Lego batman is sitting in a cracked open egg.

Teaching Entrepreneurship To Kids

Throughout history there have been revolutions in the way that people work. First there was the agricultural revolution, then the industrial, and we are in the knowledge revolution right now. 

For our parents and grandparents just going to college and getting a degree meant that they were all set. It meant that they would most likely do better than their own parents. 

The reality is that same promise hasn’t necessarily held true for you and I. And it certainly isn’t going to be true for our kids. 

Right now though, as we speak, there is another revolution taking place. This is the entrepreneurial revolution. We are entering a time where the barriers to owning a business have gone down and the benefits have gone up. 

Entrepreneurs are not born, they are made. Entrepreneurship can be taught.

Kids can come up with some pretty incredible ideas. They can also learn a lot by doing. One of my friends was amazed when he realized that his five year old kid was actually doing multiplication. His kid was trying to figure how much he had to sell in order to buy a lego set.

Learning doesn't stop at earning money kids become leaders through entrepreneurship. It changes them from employees to employers and enables them to live successful, independent lives.

Tim Ferriss wrote, The Four Hour Workweek in 2009. Since, then the ability to create and start businesses has gotten even easier. Any kid can now open an e-commerce store for $20 a month. 

It is crucial to teach kids about entrepreneurship. Even if they want to be doctors and lawyers the need to understand how business works. 

Importance Of Teaching Entrepreneurship To Kids

Here are some ways that entrepreneurship education for kids can help them grow and develop.

Entrepreneurship teaches kids to think critically: Critical thinkers examine situations from multiple perspectives, analyze facts, and weigh the advantages and disadvantages of various options. They carefully consider a subject or idea without allowing opinions or feelings to influence them. Critical thinking skills developed early in life may reduce the likelihood that a child will conform to the status quo or be easily swayed by the opinions of others. Critically thoughtful children form informed views of their own and learn to confidently trust their ability to work through situations and challenges.

Entrepreneurship fosters innovative problem-solving abilities: Ninety-one percent of employers look for problem-solving abilities when making hiring decisions. Because creative problem-solving is one of the most in-demand skills in any business, cultivating this skill early on is prudent.

An entrepreneur recognizes a need and works to develop a solution. Successful entrepreneurs make a difference globally by developing novel and long-lasting solutions to long-standing problems. A solid foundation in entrepreneurial problem-solving helps children feel empowered and better equipped to deal with issues in their daily lives, resulting in resiliency.

Entrepreneurship teaches kids to build teams: Another top skill that employers look for in potential hires is teamwork. Forming the right relationships with others is critical to the growth and productivity of any organization, whether your child is the founder or works for someone else. Entrepreneurs must harness and recognize the value of everyone on their team's brainpower and contributions. This is a critical attitude if you want to work efficiently and effectively to create the best venture possible. Entrepreneurs and investors work together as well. 

Ways In Which You Can Teach Entrepreneurship To Kids

Setting goals is critical for future success: Goal setting and planning are critical components of entrepreneurial success, and these are beneficial habits that should be instilled in your child's psychic. The sooner your child learns to plan, set realistic goals, and follow through on procedures, the better. Encourage and assist them as they work toward their goals. This will boost your child's self-esteem, motivation, and overall sense of personal accomplishment.

Evoke financial literacy from the start: Financial literacy is something that all children today require. Unfortunately, schools frequently fail to prioritize this aspect of your child's education. Teach your children about money from an early age to provide them with a solid foundation in finance.

Educate your children on the importance of saving and investing, and demonstrate how money can be used to make more money. Tell them to pick up their coins if you see them throwing them away. Children must understand that every coin counts.

Instill a keen sense of observation and self-motivation: Help your children understand that the world around them is full of business opportunities and that all it takes is careful observation, self-motivation, and creativity to find them. They are under no obligation to work. So, the next time your children ask for money to buy a favorite toy, ask your children to start small projects like a lemonade stand or sell their old toys to encourage entrepreneurship. This will teach them how to set prices, market effectively, and other skills that will prepare them for life in the real world.

Teach them how to spot opportunities: Entrepreneurship has always been about identifying and addressing problems. Entrepreneurs understand how to identify a problem and set about solving it. Entrepreneurs find ways to illustrate the concern and the solution when the problem is present but unacknowledged by society. Entrepreneurs look for ways to improve solutions that already exist when they have a problem and a solution already exists.


Downsides To Not Teaching Entrepreneurship To Kids

Small businesses are indeed the economic backbone. Small businesses employ nearly half of the private sector workforce in the United States, and over the last two decades, small businesses have created two out of every three net new jobs.

Over the last century, intrepid entrepreneurs have produced innovations that have had a significant impact on the world. We will always need doctors, lawyers, and accountants, but we also need entrepreneurs. Instilling entrepreneurship in your children at a young age will secure their future and the future of society.

By not preparing our children to be entrepreneurs, which means having an idea and taking control of their destiny, they will cling to their first job and be unable to cope when it changes and disappears.


Did You Know?

Entrepreneurship for Kids (EFK) is an Israeli enrichment curriculum for schools that focuses on entrepreneurial studies beginning at a young age. The program is designed to teach children entrepreneurial skills necessary for life success through hands-on experience.

The program's goal is to make entrepreneurship education more accessible. The program is based on the understanding that entrepreneurship education is, first and foremost, a matter of developing an entrepreneurial mindset and way of life.


Final Words

Children are naturally curious and creative, which lends itself well to entrepreneurship. Children can broaden their horizons and discover new opportunities by helping them develop these skills while maintaining their natural curiosity and fresh perspective. With an entrepreneurial mindset, more excellent opportunities emerge to serve them and the world around them.

If you take the time to teach and guide your children, they will absorb everything. Kids can be considered sponges, and they understand things like brainstorming and prototyping when exposed to them, and they're nearly natural at it.

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