Category: Entrepreneurship (Page 1 of 2)

Mikus Kins Entrepreneurial Children

Instill These 2 Entrepreneurial Character Traits into Your Children: Part Two

In Part One, Mikus Kins discusses how confident people are determined and fearless.  Mikus lays out how to teach children to embody confidence by speaking to the ideas of determination and fearlessness.

In Part Two, Mikus Kins describes how visionaries are organized and frugal.  Mikus lays out how to teach children to embody the mind of a visionary by speaking to the ideas of organization and frugality.

We are back with Part Two of “Instill These 2 Entrepreneurial Character Traits into Your Children!” So, let’s dive right in!

  • Category 2 | A Visionary is…
    • Organized and
    • Frugal.

Visionary: Someone who is a visionary has “visions,” or, “ideas,” floating around in his/her mind often.  They see the horizon; they get the big picture.  When someone can think this big, it means they can go deeper than just creating a singular idea; it means they can create a whole web of ideas in their minds that interconnect and benefit one another.

Teaching a Child to Be A Visionary: A simple way to teach your child to be a visionary is by teaching them how to not stop ideating after they have concocted one singular idea as a solution to a problem.  Encourage them to think outside the box.  Ask them tough questions.  Challenge their ideas.  They will start to grow simply from these types of discussions.

Once your child has come up with a solid solution to a problem, don’t let him/her stop their thought processes there.  In order to effectuate a solution, one needs to make a plan, formulated by goals, objectives, and specific tasks to see the solution through.

This is where being organized comes into play.

Organized: Organized people make information visually appealing.  They use timelines, outlines, charts, graphs, mind mapping, and the like.  You know it, and they’ve thought through  how to best organize the information at hand.

Teaching Your Children to Be Organized: To get to a fully fleshed-out idea on how to do something in one’s life, there has to be planning, thinking, ruminating, and debating.  There need to be rough drafts, numerous more rough drafts, and note taking.  Help your child to create plans of action for attaining different goals by guiding them through this process.  Teach them about how to organize information well, and they will take after you eventually!

Frugal: A frugal person understands money inside and out.  They understand cash flow, P&L statements, budgeting, and financial planning.  They can properly asses where money should be spent and where it is coming from.  In helping your child to be a visionary, they need to think of the cost, not only the reward, involved in completing a plan.

Teaching Your Children to Be Frugal: The cost is where you should encourage them to ask unlimited questions.  By knowing about the costs associated with specific courses of action, whether that be financial or other, children can grow up confident in their ability to make wise choices.  Teach your child to ask you for money to invest in what they want.  Teach them to pitch ideas to you.  Play the devil’s advocate to show them how to test for loopholes in their plans.

These are all entrepreneurial skills that should be taught to a child to help him/her become a well rounded visionary.

There are so many other characteristics of an entrepreneur that you could teach your child to embody, such as being passionate, positive, and flexible, but the character traits discussed herein are some of the most powerful characteristics a child can embody that have to do with entrepreneurship.  By thinking about what it means to be confident and to be a visionary, you can rest assured that you have what it takes to break it down for your child and help them to become all that they can be.

Mikus Kins Entrepreneurial Children

Instill These 2 Entrepreneurial Character Traits into Your Children: Part One

In Part One, Mikus Kins discusses how confident people are determined and fearless.  Mikus lays out how to teach children to embody confidence by speaking to the ideas of determination and fearlessness.

In Part Two, Mikus Kins describes how visionaries are organized and frugal.  Mikus lays out how to teach children to embody the mind of a visionary by speaking to the ideas of organization and frugality.

What parent would not want to teach their child how to be the following things:

  • Confident
  • Determined
  • Fearless
  • A Visionary
  • Organized
  • Frugal

These are nice thoughts, but at the end of the day, what does it even look like to intentionally teach a child how to embody these characteristics? It can be easy to look at this list and get overwhelmed by the amount of work it would take to teach a child to harness each of these character traits.  So, in an effort to “Practice what we preach,” I am going to help you break these characteristics down into doable actions.

Let’s reorganize these traits first, shall we?

When I take a deeper look into each of these character traits, I think they can be broken down differently than how I laid them out above.  Instead of each of them being their own separate category, I think two of the traits can best be used as umbrella topics for the rest.  Refer to the following to understand what I mean:

  • Category 1 | Confident people are:
    • Determined and
    • Fearless.
  • Category 2 | A Visionary is…
    • Organized and
    • Frugal.

In order to teach your children how to embody these traits, we first need to break down each category on its own and analyze it.  Let’s start for the “confident” category.

  • Category 1 | Confident people are:
    • Determined and
    • Fearless.

People who are confident are determined and fearless.

Determined: People who are determined won’t be stopped.  With respect to the phrase, “Go big or go home,” they “go big” most of the time.  They are convinced to follow strategic courses of action that they conjure up and will always find a way to accomplish what they set out to do.

Teaching Your Child to Be Determined: Ask yourself, “Are they timid? Do they hold back in any areas? Do they shine in any areas?” Find out what makes them tick.  Ask them specific questions that get to the heart of things.  Do they have fears? Insecurities? Obstacles? Help them to logically work through them.  Do they shine without fear of certain subject areas? Point out how well they are doing and positively reinforce it.  Show them how they can apply the same determination to other areas of their lives.

People who are fearless are oftentimes educated.

Fearless: Someone who does not fear what is ahead vaguely knows what is to come.  They do their research.  They study things in depth and find ways to overcome them.  Being an overcomer is the name of the game for them.  Problem areas for most people are not a problem to them, because they have taken the time to find a way to deal with them.  They are solution finders.

Teaching Your Child to Be Fearless: Ask yourself, “What strengths do my children have? What are their problem areas?” Talk to your child about each of these and let them talk it out.  Let them be wordy and speak all over the place.  View their talk like a plate of noodles.  Then, help them to take each noodle and lay it out flat.  If they are young enough, you can even use a plate of jumbled noodles to help convey your message to them.  Lay it out flat on the counter for each topic you discuss and help them to organize it in their mind.  Then, let them sit in the discomfort of not knowing how to handle certain subject matter.  Then, ask them enough strategic questions–such as, “What do you think you should do about that?”–to get them to come up with a powerful solution.  This will teach them to own their fears, solve them themselves, and follow through on overcoming them, fearless.

Come back in two weeks for Part Two of “Instill These 2 Entrepreneurial Character Traits into Your Children!”

20 Myths About Entrepreneurship: Part Two

20 Myths About Entrepreneurship: Part Two

We are back in Part Two of myths about entrepreneurs. Below, find ten more myths about entrepreneurs and why they are not true.

11) Entrepreneurs are Happier and More Fulfilled in Their Work
Entrepreneurs have to work exceptionally long hours and need to be responsible for others’ salaries when they employ people. Entrepreneurs have a tremendous amount of stress on their backs to meet the needs of their company, as well as the needs of their investors by certain deadlines. One can be happy as an entrepreneur, but it is no easy task being an entrepreneur.

12) Entrepreneurs Rarely Stay in One Job for Long
Entrepreneurs usually use their experience in corporate jobs to give them the edge they need in developing their own businesses. People will take years to learn certain business practices and skills in order to be able to lead others in their own businesses. This point relates to the point above, in that entrepreneurs are made not born. It takes time to learn all the business skills necessary to succeed in one’s own business.

13) Entrepreneurs are Always Their Own Boss
Because entrepreneurs have investors, investors can control how entrepreneurs spend their time. The investors are not entrepreneurs’ bosses, but they do have some control over the entrepreneur. This can provide the entrepreneur with much stress and pressure.

14) Venture Capitalists (VCs) are the Primary Source of Funding for Entrepreneurs
It is actually quite the opposite. Because VCs require a lot from an entrepreneur in order to invest in them, it is easier to use other sources of funding for a small business. Often, people will use bank loans, credit cards, government assistance, or crowdfunding.

15) Entrepreneurs Are Often Uncompromising and Misleading
Entrepreneurs need positive relationships in order to succeed. “The truly ruthless or deceptive entrepreneur will often alienate others and be forced to waste time and energy repairing relationships with employees, customers, and suppliers, or simply fail.” By working with people, and not against them, one will develop a business that has great values, mission, and vision. These types of businesses last and grow, instead of wither and die out.

16) Entrepreneurs Know How to Get Exactly What They Want, When They Want It
Entrepreneurs may see a gap in the market where a business could thrive, but often, they do not know how to make a business succeed in that niche. It often takes plenty of time with potential business partners and investors to figure out how to make a business successful with a strategy and steps to get there.

17) Entrepreneurs with Great Product and Services Automatically Succeed
If you do not know how to be an expert marketing agent, it is extremely difficult to get one’s product/services out there for others to partake in it. One needs to have someone who is skilled in marketing in order to have his/her products/services reach the right customers who will purchase them. On that note, it can be difficult to understand one’s demographics who will purchase these products and services. If one does not understand who would be able to purchase the products/services, let alone who would be interested in purchasing them, one’s products/services, no matter how great they are, will not make the company any money whatsoever.

18) Entrepreneurs Never Quit
Entrepreneurs quit their “day-job,” so to speak, as well as companies that do not work out. An entrepreneur is not going to stay with a business that isn’t going to be profitable. Sometimes people take on a business as a side project and it ends up turning into a full-time business. Other times, people spend all of their time in their start up and it goes nowhere. A successful entrepreneur will be able to see the difference between the two.

19) Entrepreneurs Create Something Completely New with Each New Business They Create
There is a quote that says, “There is nothing new under the sun.” Most of the time, a product/service is not truly new and patentable. A company is often successful when they are able to offer a product/service to the right niche of people at the right price. Many products/services can be offered in a different way than they are normally offered, and it can make the company successful. For example, offering food to people is nothing new. Offering gasoline to people is nothing new. When you combine the two (e.g., a gas station with a food store in the same parking lot connected to it) you have a hub for people to rest and refuel in numerous ways. People are much more likely to stop off at this kind of rest stop than one that has just gas or just food.

20) Men are Better Entrepreneurs than Women
As we put more distance on the times when women and men were not at all considered equals, we are able to more clearly see that women are just as talented and able as men are. Women are naturally good at building relationships with others. This actually puts them at an advantage over men. Men will more often use connections only to their benefit. Women do the exact opposite. They usually use connections to be mutually beneficial partnerships.

Entrepreneurs are by far not perfect, but they are often looked down upon for reasons that are just not valid. If you are thinking of becoming an entrepreneur, take a look at this article for your first steps. So, what do you think of entrepreneurs? What are your thoughts on this article? Do you disagree with any of them? Tweet me @MikusKins with your thoughts and questions!

myths, entrepreneurs, entrepreneurship

20 Myths About Entrepreneurship: Part One

Being an entrepreneur is rather overlooked for what it really is. Entrepreneurs are often seen as hustlers who are willing to do whatever it takes to be successful. They are seen as people who are too risky to trust and people who have no idea how to have a good work-life balance. In part one of this article, I will give you ten out of twenty myths about entrepreneurs and their lives in business.

1) Entrepreneurs Take Outrageous Risks

Entrepreneurs tend to take calculated risks to test and see which effort and which method will assist them in accomplishing their goals. “Entrepreneurs tend to carefully seek the best risk/reward action.” Taking risks is a necessary part of being an entrepreneur, but the kinds of risks and extent to which they take them is a different story.

2) It’s Important to Always Follow Your Passion When Being an Entrepreneur

Just because one has a passion that can be turned into a business, doesn’t mean that the passion will pay the bills. One needs to see if that passion has a demographic to meet. One needs to see if that demographic would actually purchase the products/services s/he creates. One needs to see if s/he has the resources to run that particular business. Passion is important for stamina, but it will not keep a business alive all on its own.

3) Entrepreneurs are Born, not Made

One must become a student to the ways of entrepreneurship before becoming an entrepreneur. It takes time and effort to understand how to start one’s own business. It is not something someone is just born with.

4) When Entrepreneurs Give Away Their Products/Services, it “Dilutes Their Brand

While it can be highly beneficial to provide products/services for free when first starting off your business, it is important to give promotional material away that truly represents the entirety of what your products/services are. If you are a consultant, they offer a first free session. If you are a water ice salesman, give away small sample spoons of whatever water ice people want to try before purchasing. It can be simple to give things away for free, but don’t do so to the detriment of your business. These methods should help build your company, not tear it down.

5) Entrepreneurs Are in it to Get Rich Fast

Entrepreneurs are saving money at every turn. They understand that in building a business, one must make financial sense of what s/he is doing to impress investors and employees. Usually they will use the money they earn to break even that year. It usually takes anywhere from one to five years to earn a profit from all their hard work. Entrepreneurs know that building their business is not a way to get wealthy quickly.

6) Having More Clients is Always Better

This can become a problem when your products/services are not clearly defined. If you are constantly trying to offer specific products/services to meet each clients wants, you can end up diluting your brand like we talked about above. This will hurt your brand and credibility down the road.

7) Entrepreneurs Have No Personal Lives

Entrepreneurs may work up to eighty hours in one week, but the one thing that they have control over is their time. If they need to go to a child’s soccer game, they can schedule their working hours around it. People who work in upper management in companies may work the same number of hours but have no control over when they have to work. This gives the entrepreneur an upper hand in controlling his/her personal time.

8) Being an Entrepreneur Will Give Me Control of My Schedule

On the other hand, entrepreneurs have to work exceedingly long hours in order to make the business successful. Entrepreneurs do have control over when they work, but they do not have control over how long they need to work. This can prove to be difficult for entrepreneurs.

9) Entrepreneurs Are Often Tech Savvy

In order to have a successful business, one needs “high profit margins, not high tech.” Does it help to be tech savvy when starting a business? Absolutely. Today’s technology has changed how we do everything in business. Do you need to be tech savvy? Absolutely not. People start and run businesses that have nothing to do with technology.

10) “Entrepreneurs Are Loners and Introverts

In order to be successful in a business, one must develop network contacts and utilize their experience to build on what one is already building. It usually takes one having a partner to be successful in creating a business. If not a partner, one needs at least someone who is able to be a sounding board for their ideas.

In Part Two, I will share ten more myths about entrepreneurs and reasons as to why they are not true. Do you think any of these myths are true? What is your stance? Tweet me @MikusKins!

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