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8 must-have skills for a child to become a successful entrepreneur

By HT School Web Desk,

Your child needs to pick up some essential entrepreneurial skills to become successful in his future business ventures.

Goal setting is an essential skill for entrepreneurs.

Various estimates suggest that India is one of the top-most start-up ecosystems of the world. The Economic Survey 2020-2021 reports that till December 2020, our country was home to 41,061 start-ups. Well, the start-up scenario of India is getting better with time and job insecurity is mounting across various sectors. So, it is only logical to arm your children with a few entrepreneurial skills for a more secure future. Here is what they should learn if they want to be a successful entrepreneur.  

Ability to convince 
In the world of entrepreneurs, persuasion is considered to be the most effective tool and for good reason. Our ability to convince others and influence their decisions is an essential for the success of a business. So, it is essential for your child to master the art of persuasion without being nagging.   

Time management  
This is another must-have skill for an aspiring entrepreneur. Adhering to strict deadlines and following timelines are essential to run business functions successfully. Hence, children should learn to discipline themselves so that they can manage their time well. Help them develop this skill. Assigning them small, time-bound tasks at regular intervals will help.  

Basic understanding of finance 
It’s a no-brainer that efficient finance management is the building block of a successful business. If you want to raise an entrepreneur, introduce her to the key concepts associated with financial management quite early on. A good starting point could be giving two weeks’ pocket money to your child and see if she is able to manage. If you have a gown-up kid (teenager), you can encourage him to take the responsibility of the family’s grocery shopping for a month.  

Making Plan B 
This is extremely important not only for a business but also in personal life. Plan B will keep your child ready with an alternative in case the first one doesn’t work. So, make him understand the necessity of having a second option. While making Plan B, your child needs to factor in the risk factors of Plan A and eliminate them.  

Creative thinking 
Business demands innovation and creative thinking is the key to out-of-the-box ideas. So, entrepreneurs need to have a critical acumen. Encourage your child to ask situation-based questions and help them come up with different answers. Also, get her into the habit of reading which is essential for the development of imagination. Allowing unstructured play-time will also harness this skill in your child.  

Problem solving 
This is a skill that every successful entrepreneur has. Critical business problems need focused attention and clear assessment. Help your child develop problem solving skills through real-life situations. Do not offer a solution whenever he is in trouble. Instead, encourage him to come up with solutions independently.  

Goal Setting 
There is no business without goals. So, knowing the best ways to set a goal is an essential entrepreneurial skill. To inculcate this in your child, you need to lead him by example. Share your goals with him and tell him how you plan to attain them in a given time frame. Also, help your kids make long and short-term goals. They also need to come up with a feasible plan for the achievement of these targets.

Effective communication  
This is necessary to run every business function, and succeed in negotiations as well as conflict resolution.  So, it is important for you to tech your little one effective ways to communicate his thoughts.  

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