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6 Reasons Parents should encourage Entrepreneurship

1. Learning life skills at an early age

When children spend most of their day cramming theory at school, they miss out on the practical skills that prepare them for a life in the real world.

However, encouraging them to think like an entrepreneur at a young age can introduce them to skills such as problem-solving, critical and creative thinking since they’re bound to come across complex problems in their journey that require forming a strategy and intense evaluation. Besides innovating, they would also learn how to work with a team and organize one, therefore imbibing leadership skills. These skills can be applied to any and every situation they find themselves in and will help them immensely when entering a professional workspace. Owing to the fast-changing technological landscape, entrepreneurs learn certain digital tools such as Google Workspace, setting up a website, and marketing tools such as Facebook Business Manager, SEO, Social Media Marketing, etc., which would prove extremely useful if learned at a young age.

2. Building a Network

An entrepreneur’s most valuable asset is their network. Having access to a larger community of people whether it be peers, investors, or even strangers with similar interests, eventually leads to socializing and therefore opens doors to new opportunities. Encouraging children to interact and be more sociable can give them the confidence to connect strongly with others.

3. Developing a good work ethic

Becoming an entrepreneur requires discipline. With a hundred different things on their

agenda, including school work, they would inevitably learn how to organize their daily

activities better. Developing a positive work ethic also teaches them responsibility, time

management, and the importance of hard work.

4. Appreciating the Value of Money

It’s only when we start earning money that we understand that it truly does not grow on

trees. The mark of a successful entrepreneur is the way they manage their financials and

put every rupee to good use. Engaging in entrepreneurial activities would build financial

literacy and teach children to spend responsibly and at the same time, save up for the long term.

5. Learning how to set goals

Not many school-going kids or teenagers know how to set and achieve a goal and neither are they taught how to. In an entrepreneurial scenario, setting clear objectives and

developing a course of action would help them understand that achieving a goal can be a difficult process but also give them a sense of purpose.

6. Learning how to deal with failure

Parents often shield their children from failure which sets them up for humiliation and the

fear of facing failure when tough times endure. Being an entrepreneur requires consistent

innovation and testing of ideas that fail almost 90% of the time. However, if encouraged

at a young age, children learn to adapt quickly and move on to the next idea. This helps

them to deal with rejection in their personal lives and also the fact that taking risks and

continuously learning from mistakes is more of an advantage than disappointment.

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