Mike Baur recently gave insight into raising young entrepreneurs, and what parents need to know. Baur is co-founder of the Swiss Startup Factory, a Zurich-based think tank that takes novice entrepreneurs and shapes them and their innovative ideas into the next big thing.
According to Mike Baur, as a parent, you inspire entrepreneurship by boosting emotional skills that children will need, such as the convenience of taking risks, effective problem solving. “Emotional and social skills are very important, as well as a positive attitude towards failure,” says Baur. “This will help shape a child’s behavior.”
Here are three tips to boost your child’s entrepreneurial calling;
- Promote Effective Problem-solving
When a problem arises in the life of your child, brainstorm ideas to find a solution together. Assist kids with identifying problems, and lead them to consider several scenarios and solutions. They should learn to consider all sides of a situation, and then select the best option.
- Help Kids Learn From Failure
One essential tool for entrepreneurs is to try, try again. Influence your child to try and if they face failure, learn and try again. Baur says to remember that criticism is an opportunity to point out flaws and help your child brainstorm how to modify and resolve the issues. Children must learn how to handle criticism and find the positive message.
- Let Them Make Decisions
“Expose kids to what it feels like to make a decision and they will feel good about it,” says Baur. This will develop early independence, but limit their options, and as they grow give them more choices so they will become confident in major decision-making.
- Boost Their Sense of Mastery
Entrepreneurs take big risks, but feel comfortable doing so, and this does not happen overnight. Children need freedom to test their limits, and master their fears. When a child is faced with a risky situation, give as much help as needed, then slowly transition so they can gain independence.
- Challenge the Status Quo
We grow up learning to follow rules, unfortunately, this practice hinders entrepreneurship. Baur says, a great alternative is teaching kids to challenge the norm and seek what other innovative paths they could take and why.
Baur’s Zurich-based startup, the Swiss Startup Factory, mentors upcoming entrepreneurs on all matters to jump start their business. With a successful track record, Mike Baur prides himself on helping young innovative minds grow their businesses and see their dreams transform from ideas into successful ventures.