How kids benefit from entrepreneurship skills

20 Jun 2019

More universities today are offering opportunities for students to develop entrepreneurial skills.

It’s not just business students either, as other degree programmes, such as engineering, are also teaching students the value of entrepreneurial mindsets.

While some people tend to think of entrepreneurship as starting one’s own business, it’s not necessarily the case.

You can also be an entrepreneur within an organisation, as it means being innovative or driving a business forward.

In the digital age, people in the working world are increasingly expected to be innovative and creative thinkers.

As technology becomes more embedded in our everyday lives, there’s a greater need for people who can do what new technologies like Artificial Intelligence (AI) can’t: think outside the box.

But instead of waiting until college to develop an entrepreneurial mindset, kids can also be taught valuable skills that are linked to entrepreneurship, such as creativity and resilience.

Schools are starting to teach kids entrepreneurship by getting them involved in projects such as running their own makeshift restaurant. But parents can also teach kids these skills.

Entepreneurship stems from skills such as innovation, creativity, resilience, critical thinking and interpersonal communication.

Here are some ways to teach your child these entrepreneurial skills from a young age:

Money appreciation

One of the best ways to teach children about money and help them develop sound financial habits is by using an allowance. Yet a @CreditCardsCom study shows only 40% of kids are learning about money while they help around the house. https://t.co/DzVlZkJlcB

— Jean Chatzky (@JeanChatzky) June 18, 2019

Kids are notorious for not knowing the value of money. But it’s not something that can be taught, which is why many kids don’t quite get the concept until they have to manage their own money.

Teaching kids financial literacy helps them grow up to become responsible, financially-savvy adults.

One way is to give them incentives to save. When they ask for a special toy or gadget, teach them how to save their pocket money or allowance to work towards buying it.

Parents can also teach their kids how to spend money properly by giving them some buying power, and letting them deal with money by paying the cashier.

Older kids can be asked to pop into a shop to buy some milk, bread or other items for the house with a set amount of money they will need to manage.

Children can also learn the value of money by having to work for it. If a child asks for some extra money, they can receive it in exchange for chores such as doing the dishes or bathing the dog.

Older kids can babysit younger siblings, help them with their homework or do their own laundry.

Let them work

Working during the #summer holidays is an excellent opportunity for teenagers to learn new skills, develop their independence, and earn money. Here are some great summer job ideas for your teen to consider! #SummerJobs pic.twitter.com/RVmbMhS7ba

— Tutor Doctor Leeds (@helenhui4) June 18, 2019

Many parents today want to give their children the best, meaning they might often be coddling them or sheltering them from valuable experiences.

Even though you might be able to provide well for them, that doesn’t mean older kids in their teenage years can’t be put to work.

During the summer, they can do odd jobs or work in a café or shop to earn some extra cash. By doing so, they learn the value of hard work and earning their own money, which helps them develop entrepreneurial mindsets.

Working also exposes them to the real world, developing their interpersonal skills and teaching them how to deal with people from different cultures and backgrounds.

It also teaches them how to be resilient. For example, working in retail or in food service can be rather stressful, but they will learn how to persevere and face challenges head-on in order to receive a paycheck.

This motivates them to keep going despite hardship, which is an important trait for successful entrepreneurs.

Encourage them to set goals

After winter break, we set a goal of reading 240 books by summer break. Well, this past Friday these kids recorded their 253rd reading ticket! Setting a goal and working towards it is so important so we basked in the glory with an indoor “pool party” #iteach5th @Oakton_ES pic.twitter.com/EaasjAPi8F

— Bridgette Joskow (@JoskowBridgette) June 13, 2019

Having a goal-setting mindset is also key to entrepreneurial thinking. When they successfully meet a goal, it provides a sense of self-accomplishment which can also build self-esteem.

Goal setting and planning is an integral part to entrepreneurial success. These are positive habits that will come in handy when ingrained in your child’s psyche. The sooner your child learns how to plan, set realistic goals and follow laid down procedures to completion, the better.

According to LifeHack, “Teach kids to set S.M.A.R.T (Specific, Measurable, Achievable, Realistic and Timely) goals and accomplish those goals. Ask them to define and write down their top five goals or objectives. Studies show that written goals are over 80% more likely to be achieved.

“Next ask them to consider carefully and write down five actions necessary to accomplish these goals. Encourage and support them throughout to reach their defined goals. This will enhance your child’s self-worth, self-drive and overall feeling of personal accomplishment.”