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Entrepreneurship is a difficult concept to explain to a child, much less teach. But once you instill the entrepreneurial spirit in your child, he or she will be that much more confident, innovative and creative.

 Below are five ways to teach your children to think like an entrepreneur: 

1. Set goals. Have them sit down and write a list of goals for at least five minutes. Once the list is a decent size, have them prioritize each goal, choosing the three that are most important to them. Then help them make an action plan to achieve each one.

2. Support their successes AND failures. The most successful entrepreneurs understand the positive power of failure, because each comes with an opportunity to learn and grow. So remember to praise your child through both success and failure.

3. Coach them on communication skills. Politeness will be vital to their success. If you consistently remind your child to speak clearly, write without abbreviation or slang, maintain steady eye contact and address both children and adults in a respectful tone, they will go a long way toward earning the esteem and friendship of colleagues in adulthood.

4. Provide the opportunity to lead. You can ask your child to make toasts or speak in other public capacities. Try having them start a book or athletic club, or ask their teachers to give them a chance to lead their class in some way.

5. Encourage salesmanship. Whether it’s old toys, collectibles or—you guessed it—lemonade, selling teaches children the value of things and the rewards of entrepreneurship. And if they struggle to sell, they learn to identify problems and overcome obstacles to become successful in the future!

For more ideas and to learn the value of leadership for your children, watch this TED Talk, and check out this great Wall Street Journal article.