10/11/2012 06:53 pm ET Updated Dec 11, 2012

The Entrepreneur and Fear: An Argument for Entrepreneurial Education, Part 2

Six things to teach every child about fear and entrepreneurship:

1)Always know where you stand with money: Organize a balance sheet.
Fear can motivate you to create a new world. To do that you must first
be aware of your assets, liabilities, and equity. A balance sheet will
show you what they are.

2) Make a budget to show how much you are spending and on what. This
will help you feel in control of your financial life.

3) Establish financial goals so that you can visualize not only where
you are but where you need to be.

4) Be open about fear and stress. The more you talk about your financial
fears, the more you will get people to help you. You are only as weak as
your secrets, so get your fears into the open.

5) Learn to plan and save. Use action to create wealth by meeting the
needs of others. Successful invested savings is the future.

6) Learn to recognize others' needs. Sometimes these needs will be based
on fear which you have embraced and studied.

The paralysis of financial fear can be life-destroying. But, utilized in
a positive way, fear can create a heightened sense of awareness, be a
motivator and instill determination leading to success. Twenty-five
years ago I founded NFTE to teach entrepreneurship and financial
literacy to low-income children, to create young entrepreneurs who can
live with the fear of the unknown but have the tools to master it.

Read Part 1 of this post here.