Originally posted in IndiaToday.in on March 25, 2020.
Entrepreneurs are not born, they are made’- is a phrase that holds currency in our realistic life as well. But the process to become an entrepreneur is not something that unfolds organically rather it is a constant process in which certain qualities of an entrepreneur can be inculcated from childhood. So, the aforementioned phrase is the one that imparts a valuable lesson to us that how we can instill some basic features of entrepreneurship into our kids from early life so that they will emerge successful in this respective field.
Don’t suppress your kids curiosity
You will come across many such situation when our kids will come up with some question that you as a guardian would consider very silly and prefer to dodge it every time. But this act of yours is a way to kill the curiosity, instead you should promptly reply to your kids each &every silly question and that paves way for him to delve deeper into the issues and concepts. As, entrepreneurship is all about the creativity and curiosity. Both these strands run parallel to each other.
Breaking down intricate financial concepts into simpler one is the key for the kids to learn the nuances of entrepreneurship as understanding of the finance is the driving force in the entrepreneurship. And also subjecting kids from their earlier life to day today financial work also lays the foundation for the kids to go on to next level.
Innovation and failure go hand in hand
Expose them to new technologies and concepts according to their interest, never let them have a parochial outlook, rather you should encourage them to pursue their interest. Never ever squander this opportunity to teach your kids basic ethics of life. Let them work on their own and also never try to insulate themselves from failures because failure is the indispensable part of every entrepreneurial endeavor.
Value of time
As adhering to deadlines and time-bound working are the key ingredients of any entrepreneur’s success story. So, teaching the value of time is very crucial for success, rather it would be appropriate to say that it is a stepping stone for embarking on entrepreneurial journey. Thus, lessons in regards to time and its preciousness should be taught from very young age. Being parents, you can give short assignment to your kids with stipulated time and reward them for completing it on time.
We all look up to someone for motivation. We draw inspiration from people and pave our way to accomplish our target. From the outset, it is important for us to lead our kids by example and narrate the stories of their success and trajectory. It depends on the arena in which your kid is in.
We always scrape through ups and downs of the life with someone’s help emotionally and mentally, thus it is very important for us to mentor our kids irrespective of the situation. We have to be a part of their success and failures and rather than letting the sense of demoralization taking over them we should boost their spirit and we should celebrate both equally.
Teamwork and communication
One of the most important skill to excel in our professional life is the ability to smoothly work in team. And another is the way that how you communicate effectively. Your kids should be taught lesson about how to become a good listener and take everyone’s suggestion very seriously-that is prerequisite thing for becoming a successful entrepreneur.
Authored article by Dr. Malini Saba, Founder & Chairman, Saba Group Holdings and Saba Family Foundations