HOW TO MAKE IT HAPPEN
Pocket money teaches kids the wrong habits, says Herold. It teaches kids to think about a job from a young age. An entrepreneur doesn’t expect a regular salary. Even if it is tied to chores, pocket money trains kids to expect a regular salary. Even worse, they come to expect handouts if they get pocket money without having to work for it. Herold has come up with a better way to develop entrepreneurial traits, which he uses with his own kids: he teaches eaches them to walk around the house looking for things that need to be done. Then the kids can negotiate with the parents ts as to how much you’ll pay them to do the things s you need done. This teaches them about supply y and demand. Also, instead of giving them a regular gular fixed allowance just for being a kid, they get more opportunities to earn more money. So they are in essence learning to write their own paycheque. que. It also teaches them how to negotiate and how to spot new opportunities. Another f antastic technique is to teach your child to make a plan. If they are battling with a challenge, as tempting as it may be, don’t jump in and tell them how to solve it. Let them come up with their own solution to the problem. This teaches them improvisation, resourcefulness and creativity, and empowers them to become problemsolvers instead of helpless victims. You could al so encourage your children to stand up in front of others and talk. This could mean doing plays or dress-up stories in front of their friends or family, where they act as someone else. This will help them become confic dent and comfortable speaking speak to an audience from a young a age. It will also teach them to put t themselves in the shoes of their customer, to better understand what would their customers’ need needs and hot buttons are.