If you think your kid is too young to learn about entrepreneurship, you are mistaken! Have you heard about kid-preneurs? It’s the latest terminology for kids who are fast becoming world-class entrepreneurs!
Have you not heard that the world belongs to entrepreneurs not employees? And, don’t you think it’s better to start early to teach and expose your kids to entrepreneurship? It’s a smart thing to do of course.
In case you haven’t realized it yet, today’s world is increasingly characterized by decreased earning power even with a University degree certificate, and general economic crisis. The message is clear, right? It’s quite slippery to depend on a paid job.
You are probably asking, “So what lessons can kids learn from entrepreneurship?” Quite a lot! Here are the key ones:
#1: Financial Independence
One of the most valuable lessons kids can learn from entrepreneurship is financial independence. By starting early to embark on entrepreneurial activities such as buying and selling, kids will start taking some financial responsibilities at home such as paying for a skill they want to learn, buying their own clothing items and more.
Guess what? This gives the kid some sense of financial independence, which in return gives him a sense of pride. Even the parents will be proud of their kids for such accomplishment.
#2: Becoming Your Own Boss
Entrepreneurship also teaches kids how to become their own boss early in life. It simply means they will stay in control of their own time and schedule. Their lives will not be regulated by some bosses at a workplace – when to wake up, when to resume work, when to close for the day, when to take vacation…
Entrepreneurship will teach a kid how to start early in life to gain freedom from the bondage that comes with a paid job. It will motivate them to work hard and smarter, so that they will stay in control of their own time and life.
#3: Seeking and Recognizing Opportunities
Kids will learn to seek and recognize opportunities through entrepreneurship. One of the famous kid-preneurs recognized a business opportunity in her grand mom’s natural herbs extraction at age 5, and turned it into a popular line of organic skin-care products!
At home, parents can help kids see opportunities in problems or challenges they are facing. That is a good starting point to teach kids how to recognize opportunities.
For instance, a kid comes to say, “Dad, my shoes are getting smaller for me, I want new pairs!” You can simply ask the kid, “Hey Tom, so what do we do with the pairs you want replaced?” “Do you know what, I will tell you.” “We will sell them off at Ebay or Amazon to raise money for new ones.”
That is a great way to help your kids find money generation opportunities, don’t you think so?
#4: Buying and Selling is Key in Generating Money
The ability to buy and sell and make profit is a great life skill. Whether you are selling products or offering services to customers, buying and selling skill is vital for success in life, which is why it is at the core of entrepreneurship.
Kids can start small projects when learning buying and selling as an entrepreneurial skill. Just as pointed out earlier, encourage your kid to kickstart the journey by selling stuff they no longer use. Typical examples include shoes, toys and clothing items.
Other buying and selling ideas that kids can leverage today include arts & crafts, starting a lemonade stand and so on. Assist kids in learning how to price the items they are selling and complete a transaction.
#5: Financial Literacy
This is the core of FUNancial Freedom, helping kids to learn about money early. Being financially literate is a valuable skill that will help anyone succeed in entrepreneurship and in life generally.
A lot of people are in financial crisis today and are rotating in a poverty cycle because they didn’t learn about money early in life. Is that what you want for your kid? I guess your answer is no!
Kids’ financial education is not what you can leave in the hand of teachers! In fact, the conventional educational system has no financial education curriculum. So, take advantage of financial education platforms for kids to educate your kids about money and investment.
From Saving, to Investing, Credit Card, Debt, and so on, kids can start from the basics and gradually scale up in learning about money.
#6: Conventional Education is not the Key to Becoming Financially Successful
Rich Dad Poor Dad, by Robert Kiyosaki, is one of the books that best illustrate the fact that a university degree is not the solution to financial success. Just take a look at the world’s famous rich people, how many of them became rich with their university degrees? Most of them are entrepreneurs instead.
As a matter of fact, some of them were dropouts because they got frustrated about what is taught in school and rather chose to follow their passion – people like Bill Gates.
Don’t get it all wrong please, there’s absolutely nothing wrong in getting a university degree, but it doesn’t guarantee financial success!
#7: Marketing Skills
Entrepreneurship builds marketing skills. Parents should look out for entrepreneurial talents and passion in kids and help them actualize their dreams. Encourage kids to create their own marketing materials like fliers and social media marketing contents, by leveraging online ideas and getting mentorship from entrepreneurs within their reach.
Also, kids should learn to leverage word of mouth advertising, starting with people in the neighborhood, in creating awareness for their pet-walking/sitting service, baby-sitting service, lemonade stand, arts and crafts, and other businesses they choose to start.
#8: Improved Cash Flow
Whether it is cash flow for investments, financial projects and personal use, having your own business or being an entrepreneur helps improve cash flow better than depending on a monthly pay-check.
Kids should learn early in life that if they must have money at their disposal to invest and use at anytime, having a business of their own is the best option.
#9: Giving Back
Improved cash flow helps an individual to make room for giving. When you become an entrepreneur, as money flows in through sales and services, it’s easier to earmark a portion to give to Charity or support other worthy causes.
This is one of the valuable lessons kids need to learn from entrepreneurship. So, as you kid starts a business, encourage them to reserve a portion of their income, usually 10 percent for giving. Giving back helps improve a sense of fulfillment and happiness. And, when you give, you get more! It’s the law of sowing and reaping.
Becoming successful in life is not a solo journey. In essence, we all need others to get to where we’re going. This is one of the great lessons to garner from entrepreneurship, which kids should also learn early in life.
If you are buying and selling, you need to partner with suppliers and other parties that will help drive purchase traffic to your business. If you want to expand your business or invest in bigger projects, you need relevant and meaningful partnership. Kids should learn this early in life.
Great lessons for kids from entrepreneurship, don’t you think so? It’s absolutely so!