In the era of Artificial Intelligence and Machine Learning, there are certain skills that we can develop as humans, which keeps us relevant and ahead of machines. Entrepreneurship is such an art that inculcates several skills in anyone who is practising this. Is entrepreneurship only for adults or grown-ups? Can we help kids to be kidpreneurs and learn this art early on?
At Havi.co, we have decoded a complete guide to entrepreneurship for kids, helping answer all relevant questions for you. Read it on.
Why should we teach entrepreneurship to the kids?
The word “Entrepreneurship” feels so heavy for kids when adults struggle with the same. However, it’s not heavy on its own. It’s an art to master in order to lead a happy life. If kids start to understand entrepreneurship early on, they would develop several skills in the process. Here’s why we should teach entrepreneurship to the kids.
1. Prepares for future careers:
Entrepreneurship provides a foundation for children to succeed in any career, not just in business. If we look at real-life careers, sportspersons, coaches, trainers, freelancers, service providers, and others, they are entrepreneurs in themselves.
Such domains require one to be well-versed in multiple entrepreneurial skills apart from the core domain knowledge. Moreover, due to automation, most jobs are being replaced either by machines or by new skill sets.
With time, entrepreneurship is becoming a need, and not just a choice. Entrepreneurship education prepares children for the future, helps them be agile and opens up doors to several opportunities along the way.
2. Fosters a growth mindset:
Entrepreneurship teaches children to embrace challenges, learn from failures, and keep moving forward towards success. Learning from failures and developing resilience is the core of progress in human beings, especially post-Covid. Such education helps kids foster a growth mindset, preparing them to be resilient not only for their professional life but also for their personal life.
3. Edge to an early start:
Entrepreneurship is the base of several skills, skills that are the core of a strong personality. Starting early on to develop a strong persona, and learning to tackle challenges and failures set up the kids for success. The earlier they begin, the earlier they know what it needs to get succeed.
Have you ever wondered, what if I had learned this skill a few years back, I would have excelled in my career? If that thought has ever occurred to you, you know you would want to help your child with appropriate learning early on to not regret such reasons ever.
Remember that there is a clear difference between starting the classes of NEET or JEE at standard 5 and standing up at a popup stall at the same age.
4. Develops life skills:
Entrepreneurship can help children develop valuable skills like problem-solving, innovation, and critical thinking. By starting their own ventures, kids can build confidence, independence, and self-esteem. Entrepreneurship encourages children to think outside the box and come up with creative solutions to real-world problems. Moreover, kids learn valuable lessons in finance, budgeting, and money management.
5. Promotes social responsibility:
Entrepreneurship can help kids understand the importance of giving back to their communities and making a positive impact. This helps children understand the value of supporting society.
6. Aid to Active Learning:
Entrepreneurship education comes up with several subjects that are part of the regular curriculum in schools. While learning the art of entrepreneurship, kids can implement the learning from such subjects directly into action. From mathematics to economics, from multiplication to supply demand, they can implement relate them all in real life.
Skills required to become a Kidpreneur
When we talk about mastering entrepreneurship, we talk about all those skills that come along with the art of the process of learning. What are those skills that we talk about? What skills would the kids need to develop to become a kidpreneur? Here we go.
1. Creativity and problem-solving
Kids must be able to identify problems and come up with creative solutions to start their businesses. The problems may range from basic to advanced levels, exposing kids to their creative side.
Children need to communicate their ideas effectively to potential customers, partners, and investors. Such a skill is a must-have these days.
3. Financial literacy
Understanding finances, budgeting, and money management are crucial for running a successful business. Understanding finances and budgets open up doors to several opportunities.
4. Time management
Children must be able to balance their school work and other responsibilities with running their business.
5. Goal-setting and planning
Setting clear goals and creating a plan to achieve them is key to success in business. Goal-setting develops a clear thought structure in kids.
6. Adaptability and resilience
Entrepreneurship can be challenging, so kids must be able to adapt to change and bounce back from failures. Post-Covid, this skill has a much larger impact on human beings than can be anticipated. It’s another must-have.
7. Marketing and sales
Children must understand how to market and sell their skills to customers.
Building relationships and networking with others can help kids grow their businesses.
Children working with partners or a team must learn how to work together effectively.
10. Continuous learning
Children must be open to learning and improving their skills in order to succeed in entrepreneurship.
How to teach entrepreneurship to children?
Now that we already know answers to apt questions, why do we need to teach entrepreneurship to kids, or what are the essential skills for the same? The next question that follows is, how to teach this art to children? How to inculcate these skills? The following section talks about certain things that you try on with your kids to help them teach entrepreneurship.
Encourage kids to role-play various scenarios related to entrepreneurship, such as pitch meetings and negotiations.
2. DIY Projects
Support kids in attempting and exploring Do-it-Yourself creative ideas.
3. Visiting successful businesses
Organize field trips to local businesses to show kids what entrepreneurship looks like in real life.
4. Reading and discussion
Read books and articles about successful entrepreneurs and encourage kids to discuss what they learned.
Connect kids with successful entrepreneurs who can provide guidance and mentorship.
6. Workshops and courses
Enroll kids in workshops and courses that focus on entrepreneurship education.
Working at various institutions for short term, long term and weekend internship would give them the real world exposer.
8. Explore markets
Visit to the markets of various kinds with kids. Let them see how trade happen, how people deal, what is good and bad customer service.
9. Event organisation
At home, birthday parties or school events, being part of organising committee will help kids learn various dynamics of entrepreneurship.
10. Hands-on experiences
After all, it won’t help kids learn any skills unless they get the hands-on experience of entrepreneurship. So let them just start on.
Entrepreneurship Ideas for Children:
We can’t leave you hanging out to dry without sharing a few ideas that your children can try on to practice entrepreneurship. So, we are sharing a few entrepreneurship ideas for the children that they can execute and learn from.
1. Yard work
Offer lawn mowing, tree trimming, and garden maintenance services to neighbours.
2. Pet care
Offer pet walking, feeding, and grooming services to families in the neighbourhood.
3. Baked goods
Bake and sell cookies, cupcakes, or other baked goods to friends, family, and neighbours.
4. Handmade crafts
Create and sell handmade crafts, such as jewellery, pottery, or knitted items.
5. Car washing
Set up a car washing business in the neighbourhood, using a bucket, soap, and sponge.
Offer tutoring services to classmates or younger students in subjects they excel at.
7. Cleaning services
Offer cleaning services to families and small businesses in the community.
8. Lemonade stand
Set up a lemonade stand and experiment with different recipes and marketing strategies.
9. Event planning
Plan and organize events for families and friends, such as birthday parties or picnics.
10. Project Work
Take up creative DIY projects in hand and deliver those to the client’s satisfaction. Kids can develop their own following for DIY Projects showcasing their creative work on social media platforms.
Do you believe that we need our kids to start focusing on such skills early on? Do you think you can contribute a few more entrepreneurship ideas for the rest of the children to learn from?
Do comment with your thoughts and your ideas in the comments section. We would love your contribution to children’s growth.