Children are naturally risk takers and are not afraid to fail. As adults, entrepreneurship is scary because of our life experiences and generally we are afraid of falling but for kids, the innocence and lack of experience is a major advantage. This is a great characteristics of entrepreneurship.
So why should we encourage our children to explore entrepreneurship?
Goal setting and planning
As an entrepreneur, you have to be a planner. The sooner your child learns how to plan, set realistic goals and follow laid down procedures to completion, the better. They will learn very quickly that without planning and calculating risk, there is a chance that they will loose everything. So teach kids to set S.M.A.R.T (Specific, Measurable, Achievable, Realistic and Timely) goals and accomplish those goals. Help them to write their top dreams and how they will achieve them. This will enhance their self worth, self drive and personal accomplishment. As a parent your job is that of an encourager.
This is a key driver and essential skill for all entrepreneurs. Knowing how to analyse a problem, come up with a proper evaluation and solution is a leading skill for all successful entrepreneurs. When your child is faced with a problem, guide them through possible solutions (that they have proposed), but don’t help them. Let them view the situation from every angle to come up with the best result.
Teaching your kids to be able to handle the toughest situations will help them not only in life but in their career. Let them experience failure and encourage them to try again. When they start to develop the confidence to do things on their own, they will eventually grow a thicker skin and will be able to think through problems much easier.
Running a business teaches children how to manage money, they have to pay suppliers, make sure they calculate their profit and loss, save and budget. Let’s face it, financial education can be a very dry subject so business is a safe subject to explore the world of finances
Throughout the year we work with young people through our KUZALEARN programme in different capacities and encourage them to get involved in all matters finance because we know that handling money is for all and at all levels of life, so the earlier they start, the better they can get the skills named above. Every November is usually a finale of our work with local communities within Scotland where we work with diverse groups of young people delivering financial literacy and entrepreneurial education.
At our end of year Entrepreneur events, we focus on giving young people a great dose of inspiration and skills that they would not get from school. They get access to the most amazing venues and good quality entrepreneur mentors.
Last year we held the event at Edinburgh University’s business school and from the participant questionnaires, 85% of the young participants had never been inside a university building. The impact of our work has included having young people decide to start a business, attend university or college rather than drop out of school.
It’s that time of year again so we are in motion for our next young people entrepreneur event. We are also excited about our new media partners, Digitfyi who will cover the event this year. If your company would like to sponsor this amazing cause please SIGN UP
GET YOUR TICKET to participate both as a mentor or young person. Together let us inspire the next generation