. The list should be comprehensive.
You must also tell them the places from where they can buy those items. Finally, ask them to add the cost of items and compare it to the estimated profit they think they would be making. This is where you need to teach them basics like revenue, profit, loss, and expenditure.
You can expand the activity to explain other concepts. For example, you can include other similar competitors to explain the concept of supply and demand.
The key here is to make sure the learning process is fun and lessons are bite-sized.
Do not make it boring or he will lose interest.
 
5.         A keen eye for opportunities
Entrepreneurship is all about identifying a gap in the market and coming up with a product to fill that gap. All the biggest entrepreneurs in the world, do it: Jeff Bezos, Elon Musk, or Sergey Brin; they all found a gap in the market. They then exploited it to become what they are today.
What makes entrepreneurs different from others is their keen eye for those gaps. But such a keen eye cannot be developed overnight. It is developed by knowledge and experiences. Ergo, it is paramount to teach your children how to spot those gaps.
You can ask your kid to come up with a business idea, at the end of every month or two. An idea that they think targets a certain market gap. You must encourage them to do research online or ask for help from their friends. The latter fosters teamwork which is essential in entrepreneurship.
Ask your kid to present his idea in front of the whole family. You could also invite a friend or two to make it more realistic. Bear in mind that the whole activity should be fun for the kid, or else they will lose interest.
At the end of the presentation, family members must ask questions. As a parent, you ought to be in your kid’s corner at that moment helping them answer the questions. Besides words of encouragement, there should also be a reward for them at the end.
Moreover, you should also encourage your kid to take initiative. An initiative could be setting up a food stall at a local festival, or giving tuition to other kids. Selling used items on eBay, babysitting, pet sitting, and mowing lawns are lucrative. Renting out your stuff, writing content for others, or reviewing products online can also help earn a small fortune. 
The aim is to enable the kid to spot the opportunities to earn. If your neighbor is going out, ask your kid to go offer them to take care of their pet while they are away in exchange for money. This is the mindset that entrepreneurs are supposed to have, creating a gap to exploit. Parents’ support is instrumental in making sure that the kid sticks to it.
 
 6. At the crossroads, not on the fence
Decision-making is imperative in business. Your decisions decide whether your business will be in red or black. Akin to a keen eye for the market gaps, making decisions is an art that cannot be mastered overnight. And, when it comes to teaching your children this esoteric art, you need to maintain a balance.
You need to put your children in situations where they would need to make decisions. Decisions as simple as where to go, what to wear, what to buy etc can go a long way. Allow them to spend money as they choose. Over time, they will realize what is beneficial for them and what is not. Above all, they will learn how to face the consequences of their decisions.
As a parent, it might be hard to give freedom to make decisions to a teenager. But again, this is where you need to strike a balance. You need not give your kid full discretion, but you need to make them capable of making decisions. It is about giving weight to their say in the matters about them.
If you continue to take his decisions for them, they may end up sitting on the fence in the future. You do not want that, do you? So, as a parent, it is your job to strike an appropriate balance when it comes to decisions about your children.  
The hardest step? Indeed. 
  7. A Productive leisure time
Again, the order is the key. Once the above prerequisites are met, only then you should use this technique, or it will prove futile. Only an eager beaver would spend his leisure time productively. Once a kid has a strive to learn more about business, you should encourage them to read books. Books like The $100 Startup, Zero to One, Rich Dad Poor Dad, and The Lean Startup are the books every young entrepreneur should read.
“Leaders are readers,” they say, and you would have to agree with them. All the entrepreneurs we look up to today are avid readers. Reading books will equip your children with practical skills. They will also start to idolize the big guns in the business. Isn’t that what you want?
Besides, you should also encourage your children to watch shows. Shows like Shark Tank and Dragons’ Den are household names. It is a far better activity than squandering time on Netflix.
You can go with your kid to the living room during the showtime and watch the show together. Ask them to take notes of things he deems important and interesting. Have discussions during commercials and a session at the end of the show. Discuss the things learned from the episode.
          This is quite a captivating way of building a knowledge base. Your kid is learning from the best in the business in an engaging way. What can be better? Again, the participation of your kid is subject to his interest. His interest is contingent on how well the prerequisites are met.
Fun, isn’t it?
 
 8. The E company
Don’t worry, it is not a brick-and-mortar company where you need to send your kid. What it means is the company of entrepreneurs. Introduce your kids to people in your circle who have chosen to be entrepreneurs. Take them to sessions by famous entrepreneurs, if they are interested.
The aim of making your kid part of this company is to make them aware of how things work for entrepreneurs in real life. They would get to learn how the big guns make their decisions, and how they overcome problems. They would try to imitate what they have learned.
Many well-known business owners had a role model from an early age, to whom they owe thanks for the essential lessons it taught them. It carries enormous significance that your children look up to someone. And, that is where you come in. 
As a parent, you must become the entrepreneurial mentor of your kid. You must become his role model by exhibiting entrepreneurial traits and behaviors you want to pass on to him.
Take them to your workplace. Give them a tour of the place teaching him the nitty-gritty. Allow them to watch you deal with the customers and employees. Over time, they will internalize these traits and behaviors.
Many entrepreneurs had an entrepreneur parent. They grew up experiencing a particular way of thinking and acting. They emulated it until starting their own business.
 
By and large, become Maye Musk for your Elon Musk.
 
  9. The most important Lesson
At the end of the day, it is not about how much money you make. Instead, it is how emphatic and compassionate you are that matters. And, this is the most important lesson your child needs to learn. Instill into your kid the idea that entrepreneurship is also about helping others. Encourage your kid to help the needy by donating a part of their profits.
What does it have to do with raising an entrepreneur, you may ask. The answer lies in Matthew 6:24. It says, “No man can serve two masters: for either he. will hate the one, and love the other; or else. He will hold to the one, and despise the other, Ye cannot serve God and mammon.”
You cannot allow your kid to have a never-ending covet for money, for it will summon greater evil. Thus, it is cardinal that you teach your kid to donate, for this act will nip the greed for money in the bud. Bear in mind that cultivating moral values in your kid is a way more difficult process than teaching him how to run a business.
You don’t want to take this step lightly.
 
Final Thoughts
You, as a parent, need to understand one important thing: learning is a steady process. Be patient, and remember they are still kids. Their mood is unpredictable. At one moment, they might want to become entrepreneurs, and a second later they might find it boring and unworthy of their efforts.
Thus, keep the whole process fun and do not overburden them. Assess the demeanor of your child and tailor the process accordingly, while not skipping any important step.
 
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References:


Gibson, Jami. Nature Vs Nurture: To be a Successful Entrepreneur” Jami Gibson, 31 Oct 2019,


https://www.whittakerassociates.com/nature-vs-nurture-to-be-a-successful-entrepreneur/


Cranson, Lori. “Raising Entrepreneurial Children.” Lori Cranson, 8 March 2014,


https://www.cws.journals.yorku.ca/index.php/cws/article/download/9430/8547/9484




Priestley, Daniel, and Cook, Jodie. “How To Raise Entrepreneurial Kids: Raising confident, resourceful, and resilient children who are ready to succeed in life.” 20 November 2020,


https://www.goodreads.com/book/show/56126951-how-to-raise-entrepreneurial-kids