Image credit: Me & The Bees Lemonade
By Sheena Robinson
When it comes to the topic of an allowance, there are many different viewpoints. I am not against giving children an allowance, but I am an advocate for teaching children how to become an entrepreneur at an early age. Entrepreneurship is a way to give children a head start into the world of business.
I remember growing up and not really understanding what it meant to be an entrepreneur. In fact, it wasn’t until my early 20s when I realized I even had the potential to become an entrepreneur. I grew up during a time where the doctrine was to graduate high school, go to college, and go work for someone else.
Once I became an entrepreneur, my entire mindset changed about myself. I began to see myself in a different way. It was something about controlling my own destiny that gave me a feeling of excitement and fear at the same time. I knew I wanted more out of life than what I was doing and that this could be the way for me to excel and improve my lifestyle from a business perspective.
For the past ten years, I have had a chance to run my own business. It has been a journey of perseverance. Although, I did not get to start my entrepreneur journey as a kid, I’ve been instrumental in helping kids start entrepreneurship early. As I watch them, it is truly a joy to see them grow. The opportunities given to them have put them on a much faster track to succeed than I had.
As a financial parent, it is a great idea to give your children exposure to entrepreneurship. Even if they decide to work for someone in the future, the skills they learn will help shape their character. Below are five additional benefits to youth entrepreneurship.
- Youth Entrepreneurship builds leadership skills. I have heard many parents complain that their children are followers and not leaders. Entrepreneurship requires children to step up and lead their own company. They oversee planning how the business will be set up, purchasing inventory, and executing sales. Not only do they become leaders, many of them grow up to be self-sufficient and it ultimately increases their confidence.
- Youth Entrepreneurship builds discipline. No one tells you when you must go to work as an entrepreneur. As children begin to make their own money, it excites them to increase their wealth. The earlier you start training them on how to build a strong “sales-mindset” the easier it will be for them to stick to their business goals.
- Youth Entrepreneurship increases their social skills exponentially. When you are an entrepreneur, you must retain a strong customer base. As a result, children must learn how to properly engage with others if they want to increase sales and have repeat business from customers.
- Youth Entrepreneurship builds creative minds. As an entrepreneur, one of your main goals must be brand representation. You have the final say on how your business cards, website, flyers, and how any other marketing materials will be seen by your past, current and future customers. Depending on the business you choose, you can add your own uniqueness to your products.
- Youth entrepreneurship helps elevate money management skills. As children, make their own money they can begin building wealth for themselves almost immediately. They don’t have to wait until they are an adult to learn the correct way to handle their money. They can begin to diversify their money into different accounts to capitalize on getting a higher rate of return. Starting early also means they have more time for their money to grow.
As you can see, when children embark on entrepreneurship early, they have more time to experience the benefits. Although I started my business as an adult, I could have been farther ahead if I had the opportunity to do so as a kid. Introducing your children to entrepreneurship now could help them grow into adulthood possessing strong business savvy tools and skills that will help them for years to come.
Sheena Robinson, The Financial Parent Consultant, is a certified financial educator, certified life coach, entrepreneur, empowerment speaker and author of Financial Parenthood: The Keys to Raising a Rich Kid. She is the founder of Diva 4 Wealth LLC, an organization dedicated to helping women become more financially savvy. She is also the founder of Financial Parent Academy, a 501(c)3 organization committed to helping parents and children with financial success. To contact Sheena, you may email her at firstname.lastname@example.org
Photo credit: Anthony Cody
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