Resilience is key for young entrepreneurs. Starting a business comes with challenges, and teaching kids to bounce back from setbacks is essential for their growth. Here's a quick guide to help parents and mentors support kids in building a strong mindset, managing stress, and handling tough situations:
- Encourage a growth mindset: Teach kids that skills improve with effort. Praise hard work over talent to keep them motivated.
- Turn setbacks into lessons: Help kids analyze what went wrong and plan for improvement.
- Celebrate small wins: Track progress with journals, charts, or milestones to show how far they’ve come.
- Teach stress management: Use simple tools like breathing exercises, regular breaks, and “worry time” to keep emotions in check.
- Support self-care: Ensure kids get enough sleep, stay active, and eat healthy to maintain focus and energy.
- Build a support network: Connect kids with mentors, peers, and family to guide and encourage them.
- Encourage experimentation: Let kids try new ideas in a safe-to-fail environment to learn and grow.
- Develop problem-solving skills: Use tools like setback logs and step-by-step plans to tackle challenges.
5 strategies for raising kids with an entrepreneurial mindset | Tameka Montgomery | TEDxRockville
Grow a Strong Mind
A strong mind lets young business starters get up after they fall. When kids know that their skills can get better with hard work, they stick it out when times are hard. This way of thinking makes troubles into good lessons.
Help Kids Get Better from Troubles
Every young business person will face troubles - it's sure to happen. The aim is to help them see these times not as let-downs, but as chances to get better. Say, if their first try at a sale doesn't work out, help them think about what went down and how they can do better.
Ask them things like, * "What do you think went wrong?"* or * "What would you try next time?"* These talks show kids that bumps in the road are part of business, not a sign to stop. Tell them that big business folks have been there too, and those times have set them up for wins later on.
Cheer on Hard Work More Than Wins
The way you cheer for your child helps them keep going. Only praising talent can stop kids from trying harder as they may think wins should be easy. Better to cheer for their effort and the plans they make to hit their goals.
For example, if your child makes a sale, rather than saying, * "You're so smart!"* go with, * "You really worked hard for that sale! Training your pitch made a real change."* This sort of cheer keeps them going, trying hard, and ready to take risks and learn.
"You worked so hard on that" - Kidpreneurs
Be clear when you say good things. Show that you see their hard work, like making a product better or finding new ways to meet with people who buy. When kids see the clear link between their hard work and what they get, they learn that to do well, you need to try hard. Always mean what you say - real praise makes real trust.
Keep an Eye on Growth and Cheer for Small Wins
Seeing how far they have come can push kids, even when it's hard.
Start a book where you and your child can write down key events together. Write down times like their first talk with a buyer, figuring out profit the first time, or getting past a tough spot. Looking back at these notes often can show them how much they have done.
You can also use things to see their growth. For example, make a chart to see sales growth, put a stone in a jar for each new skill, or mark good business days on a calendar. These things help kids keep going, even when it seems slow.
Breaking big dreams into smaller steps can make it feel less big. If your child wants to make $50, think of it as ten $5 sales not just one big number. Cheer for every small win on the way, and don't miss the wins that are not about money, like doing well with buyers or finding new answers to issues. These wins are key for trust and tough times too.
For something to use with your hands, think about getting My Lil Startup's kits for young business minds, which have a tool to see sales grow clearer (https://mylilstartup.com).
These ways help kids get stronger inside and handle stress better, making a solid start for their business path.
Teaching Kids to Deal with Stress and Tough Feelings
Running a business can be too much at times, even for kids. Showing them how to handle stress and grow their ability to bounce back helps them deal with hard times and keep working on their dreams.
Show Them How to Manage Stress
Start with simple, strong ways like breathing exercises. Say your kid is upset over a lost sale or a broken toy, guide them like this: breathe in slow through their nose for four counts, hold it for four counts, then out from their mouth for six counts. Doing this five times can cool them down and help them look again.
Let them take breaks often. A good plan is to stop for 10 minutes after every 30 minutes of work. These short breaks bring back their power and help them keep working well.
Try the "worry time" way. Set 15 minutes each day for your child to talk about their work worries. If they worry at other times, have them write it down to talk about later. This stops worries from taking over their day and helps them stay on task.
Help them talk about how they feel. For example, if a plan falls through, have them say, “I feel mad because my slime didn’t turn out right.” Saying how they feel can make things less hard and not as big.
These ways lay the ground for strong emotional skills, helping kids face hard times and stay eager.
Push Good Self-Care
Good self-care matters a lot in managing stress. Focus on these main parts:
- Sleep: Make sure they sleep for 8-10 hours a night to help them think better and balance their feelings.
- Physical activity: Push for at least 20 minutes of moving every day, like playing outside, biking, or dancing. Moving helps get rid of stress.
- Quiet time: Make time each day for “me time” with things like reading, drawing, listening to music, or a warm bath.
- Food: Give them healthy snacks like fruits, nuts, or cheese and remind them to drink lots of water to keep up their energy and focus.
Make a Supportive Home
Every young boss needs a strong support team, starting at home. Let your child know they can tell you anything, whether a win or a hard time. When they share, listen more than fix. Sometimes, they just need to hear, "That sounds really hard."
Set a cozy, calm spot where they can go when things get too much. It's their space to recharge.
Keep telling them it’s okay to be upset or mess up. Say things like, "It’s fine to feel this way" or "Messing up helps you learn" to let them know they are not alone when things are rough.
Think about weekly talks to look at their hard times and cheer their wins. This not only keeps you close to their needs but also lets them see how they are doing.
Teaching Flexibility and Change Management
Resilience is a great foundation, but flexibility is what helps young entrepreneurs navigate the unexpected twists and turns of business. Change is inevitable, and teaching kids to embrace it rather than fear it can transform surprises into opportunities. Let’s dive into some practical ways to help your child build a flexible approach to their business.
Support Experimentation
Encouraging experimentation is one of the best ways to teach adaptability. By trying out different ideas and approaches, kids can develop critical business skills while learning how to handle uncertainty. You can create a "safe-to-fail" environment by setting aside a weekly "experiment hour." During this time, your child could test a new marketing strategy, reorganize their workspace, or try a different way of selling their products. The goal isn’t immediate success - it’s learning.
When an experiment doesn’t work out as planned, frame it as feedback rather than failure. Ask questions like, "What did we learn?" or "What could we try differently next time?" Keeping a notebook to document these experiments can help your child see their progress and recognize their growing problem-solving skills.
Practice Decision-Making Under Uncertainty
Running a business often means making decisions with incomplete information. Teaching kids how to make confident choices in these situations prepares them for real-world challenges.
"When these people face uncertainty, they don't know exactly what steps to take today, in order to ensure success tomorrow."
– René Mauer, Chair for Entrepreneurship and Innovation at ESCP
Start with simple, low-stakes decisions. For instance, if your child is deciding whether to make more blue slime or green slime for tomorrow’s sale, guide them to consider what they know - maybe blue sold better last week, or a friend mentioned liking green. This process helps them weigh the available information and make thoughtful choices.
You can also introduce the idea of taking "small bets" by encouraging incremental steps. If they’re unsure about a new product idea, suggest making just a few samples to test the waters instead of committing to a large batch. This approach allows them to gather feedback and adjust as needed.
Playing "what if" scenarios is another great way to sharpen decision-making skills. Ask questions like, "What if it rains during your outdoor sale?" or "What if you sell out of your most popular product?" These exercises help your child think ahead and build confidence in handling surprises.
"Entrepreneurs should gather as much information as possible, take the actions with the highest potential benefits, but remain somewhat adaptable."
– René Mauer, Chair for Entrepreneurship and Innovation at ESCP
Develop Backup Plans
Backup plans aren’t about expecting failure - they’re about being ready for anything. When your child has a solid plan B, they can stay calm and confident, even when things don’t go as expected. This ties back to resilience by giving them practical tools to adapt.
Start by identifying key areas of the business that could face challenges. Work together to create backup plans. For example, if bad weather threatens an outdoor sale, you could plan to move the setup indoors, notify nearby customers, and find a visible spot to attract attention.
Make backup planning an engaging activity. Say something like, "Let’s be detectives and figure out what surprises might pop up, then plan like superheroes to tackle them." Practicing these strategies in low-pressure situations helps kids feel prepared for bigger challenges down the road.
As your child’s business grows, revisit and tweak these plans. This ongoing process reinforces the idea that preparation and flexibility go hand in hand.
sbb-itb-a46f019
Setting Up Problem-Solving Systems
Helping your child develop resilience starts with giving them tools to tackle challenges in an organized way. When kids learn to approach problems methodically, they build confidence and gain skills that can benefit them far beyond their first entrepreneurial venture.
Think of these problem-solving systems as a toolbox for your child's business journey. Just like a carpenter relies on the right tools for each job, young entrepreneurs need structured methods to identify issues, solve them, and track their progress. These systems take seemingly overwhelming challenges and break them into manageable steps. Plus, they build on the growth mindset and stress management techniques we’ve already discussed, preparing your child for whatever comes next.
Keep a Setback Log
A setback log is like a personal learning journal where your child can document challenges and their efforts to overcome them. This isn’t about focusing on the negatives - it’s about using setbacks as opportunities to learn and improve.
To get started, provide your child with a notebook or set up a digital document they can easily access. When something doesn’t go as planned, help them write down the details: what happened, how they felt, and what they did to address the situation. The goal is to treat this as a problem-solving exercise, not just another chore.
Here’s an example: "Saturday’s outdoor sale was canceled due to rain. I felt disappointed but moved the sale indoors. I sold 12 slimes instead of 20, and I learned that having a backup location is really important."
Encourage your child to review their setback log weekly. Go through it together and look for patterns - are certain issues recurring? Are they handling specific challenges more effectively over time? This reflection process not only helps them track their growth but also boosts their confidence for future obstacles.
Break Problems into Small Steps
Big problems can feel overwhelming, but breaking them into smaller, actionable steps makes them easier to tackle. This approach helps your child stay focused and builds their problem-solving skills one step at a time.
When a challenge arises, guide your child in identifying the first step, then outline the next steps until the issue is fully mapped out. Write these steps down so they can check them off as they go, which adds a sense of accomplishment along the way.
For instance, let’s say your child is running low on slime supplies but doesn’t have enough money to restock. Instead of panicking, break it down: First, count how many slimes are left. Next, figure out how much money they have. Then, calculate how much they need to earn. After that, decide whether to run a quick sale, ask for an advance on allowance, or explore other ways to raise funds. Finally, place the order for more supplies.
This step-by-step method shows your child that even big problems can be solved when broken into smaller tasks. It also gives them a sense of control during tough situations, which is invaluable for building resilience.
Use Tools to Track Progress
Tracking progress is essential - it gives your child visible proof of their growth and helps them spot trends in their business. The sales tracker included in My Lil Startup kits is a perfect tool for this, allowing young entrepreneurs to easily monitor their achievements and identify areas for improvement.
Teach your child how to use their sales tracker to record more than just earnings. They can jot down which products sold best, the busiest times of day, and which marketing strategies worked. This data becomes incredibly useful when planning future decisions.
You can also create charts or graphs together to track other aspects of their business. For example, they could monitor how many new customers they meet each week, how many compliments they receive on their products, or even how confident they feel during sales. Visual tools like these make progress feel tangible and encourage ongoing effort.
Make it a habit to review these tracking tools regularly - say, every Sunday evening. Ask questions like, "What patterns do you notice in your sales?" or "Which part of your business seems to be growing the fastest?" This practice helps your child connect their actions to results and strengthens their analytical thinking, a crucial skill for any entrepreneur.
Building Support Networks and Getting Help
No entrepreneur thrives in isolation, and this is particularly true for young business owners still learning the ropes. A strong support network offers more than just a safety net - it provides guidance, encouragement, and practical advice that can help your child navigate challenges with confidence. Combined with solid problem-solving skills, these networks can empower young entrepreneurs to tackle obstacles head-on.
Support systems do more than address immediate problems. They build confidence and teach kids that seeking help is a strength, not a weakness. When children know they can rely on trusted individuals, they’re more likely to embrace calculated risks and recover from setbacks. Start by connecting your child with experienced mentors who can guide them through real-world challenges.
Find Trusted Mentors
Mentors can play a crucial role in shaping young entrepreneurs. These are individuals with experience in business or life skills who can guide your child through tough decisions and celebrate their successes. The best mentors don’t just offer advice - they listen, ask thoughtful questions, and encourage kids to think through challenges independently.
You don’t need to look far to find a mentor. Family friends who run businesses, teachers with entrepreneurial experience, or even older siblings who’ve launched ventures can be great options. For example, Jon from My Lil Startup, an experienced entrepreneur, provides guidance to young business owners, demonstrating how real-world expertise can be tailored to help kids succeed.
When reaching out to potential mentors, be specific about what you’re asking for. Instead of a vague, “Can you help with my child’s business?” try something more focused, like, “Would you be willing to spend 30 minutes once a month talking with my daughter about her slime business? She’d love to learn about marketing and customer service.” Many people are honored to be asked and are happy to help when the commitment is clear and manageable.
Once a mentor is on board, establish regular check-ins. These could be monthly phone calls, quarterly coffee meetings, or even quick text exchanges when questions arise. Encourage your child to prepare specific questions or challenges for these meetings, ensuring both parties get the most out of the relationship.
Connect with Other Young Entrepreneurs
There’s something special about connecting with peers who share similar experiences. Other young entrepreneurs face challenges like managing money or handling difficult customers, and they can offer insights that adults might overlook.
Seek out local opportunities for your child to meet peers. Libraries sometimes host entrepreneur clubs for kids, farmers markets often feature young vendors, and community centers may organize business fairs where children can showcase their ventures. Stories like Chloe from My Lil Startup, an 11-year-old who earned over $100 in one hour with her slime business, can inspire and motivate other young entrepreneurs to aim high.
If formal groups aren’t available, consider creating informal connections. When you see other kids running businesses - whether it’s a lemonade stand, a dog-walking service, or a craft booth - introduce yourself and your child. Exchange contact information and suggest the kids stay in touch to share ideas and experiences.
Online communities can also be a great option, especially for older kids comfortable with digital communication. However, it’s important to supervise these interactions and ensure any online groups are well-moderated and focused on legitimate business learning.
Encourage your child to share their own knowledge as well. When they discover something that works, suggest they share it with their entrepreneur friends. This fosters stronger relationships and creates a culture of mutual support that benefits everyone.
Teach Communication Skills for Asking Questions
Many kids hesitate to ask for help because they don’t know how to phrase their questions or worry about appearing foolish. Teaching your child effective communication skills can remove these barriers and help them get the support they need.
Start by practicing how to ask clear, specific questions. For example, instead of saying, “I don’t know what to do,” they could ask, “Should I try option A or B for my next sale?” Specific questions lead to more useful responses.
Role-play common scenarios your child might encounter. Practice how they’d ask a mentor for pricing advice, approach a neighbor about setting up a sales table, or get feedback from a friend on a new product idea. Rehearsing these conversations in a safe environment helps build confidence for real-life situations.
Encourage your child to prepare before seeking help. Teach them to write down their question, explain what they’ve already tried, and clarify the type of help they need - whether it’s advice, emotional support, or practical assistance. Being clear about their needs makes it easier for others to provide meaningful guidance.
Normalize the process of asking for help by sharing your own experiences. Talk about times you sought guidance and how it made a difference. This reassures your child that even successful adults rely on others for support.
Finally, teach active listening skills. When someone offers their time and advice, your child should listen attentively, ask follow-up questions, and express gratitude. These habits strengthen relationships and make others more willing to help in the future.
Conclusion: Supporting Resilient Young Entrepreneurs
Building resilience is a journey that evolves over time, requiring steady parental involvement and adjustments as your child matures. Think of it like learning to ride a bike - sometimes they'll navigate challenges smoothly, and other times they'll need a steady hand and some extra encouragement to keep going.
Resilience doesn’t look the same for every child. For instance, your 7-year-old might show it by trying a fresh sales tactic after the first one didn’t pan out, while your 11-year-old might revise their business plan calmly when faced with unexpected competition. Celebrate these moments - they’re victories, big or small.
The support you provide today doesn’t just help them in their business ventures; it shapes their approach to school, friendships, sports, and even future careers. When kids understand early on that setbacks are temporary and that support is always within reach, they gain the confidence to tackle bigger challenges as they grow. These lessons go far beyond business and influence every part of their lives.
As your child grows, your approach to support may need to shift. What works for an 8-year-old might not be as effective for a 10-year-old. Stress management strategies that help during a hectic holiday sales period might need to be rethought when dealing with a tough customer. Stay tuned in - observe, ask questions, and adjust your guidance to meet their changing needs.
And don’t forget to model resilience yourself. When your child sees you handle challenges with grace, seek help when necessary, and bounce back from setbacks, they learn that resilience is a skill they’ll use throughout their entire life. Together, your entrepreneurial journey is laying the groundwork for their confidence and adaptability in the years to come.
FAQs
How can I encourage my child to develop a growth mindset as a young entrepreneur?
To nurture a growth mindset in your child as they venture into entrepreneurship, encourage them to view challenges as opportunities to learn rather than as setbacks. Help them understand that making mistakes is a normal part of the journey and that consistent effort and determination lead to improvement over time.
Hands-on experiences can play a big role in this process. For instance, the Slime Business Kit from My Lil Startup is a great way for kids to pick up essential business skills while sparking their creativity and boosting their confidence. Activities like these make the idea of entrepreneurship exciting and interactive, allowing kids to learn by doing while also building their resilience.
How can kids manage stress while running their own business?
Helping kids handle stress in a business environment doesn't have to be complicated. Start with straightforward strategies like encouraging regular breaks, staying physically active, and trying mindfulness practices such as deep breathing or meditation. These small steps can go a long way in keeping them calm and focused.
It's also important to establish routines and create clear boundaries between work time and relaxation. This structure helps them balance their day more effectively. Additionally, fostering open conversations about their feelings can make it easier for them to process stress and build emotional strength. These habits not only ease stress in the moment but also equip them with essential skills for managing responsibilities and prioritizing self-care throughout life.
How can I help my child see failure as a learning opportunity in their business journey?
Help your child embrace failure as a normal and valuable part of their entrepreneurial journey. Teach them that setbacks aren't the end of the road - they're opportunities to learn and improve. Share stories of famous entrepreneurs who faced obstacles but kept going, showing how persistence and flexibility often lead to success.
Encourage them to take a step back after a mistake, analyze what went wrong, and think of new approaches to try. Remind them that errors are like stepping stones - each one brings them closer to getting it right. Celebrate their effort and determination, not just the final results. By creating a supportive environment and nurturing a mindset focused on growth, you’ll help them build the confidence and resilience they need to succeed.
