Entrepreneurship is the key to economic recovery and children are the key to future growth for all, writes Marah Curtin, Head of Client Engagement at Davy.

Entrepreneurship is the key to sustained recovery and growth. It is up to us to support the next generation of workers, as they are the key to growth and security for all.

In our roles as parents, mentors and role models, we must ensure that young people are being educated in such a way that they will grow to be financially capable with strong entrepreneurial minds.

Children should be exposed to the different ways to earn money at a young age. They should be taught that selling products, offering services and providing information are three ways that people earn money and set up businesses. If we encourage children to think of how they can apply the skills they have to business, we are giving them the tools to think like entrepreneurs.

While we want our children to be successful, teaching them about failure is also essential. Failing to please parents or teachers or losing a competition can make some children afraid to try to succeed. The fear of failure can prevent people from taking risks, which impedes success.

In Association with

Okay To Fail

We as parents and mentors must ensure children understand that it is okay to fail. When a child fails at something, don’t focus on the consequences. Instead, encourage them to consider what they could have done differently and how they can learn from it. This will teach a child that failure is not something to fear, and that failure can lead to success.

When a child is taught to solve problems and learn from their mistakes, it instills in them a positive mindset that will serve them well as they enter the world of employment.

As a parent, I make a point to remind myself that I’m not actually raising a child, I’m raising my son to become an adult who will thrive.

Although it can be difficult to stop yourself from stepping in to help your child, doing so allows them to learn to solve problems themselves. This teaches them to not give up and gives them more confidence.

According to Stanford University Professor, Carol Dweck, PhD., stepping in to help a child may deprive them of brain development vital to the ‘growth mind-set.’ The brain is a muscle and the more it works to find answers, the stronger it gets.

Dweck’s research tells us that when children are praised for their intelligence, they can avoid putting themselves in situations where they they might fail, as they don't want to risk their perception of being clever.

Success Ingredients

However, children who are praised for their effort, strategy, creative thinking and perseverance learn that these are the ingredients of success. They recognise that when things are challenging, it is part of what it takes to succeed. In other words, praising the process helps children learn resilience, and praising intelligence makes them vulnerable.

I want my son not to be afraid to fail and to believe that setbacks mean he just hasn’t succeeded yet.

Find out more at www.davy.ie/centsforkids.