This an awesome talk by Cameron Herold at TEDxEdmonton about why we should encourage kids to be entrepreneur. I love his insight on allowances for kids. He argues that allowances train kids to expect a steady income like a paycheck. It trains them to get a job instead of starting their own venture. Instead of allowances, he tell his kids that they can look for tasks and jobs they want to do to get paid. Then they negotiate the price for the job. This teaches them about how to look for opportunity and improve their negotiation skills. Half the profit is then channeled into a bank account and later used to invest in stocks. They are taught the importance of savings and investments at such early age.
I wish I was raised this way. Every parent out there need to watch this.