Can My Child Understand Entrepreneurial Concepts at a Young Age?
A study exercised in 2007 & then repeated with identical results in 2010 reflects that the kids are veritably more inferable to start a business or aim to do so if they know another entrepreneur.
But overall, about 40.0% of kids from ages 8-17displayed an interest in starting a business. So, a parent doesn’t have to be necessarily the example or the source of inspiration for a child to emerge as an entrepreneur, but they shouldn’t be an obstacle.
- It must be voiced that “Not everyone can be an entrepreneur -& not every individual needs to be an entrepreneur”.
- It is essential to spotlight that the “Can entrepreneurship be taught?” debate has metamorphosed from “whether” to “what,” “how,” & “why”- although the conception of the “Born Entrepreneur” has not vanished in totality.
Understanding Entrepreneurial Concepts at an Early Age:
Imparting Entrepreneurial concepts at early ages to kids and providing them with the required exposure to entrepreneurial activities can conduce to instill the entrepreneurial spirit in them. There are various successful examples of entrepreneurial education programs that focus on developing children’s skills, especially in the U.S. such as:
- “Mini Society”
- “Entrepreneurs in Kentucky Initiative.”
The former was formulated for the betterment of students aged between 8 & 12. Its efficacy in garnering students’ interest in entrepreneurial concepts has been recognized.
In the Netherlands, the “Biz-World” program is designed to teach children aged 11 to 12 the basics of entrepreneurship.
Its objective is to promote teamwork & leadership in primary schools through empirical learning approaches.
Effective Ways to Make Your Kids Understand the Entrepreneurial Concepts:
Infuse financial literacy from the beginning
Woefully, schools mostly don’t give enough attention to this part of your child’s education. Instruct your kids about money from an early age to give them a firm base in finance.
If you notice them throwing away coins, instruct them to pick them up. Kids need to absorb that every coin counts.
Inform a zealous sense of observation and enthusiasm.
Aid your kids to identify that the world around them is full of business possibilities, and finding them just needs some prudent observation, self-drive, and, creativity. They necessarily don’t have to be employed.
Foster an attitude of exploration &keenness.
In addition to persuading your kids to discover their environment, urge them to formulate a curious mind & perpetually ask questions. Don’t leave them to get too comfy with the same solutions for problems. They should study various things and welcome new ideas and new ways of doing things.
Become a Guide for goal setting & planning.
Goal setting and planning are promising traits that will come in handy when planted in your child’s psychic. Inculcate kids to set “S-M-A-R-T” (Specific – Measurable – Achievable -Realistic - Timely) goals and achieve those goals. Ask them to outline and write down their top 5 goals or objectives. Studies reveal that written goals are more than 80.0% more likely to be accomplished.
Incite team-work.
No one is self-sufficient. We all require help at times to accomplish our goals. The most affluent entrepreneurs outsource hefty workloads and team up with those whose opinions they treasure to stay on track and succeed. Your child also needs to comprehend how to play bond with others to acquire common goals.
Appreciate & Reward personal initiative and high-quality work.
Emphasize that your kids take up personal initiative &present high-quality work every time, whether it's homework, housework, or extracurricular activities. Delivering their best in everything they do reflects that the kids are responsible and reliable and it enhances their overall success.
Instill kids to learn when failing.
Avoid scolding or punishing your kids for failing at something, try to discuss the reasons that lead to the failure and hatchways to prevent it from happening again in the future. Urge that they NEVER just give up, but to always find a new lesson in every unfavorable situation. Teach them “Patience &Determination are key for success”.
Boost effective communication skills.
Communicating efficaciously allows kids to express their ideas and speak their minds in a manner that what they say is explicitly comprehended. Educate your kids to be polite and respectful always. Instruct them to speak boldly and uphold their points convincingly. Most importantly, guide them on how to maintain eye contact when speaking in person. And when speaking on the telephone, instruct them to speak slowly, clearly & confidently.
Support giving back to society:
Educate your kids on the quality of helping others. Life is not always about you, your demands, and, your comfort zone. Life is also about handing over the world a better place than you discovered it.
Tell them people who conduce to the success of others contribute to their success and live a happy, more satisfying life.
Lead by example:
Always lead by example & always exercise what you pontificate. Your kids look up to you. When you teach your kids to work hard & learn from their mistakes, indicate to them that you also work hard & learn from your mistakes. When you tell them to be patient and respectful, be the same yourself. You are your children’s role model and will likely stay so their whole lives.
Reasons to Introduce Entrepreneurial Essentials to Kids
Enhances Free Thinking:
Identifying and nurturing entrepreneurial concepts in children encourages free-thinking and help them gain self-confidence in their ideas and abilities.
A Prerequisite Skill for the 21st Century:
Abilities of entrepreneurship are also good life skills. Being an entrepreneur requires one to stay updated with all the movements and show up with ideas and answers to problems.
Encourages Multitasking:
Concepts of Entrepreneurship are a multidisciplinary form of education. Solving problems demands deep knowledge of subjects such as math, arts, and language.
Brings Out the Best in Each of them:
Comprehending entrepreneurial concepts requires many different skills thus it supports kids in exploring their strengths and weaknesses and working on them accordingly.
Plants Social Good Values:
Children who understand how to earn money, also learn how to give back, and they grasp good citizenship. Being an efficacious citizen is just as much about being able to be financially independent as it is about staying humble, supporting others, and learning to take even big successes.
Conclusion: Get your kids involved
The challenge many parents encounter is finding age-appropriate ways to incorporate their children. Very young children discernibly can’t be handed many intricate and constructive tasks, but they can gain substantially from just being near you and susceptible as if they’re involved.
As they get mature, you can hand over more responsibility and even commence to craft them to enter the business, if that’s something you and they desire.
Thus, we can conclude that a child can certainly understand entrepreneurial concepts at a young age. However, a parent needs to take the responsibility to guide their child in the right direction and infuse the right education propagating successful entrepreneurial learning.