Finweek English Edition - - ENTREPRENEUR -

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.

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