How do I raise entrepreneurial kids? originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Peter T. Mayer, founder of MyFingerprintArt.com, on Quora:

  1. Teach them the value of money early on. Even if you can, don't buy them everything. Let them earn whatever they want.
  2. Teach them the value of hard work. Have them do work for you either at home or in your business or job and reward them.
  3. Teach them responsibilities. Teach them that they are responsible for their own things and certain things need to be done by them.
  4. Teach them the concept of sacrifice. To reach a goal in life, they might have to make sacrifices small and large.
  5. Teach them that every choice they make has pros and cons. They are the ones who have to live with the consequences.
  6. Teach them independence. Let them do things alone.
  7. Teach them perseverance. Sports and martial arts are great for this.
  8. Teach them competitiveness. Again, sports are probably the best way to try to get this out of a child.
  9. Help them with their creativity. Let them create things in total freedom with no influence from your side.
  10. Let them make decisions.
  11. Finally, the most important thing: Teach them that it is OK to fail. Some cultures emphasize perfect scores, being the best, winning, being first place, etc; but to be a successful entrepreneur, a child needs to be raised up in an environment where he is taught to stand up after a failure and learn from it and not let be down by it.

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Published on: Mar 12, 2018