Reading time: 4th min
All parents hope they have a genius on their hands, let’s face it! But what if you could encourage your child’s brilliant minds to embrace an entrepreneurial mindset early on in life? This is exactly what the people at www.teiyu.co.uk offer. Teiyu uses a storytelling approach to building an entrepreneurial mindset in children. Please see below for more information.
Because, like us, they believe it is possible to help children develop general leadership and skills.
- Teach them money early on
- Encourage leadership
- Inspire creative thinking
- Help them develop excellence
- More ways kids can make money
Teach kids money early on
We hardly get any financial education at school. Sure, we’ve learned math – but there’s no real insight into how percentages (interest rates) and totals (budgeting) really affect our lives outside of the classroom.
If you teach your children money early in their development, you won’t have to give them lectures either! You could start by demonstrating the importance of saving by giving pocket money every week. How about showing older kids how bills work – increase their allowance, but take some back to pay “bills” (you can sneak it into a savings account for them if you want!).
Another way to encourage children to think about money is to involve them in financial activities. For example, when you go shopping, take a calculator. Let them know your overall budget and ask them to monitor if you stick to it. Or, if you go to a restaurant, give them a budget to spend on their food and see what they can get off the menu with it.
When they understand how money makes the world go, it’s much easier to encourage them to think about how they want to make their own money. For example, they can exchange a few pounds for chores they do around the house. Encourage older children to take up part-time jobs – this could be making and selling crafts, taking a round of papers (they still exist!), Or helping older neighbors shop or garden.
Once your child understands how money works, this is a good time to start developing their entrepreneurial mindset. It starts with a leadership attitude!
Teiyu is a great resource for kids looking to get ahead. It is a storytelling strategy about a lizard named Teiyu that helps children solve problems in the land of Teguria. It’s a positive, encouraging experience that helps children develop problem-solving strategies on their own.
Other ways to cultivate a leadership attitude are by volunteering at community groups or visiting other groups like Boy Scouts or a sports team after school. This will help develop key skills such as communication, teamwork, and delegation, and help your child realize their own strengths.
Inspire creative thinking
Another important trait that will help your child make millions in the future is encouraging creativity. Abstract problem solving is a perfect way to help your child find unique ways to come up with a solution. You can do this through techniques like the Teiyu stories and show them real-world problems that need resolution.
For example, let’s say you have an afternoon of arts and crafts. Let your kids build a lock out of a shoebox and cardboard – but tell them they have to do certain things! Does the drawbridge go up and down? Is there a secret entrance? Such things will help your child get directions, but think creatively to come up with solutions.
Thinking creatively about money is another step towards an entrepreneurial mindset. For older children, one could ask what they want to buy with their pocket money. You can use them to find out how long it will be before they save – and get them to figure out ways how they can make more money so they can save faster. For example, this could be selling some of their old clothes and toys that they outgrew in a trunk sale. Seeing how much faster they can get what they want to buy, when they make money and save it too, encourages creative thinking about money from a young age.
Help your child develop excellence
Being brilliant at something is the most notable trait of all entrepreneurs. For some, it may be tech savvy. For others, they could be great with social skills. Help your child find their passion – and the skills they’re great at – and nurture them.
This will help them develop excellence in those habits, skills, or hobbies over time. As they become confident in these areas, it will be easier for them to identify their strengths and how they can potentially use them to make money through an entrepreneurial mindset. A good example of this is the 12 year old investor we spoke to on the MoneyMagpie podcast! He realized very quickly that understanding the stock market was a great skill and he cultivated it and is already a leading example to other children of how to invest wealth!
MoneyMagpie readers are currently receiving an exclusive 50% discount on the Happy Pack. All you have to do is use the discount code HOPE50 at the checkout.
More ways kids can make money
There are many ways to involve your children from an early age when it comes to understanding money (and making money). Here are a few more ideas: