Mark Victor Hansen has a succinct way of conveying how much entrepreneurial potential kids have: They could eliminate poverty. He’s done the math, and he believes that if only a small percentage of them directed their innate powers to create, build and lead, the prosperity that would result from the new, innovative businesses they created would rebuild the world economy.

In his new book, The Richest Kids in America, Hansen learns from child millionaires how their experiences taught them strength, self-confidence and leadership—qualities all parents want for their children. Hansen enthusiastically believes a Rockefeller exists in every single child, and parents are capable of influencing their kids in ways that will channel their potential into adult-sized success.

Though many parents believe their children are capable of anything in the future, what they should realize is that their children are capable of anything today, Hansen says. “If you look at all of the big names in entrepreneurship, almost every one started when they were a kid,” he says. “Bill Gates began programming computers at 13. John D. Rockefeller began raising and selling turkeys at the age of 7.”

While writing his book, Hansen met 19-year-old art prodigy Olivia Bennett, who owns an art business worth $1.5 million. Another, Ephren Taylor, began developing video games at 12 and today is the youngest African-American CEO of a publicly held company.

Hansen vividly recalls his own introduction to entrepreneurship that began when he was just 9—with the love for a bike and 376 boxes of greeting cards. When his family moved to Denmark to learn the language and culture, Hansen became enamored with a low-handlebar racing bicycle not yet available in America.

His father wouldn’t give him the money for the extravagance, but he did agree to let Hansen try to earn the bike himself. He found his golden path to success in selling greeting cards on consignment for Boys’ Life magazine. He sold 376 boxes of cards in a month, far more than necessary to purchase the bike.

Hansen remembers the joy and freedom he experienced when he realized there were ways aside from mom and dad to get a coveted bike or other possession. “For me, the pride of ownership follows the pride of ‘earnership,’ ” he says.

Parents: A Supporting Role
All parents want to grow the seeds of creativity in the fecund minds of their children, but Hansen says the parent’s role should be about nurturing and encouraging—not doing the child’s work.

Hansen sees “helicopter parent” behavior as counterproductive. Kids have it easier for a while, but they never learn to do things on their own. “All of the kid entrepreneurs in my book are self-sufficient. It’s the most important thing that the kids figure out they can’t go back to mommy and daddy to get their problems solved,” he says.

With kids’ natural ability to know what interests and excites them, they will discover their own passions. But parents can teach children how to capitalize on those interests by encouraging them to think creatively about how to make them pay financially.

Another way to help kids see business opportunities is by teaching them to think critically about value—to look for niches that are nonexistent or things that are low-valued but could be optimized. The parents of many of the successful kids in Hansen’s book also taught practical matters such as business plans or bookkeeping.

“The best thing you can do is give your kids the inspiration to have the aspiration to give themselves perspiration to have a destination that is worthy of them,” he says.

A parent’s role in teaching about finances is vital, as well. “The kids I met started with nothing. Their parents supported them, but they never gave them money,” Hansen says. Rather than handing out the credit card when kids want to go shopping or allowing them to believe that everything they have appears out of nowhere, teaching kids the principles of earning money can help them understand early how to make themselves rich outside of mom and dad.

“Kids should be able to have whatever they want, and they have to have some basic allowance, but with work assignments to earn the right to have whatever they want. They have to earn it, with pride and forbearance,” Hansen says.

Nurturing the Passion
Asked what single trait he noticed most consistently in every child millionaire he met, Hansen says, “Every single one was rip-roaringly excited. They are passionate and enthusiastic.”

One of the kids he met, Allyson Ames, has been passionate about baking longer than she can remember. She says she used to sneak downstairs while her family was sleeping to bake and decorate.

By the time she graduated from The Culinary Institute of America at 19, she had developed a business plan and put it into action with her mom’s help. The result is a shimmering Wonderland Bakery full of confections and dazzling baked goods that rival Willy Wonka & the Chocolate Factory.

Such passion can also get kids through the obstacles and setbacks that invariably occur for all entrepreneurs, regardless of age.

Entrepreneurialism can imbue kids with strength and selfconfidence uncommon in their peers. Childhood, just like adult life, is fraught with obstacles. How parents help their children deal constructively with problems can make the difference not only in whether they become self-sufficient, but whether they become millionaires.

One girl in Hansen’s book, Jasmine Lawrence, lost her hair from a chemical accident when she was 11 and became afraid to go out because of negative comments she received. The taunts brought her down, but also made her passionate about figuring out what makes hair grow. She has earned more than $1 million selling natural hair care products online.

Another, Chelsea Eubank, lost her father when she was 17. As she dealt with her grief, she turned more and more to her faith. Out of that experience, she came up with the idea to create a clothing line with faith-based messages. The clothing line now is worth $1 million.

The Sky’s the Limit
Creating an environment that integrates business principles into kids’ daily lives and reminds them that the world is full of endless opportunities is the best way to foster their curiosity and creativity.

Hansen recommends sharing the lives of other successful entrepreneurs with them through reading and other media.

“Listen to audiotapes or watch DVDs about entrepreneurship with your kids, and give them biographical books and videotapes on greats like Bill Gates and Steve Jobs and Thomas Edison, and the kids’ minds will bloom,” Hansen says.

Providing your children a financial education early, before they are influenced by the media, can also give them an advantage, Hansen says. Their own positive experiences with money and with earning will be indelible, providing them greater self-assurance so they will be less susceptible to negativity.

“All of the kids I met are making millions. That’s part of the reason I say, ‘Let’s go to the kids,’ because they’re not watching TV or inaccurate news reports, and they don’t know how bad things are supposed to be,” Hansen says. “They just know they can earn as much money as they want to earn.”