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10 Ways To Bring Out The Entrepreneur In Your Child

When one considers that in South Africa there are about 60 000 unemployed graduates and some of these people already have some work experience. The numbers are even more scary when you consider the numbers of school leavers who never graduate. The statistics go even further in explaining the magnitude of the problem, only 33.6% of graduates find work, so each year it seems the problem gets worse. Parents need to consider that their children may too fall into this category.

Here is some useful advice for parents to help encourage their children to become entrepreneurs:

1. Take time to engage your children in serious conversation. You will be surprised how easy it is to link their world with yours and, at the same time, to build a relationship of open communication, shared knowledge and sound values.

2. Don't lecture them. Let your children provide as much input as possible. Let them talk. Listen. Be their business partner, not their boss. Let them develop their own business ideas - then act as the advisor to help them; understand the important real-life issues of running a successful business.

3. Explain what income, expenses and profit are - and then what to do with profit.

4. Start with a business that suits the child's budget. Build the business around something that the child enjoys doing; whether it is flying kites or working on computers.

5. Life can be unpredictable. Tell them to plan for the unexpected.

6. Let your children make mistakes. They need to discover that this is sometimes the way one learns.

7. Give your children pocket money. This is how they begin to learn the value of money. Help them to put some pocket money away for savings, giving and investing - but also to have some fun.

8. Encourage a policy of giving to others or organisations in need of funds. Our country needs people who care about each other.

9. Talk about costs in the home, purchases and reasons for their choice of products.

10. Help your children set individual attainable goals.

Submitted by:

Gregory Bunyard

Gregory Bunyard is the co-author and founder of the Ka-Ching! Business Parenting course, please visit http://www.ka-chingworld.com/. Bunyard studied for his BCom at Rhodes University, Grahamstown, South Africa where he majored in Business Administration and Industrial Psychology and thereafter obtained an MBA from the Edinburgh Business School.


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