Does your kid have an entrepreneurial spirit that needs nourishment? Here is a recipe to raise tomorrow's successful millionaires.

India has emerged as the third-largest startup ecosystem in the world after the USA and China. A country that is producing more than ten unicorns every year is expected to grow remarkably in the next few years, according to Business Standard.

So, in a country that shows a tremendous future for upcoming entrepreneurs, will you raise your kids to work for someone else’s dream or do you want your kids to pursue their interests and work independently? With art of parenting, you can now prepare your kids for a brighter tomorrow.

If your kid has an entrepreneurial spirit, you as a parent will need to help him develop emotional skills like being comfortable with taking risks, being able to solve problems, and having a good attitude about failing.

Not only academic skills but also soft skills are important to encourage social-emotional skills in kids. Here are five parenting tips that will help you to foster entrepreneurial qualities in your kids:

1. They develop their effective problem-solving skills

It is essential to foster problem-solving skills in kids as it will help them to spot business ideas in everyday life. Most of us think that a business idea has to be technical or something that involves a complex process. But a simple business idea is what it takes to establish a successful startup business.

While your kids are young, you can hone their problem-solving skills with smart parenting skills. If not an entrepreneur, they can simply become a business coach who can help other entrepreneurs achieve their goals. So, help your kids spot the challenges and causes, think of all the possible solutions, weigh the pros and cons, and come up with the best option.

2. Help them understand that failures are lessons

In today's world, people are keen to focus more on their achievements and wins. They highlight their wins while downplaying their failures. The media has created a stigma about failure that nobody wants to accept that it is a natural process to fail at some point in your life.

Failure is a stepping-stone toward success. If you don't fail, you will never learn to work on yourself. Influence your kid's willingness to try, fail, learn, and you also try again as a parent. These are the essential skills of entrepreneurs. Help your kid see criticism as a chance to learn by helping them come up with ideas about what they should do next.

3. Let Your Kids Take Their Own Decisions

An entrepreneur has to make multiple decisions in his life. Some are challenging, some are hard, while some decisions can change the course of their business completely. The confidence to make the decisions after weighing the pros and cons comes from early independence.

You can let them choose their own outfits or dinner menu. This will help them to make their own decisions and will make them feel good for being able to do that. Try to limit the choices to a few options, as it can be overwhelming for kids.

Kids are often taught to follow what their parents tell them to do, blindly. This is a habit that hinders their ability to think constructively. Instead, teach your kids to challenge the usual norms by articulating their rationale. Ask if they agree with a certain thing. If not, what would they like to change and why? Give them the ability to think, reason, and make decisions independently.

If you are looking for some guidance on how to raise your kids and nourish their entrepreneurial spirit, then do not forget to join the FREE-FOR-ALL Webinar, ‘Art of Parenting & Success Mantras For Students’ by Dr Vivek Bindra on July 10th 2022.

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