This week we have been encouraging parents to get their kids to pitch their amazing ideas in a 3 minute pitch and share it on our Social media channels. The aim is to feature your child’s idea and see what other people think and how they can help your child improve on their idea.
There are good reasons to let young people develop entrepreneurial habits from a young age. There is extensive research to indicate that when equipped early on, young people as they grow into adulthood are able to acquire healthy financial habits. These very skills can be used in all areas of their lives and consequently, healthy communities empowered.
Teaching children and young people sound financial habits at an early age gives them opportunities to be successful as adults. Warren Buffet is a living example of starting early and seeing it through. His childhood was full of investments and businesses disciplines that at age 11, he bought his first stock. By the age of 14, he used $1,200 he earned from paper rounds to purchase 40 acres of land, which he then leased out to farmers.
In high school, he and a friend bought a used pinball machine for $25 and set it up in a barber shop. They later put machines in other locations and eventually sold the business.
I give this example to inspire you as a parent to encourage your child. Entrepreneurship is a good experiential method of teaching your child the value of money. When you run a small enterprise, you have to take care of the cash because in business cash is king.
Watching this a video by PRINCE EA explaining why today’s education system is not equipping young people for tomorrow, I was reminded of why I’m passionate about equipping young people with skills that would stand them in good stead in the future. Sadly the current education system can be lacking in some areas as some of the curriculum seems to have been made for the industrial revolution. We live in an ever-changing era and research shows the need for an innovative, curious, resilient and easily adaptable relevant education. Listening to him, he emphasised the importance of creativity as the most important leadership skill that children and young people need. By running small business ideas kids are learning to creatively solve world problems and money will follow them.
How you can achieve this with your child.
1– Business Meeting:
Setting time aside out of what is often busy schedules to use this as a conversation starter with your child. You will hopefully be able to help them figure out their passion/ideas. Where they are unable to come up with an idea, may be setting them one to think about and come back to them in an agreed time to discuss might help. I dont doubt throughout this process, you will listen and encourage as no idea is ‘ungreat’.
2) Big idea:
Get them to talk through their big idea. Don’t worry if it’s not your idea of a billion dollar company. Your children would benefit from questions that get them to think eg how do they hope to make money? Or who is their customer? Here is a pitch structure you can work from.
3) Capture the moment and send to firstname.lastname@example.org :
Record their pitch you never know how and when you will need this memory! You can look back at it.
Why is MoneyMatiX doing this and how will it benefit?
We are keen on empowerment as we believe our children are key to healthy financial communities. There They tell us that jobs of today will not exist in the next 10 years, why then should we prepare them for non-existent jobs? We live in a world where the future is uncertain, and it belongs to creators and innovators. Undoubtedly this is where entrepreneurship education serves as an excellent foundation for the types of creative, innovative ideas we need to succeed in the 21st century.
What has running a business taught me? Basics of money management. I learnt very quickly that without cashflow my business would not succeed. The immediate lessons have been planning, budgeting, earning, saving and investing in the business. Using this model, at moneymatix, we help your child set smart goals for what they want to achieve. null
PREPARATION FOR REAL LIFE
As our education system becomes plagued with rigid testing and standards, opportunities to innovate, collaborate and demonstrate proficiency in real life situations become rare. In addition to encouraging young people, entrepreneurship requires kids to be innovative, creative and collaborative with others. These are skills that can be carried on beyond their small business idea
BE ABLE TO MAKE A REAL DIFFERENCE.
My little girl pitched to me recently. Her pitch was to help homeless people and those in need. Her idea was super charitable that she didn’t think of making any money for herself. Now that makes me feel like a super mummy as I raise a child who cares about others. For others however, their goal may be to sell products and services. This is just one piece of the entire puzzle. To become successful at it, they have to identify the real needs and problems of people and solve them. As they practice entrepreneurship, the children start having this unique mindset: find problems that need to be solved, invent a solution for them, and, ultimately, make the world a better place.