How can kids learn entrepreneurship skills?

 There are several ways kids can learn entrepreneurship skills:

1. Encourage creativity: Encourage children to think creatively, brainstorm ideas, and come up with innovative solutions to problems. This promotes their entrepreneurial mindset and thinking.

2. Foster a problem-solving mindset: Teach kids to identify problems or challenges in their lives or communities and find solutions. Encourage them to think critically and develop problem-solving skills.

3. Provide real-world experiences: Encourage children to engage in real-world experiences, such as starting a lemonade stand, selling handmade items, or organizing a small event. This helps them understand the concepts of business, marketing, and customer relations.

4. Teach financial literacy: Educate kids about money management, budgeting, saving, and investing. Understanding the basics of finances is crucial for entrepreneurship.

5. Set up a mock business: Help children set up and manage a mock business. This can involve creating a business plan, marketing products or services, managing finances, and interacting with customers. This hands-on experience teaches important business skills.

6. Encourage networking: Teach kids the importance of networking and building relationships. Encourage them to participate in social activities, clubs, and events to connect with peers and mentors who can help them learn more about entrepreneurship.

7. Involve them in family businesses: If there is a family business, involve children in age-appropriate tasks and discussions. Expose them to the workings of a business, including decision-making, problem-solving, and customer interactions.

8. Explore entrepreneurship programs: Look for entrepreneurship programs or camps for children that focus on teaching business skills through interactive workshops, mentorship, and hands-on activities.

9. Support their ideas and ventures: Encourage children to explore and pursue their entrepreneurial ideas. Provide guidance, support, and resources whenever possible. Let them learn from their failures and celebrate their successes.

10. Read books and watch educational videos: There are various books, websites, and educational videos available that introduce kids to entrepreneurship and provide valuable insights and advice.

Remember, fostering entrepreneurship skills in children involves cultivating their mindset, teaching them practical skills, and providing opportunities to apply their knowledge.

The story behind a scene; 

“Dad, I want to make money. Can I work for you?” My 10-year-old boy asked me.

“We don’t work for money son. You must come up with a creative idea to make money through a business.”

“Oh, let me think,” he paused for a moment and said, “I have an idea! I could mow the lawn for the neighbors!”

“That’s not a business son!”

“Well, I could wash cars or walk their dogs over the weekends!”

“You’re still exchanging time for money son! That’s NOT a business. I want you to come up with a business idea!”

“I don’t understand Dad!”

“I don’t want you to exchange time for money. Think how to solve this!”

Three days later…

“Dad, Dad! I have an idea, what if I plant some vegetables in our backyard, grow them, and sell them!”

“Now, THAT sounds more like a business son! Can you tell me the difference? How many hours will you invest in keeping up with your plants?” I asked.

“I need to water the plants every day after school.”

“What else?”

“Watch out for bugs eating my veggies?”

“Correct! How much time will you invest doing that?”

“Well, Dad… nothing, maybe minutes!”

“So what is the difference between your veggie business and working for me or the neighbors?”

“I’m going to save time!”

“Good! Now you have a new problem… You need to invest some money in your vegetable garden! How much money will you invest?

We went to Home Depot to buy stuff. He had 

”Dad, look! If we install this automatic water system I will be making money even while we’re on vacation!” He said excited after identifying a special hose to connect to his new pots.

“I will buy organic soil so my cucumbers and my tomatoes will be organic. I can sell them at a higher price to my neighbors and my friends.”

I smiled proudly as I could see how he was getting his business mind together.

We purchased everything. He negotiated a 50-dollar loan from me. We agreed that he will pay me interest.

Business is an art, not a science.

My boy is developing his entrepreneurial skills. He is learning everything that schools don’t teach him like how to invest, how to sell, and how to keep track of money.

He will learn the pains of paying interest on a loan, and after this winter, he’s learning the pains of losing money and having to start over again!

Most importantly, I’m teaching and developing his mindset! Entrepreneurship is an art, an understanding of how to make money, it needs to be learned, not taught.