How to Encourage Entrepreneurship in Youth: Insights from Charles Nabit
Charles Nabit, also known as Chuck Nabit, is a distinguished business leader with extensive experience in investment partnerships, securities, and real estate. After earning his Bachelor of Arts magna cum laude from the University of the South in 1977 and his Juris Doctor from the Marshall-Wythe School of Law at the College of William & Mary in 1980, he began his career at a Baltimore law firm. In 1983, he became the managing partner of the Westport Group, overseeing the firm’s investments in securities and real estate. Since 1999, he has also served as chairman and CEO of Southport Financial, where he developed innovative e-commerce strategies for the financial services and healthcare industries. His extensive background in business and leadership positions him as a credible authority on fostering entrepreneurship.
One of the great things about young people is that their dreams for the future are often boundless. With the right mentoring and a little encouragement, it is amazing to what their dedication can bring. Let’s look at how to support young people to become great entrepreneurs.
Listen to Their Ideas
It can be easy to inadvertently throw cold water on your child’s aspirations. As the adult in their life, you want the best for them and you may try to protect them from disappointments. That said, risk taking is necessary for success. Learning from one’s failures promotes resilience, a critical quality in the world of entrepreneurship.
Take the time to really listen to what kids are telling you. Be a safe person they can share their wildest desires with. Inspire them to think outside the box — to stretch themselves, try something different, and accept the challenge that comes with feeling a little uncomfortable as they consider new ideas.
Ask Open-Ended Questions
Divergent thinking is an important skill to develop when managing your own business. It can help you solve problems faster and give you an edge over the competition. Fostering this ability in young people involves encouraging them not to take things at face value. Instead, they should question what they’re seeing or hearing.
Start by modeling this behavior for them. In addition, suggest they do their own research and learn how things work for themselves. This will help them acquire the knowledge they need and inspire them to follow different lines of inquiry. As a result, they will become more confident and will trust themselves to make good decisions.
Give Them Experiences
Give the child in your life as many chances to experience diverse activities and unfamiliar places as you can. Notice what kinds of things they’re curious about and allow them to explore those interests. Before long, you’ll see where their natural abilities and creativity lie.
When they’re enjoying what they’re doing, the learning will lead them on a marvelous adventure of discovery. Subsequently, they’ll become more independent and seek out other avenues to expand their knowledge and expertise.
Cultivate a Positive Mindset
The entrepreneurial path can be a difficult one. To find the opportunity in challenges, it’s essential to have a positive outlook. Teach the children you’re working with that things don’t always go according to plan, and that they should expect there to be times when things will be harder for them.
If your child feels like giving up on pursing something they want because it seems out of reach, ask them to think about how they might find a better way to reach their goal. Maybe there’s a plan they haven’t tried yet, or another route to accomplish what they are trying to do. Staying positive and looking for a different approach to a problem builds self-reliance.
Demonstrate Goal-Setting
To be successful in business, you need to be able to set reasonable goals. One trick is to make sure they are SMART, meaning that each goal should be specific, measurable, achievable, realistic, and timely. When a budding entrepreneur masters how to write out their goals and assess them against these criteria, they’ve developed an invaluable skill that will serve them well for their entire career.
It is also important to regularly check up on their progress and make adjustments as needed. Maybe your child wants to start tracking their goals by writing them in a notebook or on a computer spreadsheet. Help them find a process that works for them, then support them by asking how they’re doing and celebrating with them when they’ve reached each milestone.
Teach Financial Literacy
One of the best ways to empower your children to be successful in life is to make sure they’re savvy when it comes to finances. This is even more important when they are working for themselves. Earning your living as an entrepreneur requires a strong ability to manage money. This involves setting up a proper bookkeeping system, tracking your expenses and profits, making sure you have good cash flow, and more.
Explain to the young person in your life the merits of saving and investing for their future. Show them the power of compound interest and the benefit of deferred gratification, as opposed to spending money on impulse purchases as soon as they have it. Helping them start their own small business is a great way to show your child the value of money.
In Closing
By taking your child’s dreams seriously, encouraging them to think critically, offering varied learning experiences, modeling a positive mindset, showing them how to set goals, and teaching them about money, you can help them develop the skills and confidence they need to become successful entrepreneurs.
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