Jul 20

Benefits Of Kid Entrepreneurship

Some of you may be wondering why even start the conversation about entrepreneurship for children when they are still at school. It is a common belief among many parents that the focus of formative years is on building the academic knowledge.

As a teacher, an entrepreneur, and a mother in the first place, I believe that raising motivated kids is more important than teaching school subjects. Similar to cooking, kids enjoy well-prepared food and may even ask for more when it is made to their taste. Contrary to that, they refuse or spit out the food they don’t like. This is why the knowledge, like food, should be well cooked in the way that grabs kids’ curiosity and prompts them to explore concepts on their own beyond school curriculum. 

The Australian research identified earlier commercial sophistication as one of the characteristics of generation alpha – today’s primary school children who began to be born in 2010. In the same research entrepreneurship is identified among top educational outcomes of the future generations.

So if your child is curious about starting a small business to make money, why not give them this opportunity while they are eager to learn?

By encouraging their entrepreneurial thinking, you help them in more ways than simply make pocket money - you can teach kid entrepreneurship skills that will benefit them in life.   


Benefits of kids entrepreneurship:


1. Develop motivation to pursue knowledge beyond the classroom.

Given high levels of disengagement among students at school, kid entrepreneurship is one of the ways to connect academic knowledge to real life because they need to explore many concepts that involve calculations, writing product descriptions or benefits to customers, etc.

2. Learn to be organised and creative

Business involves many aspects to be looked at the same time. By adding personal meaning and willingness to earn money, kids learn to organise their work process, plan and prioritise tasks. And the best part? They do it on their own without parents repeating the same thing 300 times.

3. Discover talents and build on them 

One of parenting goals is helping children find their passions and develop them. Knowing their strengths will undoubtedly help children stay true to themselves and lean on when challenges will come their way (we all know that eventually they will). In my personal opinion, it is the only way to stand the test of adulthood by relying on inners strengths kids are born with. Even better if they can be further developed to become a source of inspiration and income at the same time.

4. Find inspiration to pursue academic knowledge independently (self-learning)
Business complexity can be viewed positively and again, this is where the parents can set great examples in taking small bites to eat the elephant. There are many things to be learnt and explored, and when children are inspired and see the results of their work, they are more likely to source the missing bits of knowledge independently. Isn’t it a great thing to cultivate from an early age?

5. Money-management (and appreciation of work that goes into earning).

Smart money management is a skill and it goes hand in hand with understanding what’s involved in earning income. And the earlier children learn the value of money, the better prepared they will be in managing personal finances when grown up.  


How can parents encourage kid entrepreneurship

All of these skills will benefit children well into adulthood, so I encourage parents to support kids' entrepreneurial thirst in a safe environment under parental supervision (or even with some degree of involvement).   

Some of the ways to encourage kid entrepreneurship are through:

  • Discovering life-long goals of the child and seeing how they view the source of their future income. Is it through self-employment or being an employee? Discuss pros and cons of each.

  • Talking how their talents they are born with, or something that comes to them naturally, can benefit other people. Give examples of your own or others.

  • Sharing amazing stories of people who pursued their passions and are/were able to live life their way.

The idea is to ignite the spark and give the children a helicopter view of entrepreneurship at this stage so they don’t think that running a business is a privilege of grownups.  


How to find business ideas for kids of school age

There are many entrepreneur ideas for kids on the internet and you're welcome to download our free guide 17 Business Ideas For Kids through our newsletter subscription. 

In my personal opinion as a mother, the research about kids business ideas should start with the most important step children should attempt (parents help is a great idea) – understanding themselves, what they are good at and how that can benefit other people.

For instance, if your child is great at drawing, I will not make suggestions of pursuing coding for kids or cooking. Instead, why not think where this fantastic skill (many people don’t have, including myself) can be applied. Is it in fashion design inspired by nature colours combinations? Is it in book illustrations or designing backyard landscapes for the neighbours?

The answer will come from within. In the business course for kids "Young Entrepreneurs: How To Start A Business For Kids", I dedicate a lesson to help children discover their talents and how talents differ from skills. They learn marketing foundations through many everyday examples that are familiar to them, and they follow the real-life example of my daughter who is successfully running her small business of crafting handmade greeting cards.


Conclusion

By starting their own business, entrepreneur kids can advance their academic knowledge independently, appreciate hard work that goes into money making and learn essential life lessons early rather than late.

Let them experience as many things as possible while they are under your wing and have you to guide them through life. Don’t stress if their spelling or counting is not there (yet). It’s much more beneficial to create a confident learner who knows which type of knowledge they need and feel unstoppable in exploring it.  

Enroll your child in the bundle "Young Entrepreneurs: How To Start a Business For Kids" & "Un-Marketing: Critical Skills For Kids" where you child will learn about kid entrepreneurship, how to analyse marketing effects and make independent buying decisions in the shopping environment.
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